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Budget likely on February 1, Economic Survey on January 31

This will be the first time after 2015-16 when the budget will be presented on Saturday. "Tradition will continue," Parliamentary Affairs Minister Prahlad Joshi said when asked about whether the government would continue with the tradition of presenting the budget on the first day of February or will there be any change as February 1 is Saturday.

Updated: Dec 14, 2019, 07.27 AM IST
Modi Government, in its first term, decided to advance the date of the budget from last working day to first working day. Accordingly, the Union Budget for 2017-18 was presented on February 1, and since then, the tradition has continued.

NEW DELHI: Union Budget for 2020-21 may be presented on February 1 and the Economic Survey is likely to be on January 31, finance ministry sources said.

This will be the first time after 2015-16 when the Budget will be presented on Saturday.

Industry body the Federation of Indian Chambers of Commerce and Industry (Ficci) has urged the government to reduce income tax rates in the upcoming budget as a means to spur overall demand for goods and services, and said it should announce measures to reenergise exports, incentivise employment and reduce cost of doing business in the country.

“The government should consider revising upwards the direct income tax slabs for individuals with highest tax rate of 30% applicable only for income above Rs 20 lakh,” Ficci said in its prebudget memorandum submitted to the finance ministry on Friday.

Urging the government to continue with its reforms agenda, Ficci said that there is an urgent need to reenergise the engines of growth and pump prime the economy by enhancing consumer spending and creating conditions for higher private sector investments and exports.
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