The Indo-Canadian Business Chamber in association with the World Trade Center, Bengaluru and Knowledge Partner KPMG in India hosted an interactive session on the interim Budget, with deliberations on economic updates that can impact trade between India and Canada on 4th February 2019.
The Government of India will be presenting its last budget before the run-up to the elections. Although fiscal deficit has been reduced by 1.5% to below 3.5%, this year’s projected target of 3.3% could be a challenge as fiscal prudence in election years is not always followed. There are also whispers of a Universal Basic Income scheme, as well as large benefits to farmers.
In an interim Budget, the vote-on-account seeks parliament’s nod for incurring expenditure for part of a fiscal year. However, the estimates are presented for the entire year, as is the case with the regular Budget. However, the incoming government has full freedom to change the estimates completely when the final Budget is presented.
The session focussed on interim budget rolled out along with GST norms presented by speakers from KPMG.