Finance Minister Arun Jaitley will present the Union Budget 2018 in Parliament on Thursday. Continuing with the trend from last year, the Railways Budget will be included in the General Budget. This is the last full Budget of the government led by Prime Minister Narendra Modi before the country goes to polls in 2019. It is also the first since the government effected major economic reforms, including the Goods and Services Tax (GST).
It will be interesting to see if the 7th Pay Commission is included in the Budget today, as well as if there are changes in income tax slabs.
The government on Monday tabled the Economic Survey 2017-18 in Parliament, in which it pegged India’s growth at 7 and 7.5 in the upcoming financial year. GDP growth averaged 7.3 per cent for the period between 2014-15 to 2017-18, the highest among major global economies. Authored by Chief Economic Adviser Arvind Subramanian, the survey added that there has been a significant increase in the number of indirect taxpayers following GST and demonetisation.