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India: Union Budget revamp; Session likely from Jan 24

India: Union Budget revamp; Session likely from Jan 24

New Delhi: The proposal for Union Budget revamp, as well as merging the Railway Budget with it and preparing the date of its introduction to January end, will be taken up by the Cabinet next week, while the Budget Session may be advanced by a month to January 24.

Primary presentation of the Budget will ensure that all legislative work is ended before the beginning of the current fiscal, from April, and funds allocated to various ministries start flowing in from the first quarter.

Although early convening of the Budget Session may become a norm in the years to come, the Winter Session of Parliament is likely to be assembled on Nov 12 this year to get the supporting legislations for the GST rollout accepted early.

The Finance Ministry is remodeling the Budget making exercise which may see scrapping of the current practice of presenting an individual budget for the Railways as well as shifting to multi-year follow-up based budgeting, sources said.

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