The Hindu Business Line : Budget likely in July

"We have not received any intimation so far. All we can say is that the Vote-on-Account, tabled as part of the outgoing Government's Interim Budget of February 3, enables meeting all essential expenditures till July 31. There is enough flexibility to present a full Budget by then," said a senior ministry official.

According to him, the new Government could very well expedite the process by presenting a Budget that does not incorporate significant changes to the Interim Budget or even the earlier series of `Mini-Budget' proposals. "But this is unlikely because the Minister who is to take charge next would obviously prefer to leave his distinct imprint and also reflect the policies of a new regime that has just been voted in. This could mean announcing new schemes and also possibly a reshuffle of the team that is involved in the Budget-making exercise," the official added.

Just for the record, the previous Congress-led Government under Mr P.V. Narasimha Rao assumed office on June 21, 1991 and Dr Manmohan Singh, who took over as Finance Minister on the same day, presented his first Budget on July 25. But well before that, on July 1 itself, he had initiated the historic two-part devaluation of the rupee!