Budget 2019: Narendra Modi looks to shore up political base on Friday
Updated : February 01, 2019 06:43 AM IST
Piyush Goyal, the interim finance minister, will present the 2019-20 budget to parliament, in the absence of finance minister Arun Jaitley, who is currently in the United States for medical treatment.
The government is set to step up rural welfare spending by 16 percent for the fiscal year beginning April to Rs 1,30,000 crore ($18.25 billion), two government sources said, aiming to boost support in the countryside where more than two-thirds of India's 1.3 billion people live.
The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 percent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 percent, and estimating an increase in revenue of about 15 percent, officials said.