Union Budget 2015 to be presented on February 28

Mangalore Today News Network

New Delhi, Jan 21, 2015: Finance Minister Arun Jaitley will present the Union Budget 2015 on February 28, a senior government official said on Wednesday.

Budget session of Parliament will commence from February 23 and continue till March 20. The first part of the session would be between February 23 and March 20 while the second part will be between April 20 and May 8, a senior official said.

As per schedule, the General Budget will be presented on February 28, Economic Survey on February 27 and Railway Budget on February 26.

This will be one of the rare occasions when the Union Budget will be presented on a Saturday. Experts believe that the date has been chosen with the aim to prevent stock market volatility on the very day.

This will be the NDA Government’s first full-year Budget, which is expected to lay the foundation of Prime Minister Narendra Modi`s `Make in India` plans.

All eight ordinances, including one on raising the FDI limit in the insurance sector from 26 percent to 49 percent and e-auctioning of coal mines, will be taken up for ratification in the Budget session, sources added.

At least six of these will lapse if they are not passed in the first part of the Budget Session.

Meanwhile, President Pranab Mukherjee has cautioned that the Constitution grants the government limited powers to issue ordinances in exigencies.

He has also rapped the Opposition for disrupting Parliament and not allowing important policies to be framed.

The market entities believe the upcoming Budget could be a make or break event as this would be first full Budget from new government and hopes are high with Finance Minister Arun Jaitley indicating start of second-generation reforms going forward.

Issues like environment, land, power, coal, mining are likely to be effectively addressed through administrative and clearance process. This will manifest the impact of relaxed FDI limits in defence, railways and planned increase in insurance.

 

Courtesy: Zeenews