Nirmala Sitharaman to present Budget 2019-20 on July 5

The latest worries over India’s fiscal health emerged after Sitharaman announced the largest ever cut in corporate tax rates on Friday during market hours. The headline corporate tax rate was brought down from 30% to 22% with effective tax rate settling at 25.2% from 34.9% earlier. Photo: PTI
Finance Minister Nirmala Sitharaman had set the fiscal deficit target of 3.5% when she presented the Budget for the current financial year.

The newly appointed Finance Minister Nirmala Sitharaman will present the full Budget for 2019-2020 on July 5 in the Lok Sabha. This will be first full Budget of Modi 2.0 government.

In view of the general elections, the interim Budget for the current fiscal was presented by the then Finance Minister Piyush Goyal. The Union Cabinet, chaired by Prime Minister Narendra Modi, in its first meeting has approved the summoning of the 17th Lok Sabha on Monday, June 17, 2019 and subject to the exigencies of government business, the session will conclude on Friday, July 26, 2019, an official statement said.

The Rajya Sabha will be convened on Thursday, June 20, 2019 and subject to exigencies of government business, the session will conclude on Friday, July 26, 2019, it said. The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, July 5, 2019 at 11.00 am and after presentation/laying of the Budget, the respective Houses will be adjourned for the day, it said.

Besides, the election of speaker will be held on Wednesday, June 19, 2019, it said. The President will be requested to address both the Houses of Parliament assembled together in the Central Hall of Parliament on Thursday, June 20, 2019, in term of article 87(1) of the Constitution, it said.