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Business News/ Budget 2019 / News/  Budget session in two phases from 31 Jan
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Budget session in two phases from 31 Jan

First phase of the budget session will be from 31 January to 11 February, and the second from 2 March to 3 April
  • Parliament session is likely to be stormy amid the ongoing protests over CAA and the economic slowdown
  • A file photo of finance minister Nirmala Sitharaman (Photo: Raj K. Raj/Hindustan Times )Premium
    A file photo of finance minister Nirmala Sitharaman (Photo: Raj K. Raj/Hindustan Times )

    NEW DELHI : The budget session of Parliament will begin on 31 January and continue till 3 April with Nirmala Sitharaman presenting her second Union budget as the finance minister on 1 February, a Saturday.

    The Cabinet Committee on Parliamentary Affairs has recommended holding the budget session in two phases with a recess, news agency PTI reported citing sources. The first phase of the session will be from 31 January to 11 February and the second from 2 March to 3 April, the report said. The President convenes both Houses of Parliament on the recommendation of the Union cabinet.

    The budget session could become stormy on account of the current protests over the Citizenship (Amendment) Act, or CAA, and the economic slowdown. The previous session of Parliament was marked by opposition protests over various issues, including political developments in Maharashtra.

    Sitharaman’s task would be to stage a reversal of the sharp economic slowdown that has gripped Asia’s third-largest economy. Official data suggested earlier this week that Gross Domestic Product growth is likely to shrink to 5% this fiscal, the slowest pace in about a decade. Sitharaman has been announcing steps to arrest the slowdown on a regular basis for the last several months. These include support to exporters, the affordable housing industry, small and medium enterprises, and non-bank lenders.

    The government also announced a sharp reduction in corporate tax rates to new manufacturing companies and businesses not availing any tax incentives. The minister has also been holding regular meetings with representatives from various industry segments. The next round of big announcements are expected in the budget.

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    ABOUT THE AUTHOR
    Gireesh Chandra Prasad
    Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 09 Jan 2020, 09:14 AM IST
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