Union Budget: Breaking from tradition, the public Budget of the union Govt is likely to be presented on February 1 instead of the last day of the month, as part of a revamp that would also scrap the practice of a separate railway Budget.
The manifesto for advancing of the Budget & the merger of the railway Budget with it will be considered tomorrow at a meet of the union Cabinet to be chaired by Prime Minister Narendra Modi, who has been pushing for it.
The cabinet will also appraise the proposal for doing away with the distinction between Plan & non-Plan expenditure.
Following to the proposal, the entire Budget-making work will be advanced by 3-4 weeks so as to complete the legislative part of financial business before 1st of April, the start of a financial year.
Sources said the govt plans to convene the Budget Session of Parliament before Jan 25, 2017, present the pre-Budget Economic Survey a day or two before the finance minister explains the Budget on February 1.
Towards that end, the advance estimates for GDP will now be made on 7th Jan instead of Feb 7 & mid-year analysis of expenditure by different ministries is proposed to be completed by November 15.
As regards removing the Plan & non-Plan classification of accounts, it has already been announced by Finance Minister Arun Jaitley in his Budget for 2016-17.
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