India's first full-time woman Finance Minister Nirmala Sitharaman presented the Budget for financial year 2019-20 on July 5. This marked the first Budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government after its return to power in a landslide victory in May 2019.
The Union Budget for financial year 2019-20 comes a day after the Ministry of Finance released the Economic Survey report for the financial year ended March 31, 2019, which pegs India’s GDP growth at 7 per cent in 2019-20. Chief Economic Advisor Krishnamurthy Subramanian, the main author of the report, has said that India needs to shift gears to sustain a real economic growth rate of 8 per cent in order to achieve Prime Minister Narendra Modi's goal of making the country a $5-trillion economy by 2024.
The Union Budget for financial year 2019-20 follows an interim Budget in February, in which the government introduced a Rs75,000-crore income guarantee scheme for small farmers, and increased the income threshold for rebate under Section 87A of the Income Tax act to Rs. 5 lakh, among other major announcements.
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From the 2017 Union Budget, India saw a shift in the date of Budget presentation in Parliament to February 1, as against the last working day of February previously.
