The upcoming national budget will be an 'interim budget' and not a regular union budget. An interim budget is prepared by democracies for the transitional period when there will be a possible change in the government after the general assembly elections. The final full-fledged budget for the remaining financial year will be presented after the new government that comes into power.
On 1 February, the Modi-led government will be presenting its first Interim Budget in the parliament and all attention will be on it to see if the government decides to design a populist one. On a global scale as well, all eyes will be set on the budget as it comes at a time when the world is amid issues like slow down of growth in China, no deal Brexit, trade wars and the upcoming national elections in some countries including India.
Economic Survey 2019: The Economic Survey is presented every year ahead of the Union Budget to give a detailed look at the economy of the country in the last 12 months. Before the Union Budget 2018-19, the Economic Survey was presented by the then Chief Economic Adviser for India, Arvind Subramanian, on 29 January 2018. It talks about the performance of the government policies undertaken in the past year and the general outlook of economic growth both long and short term.
This year, however, the economic survey may not be tabled as per Financial Ministry's statement made to the Financial Express.
Budget session: The session for the Interim Budget 2019 will begin on 31 January and will go on till 13 February. The budget will be presented on 1 February by Finance Minister Arun Jaitley. The railway budget has been clubbed with the national budget from the year 2017.
Length of the Budget speech: In the interim budget, the Financial Ministry will not announce any major structural changes (for example, in the tax system) that require to be passed through a finance bill. Considering this, the length of speech is expected to be around 2 hours. However, the current unrest in the agricultural sector may call for some protests in the parliament and would lengthen the duration of the speech.