NEW DELHI: Finance minister Arun Jaitley will present the Interim Budget on February 1, sources said on Wednesday.
This will be the last Budget of the current BJP-led NDA government before the General Elections.
As per the report, the full-fledged Union Budget will be presented by the new government. The Budget Session of the Parliament will be held from January 31 to February 13.
According to the sources, it was decided in the meeting of the Cabinet Committee on Parliamentary Affairs (CCPA).
As per the standard practice, a vote-on-account or approval for essential government spending for a limited period is taken in an election year and a full-fledged budget is presented by the new government. If the budget date falls few months ahead of polls, then an Interim Budget is presented.
The Lok Sabha elections are scheduled to be held between March and April this year. Accordingly, the new government at the Centre can be formed sometime in May.
Narendra Modi had taken oath as the Prime Minister of India on May 26, 2014.
Former finance minister P Chidambaram had presented an interim Budget in 2014 and his successor Arun Jaitley had presented a full-fledged Budget in July 2014.
With inputs from ANI