Budget 2019: Hours after the reports of presenting a Regular Budget on Feb 1, the Finance Ministry has now clarified that it would come up with an Interim Budget on Friday. Earlier in the day, reports of BJP-led NDA government presenting a Regular Budget came to light. It was also said that the government had asked all its ministries to mention the forthcoming Budget as General Budget and not Interim one.  Traditionally, if Union Budget falls in the election year, the outgoing government presents an Interim Budget or so-called vote on account. However, several governments, including the Congress-led United Progressive Alliance (UPA) in 2009, haven’t shied away from making policy pronouncements in these.

An Interim Budget is presented to ensure smooth functioning of all departments during this transitional phase. The Full Budget that follows an Interim Budget and is the first budget of the new government’s five-year tenure. This usually comprises of schemes/subsidies on the poll promises, tweaks in the tax structure and new economic policies that define the vision of the new government and lay a roadmap to accomplish fiscal and developmental goals in the next five years.

Similar media reports made headlines earlier this month and Congress said that it was 'violation of conventions' and it would challenge the BJP government on the floor of the house if at all the reports are true. "It would be a flagrant violation of all parliamentary conventions, procedures and traditions which have been followed over the past seven decades ever since the Constitution of India came into effect," Congress leader Manish Tiwari said during a press conference in national capital earlier.

A communiqué from Rashtrapati Bhavan had stated that in the absence of Union Minister Arun Jaitley, Piyush Goyal will be given the charge of the finance ministry and will present the Budget on Feb 1. This is for the second time that Goyal has been given the interim finance minister charge. Even in May last year, Goyal was made the interim FM when Jaitley underwent a kidney transplant.