Interim Budget on Feb. 16; Rail Budget on Feb 13

The Government will present an Interim Budget on February 16, according to a Parliament communiqué. Railway Minister Lalu Prasad Yadav will present an Interim Railway Budget on February 13, the second day of the coming Parliament session. The parliament session, which will be the last one of the 14th Lok Sabha, will begin on February 12 with the customary joint address of the parliament by President Pratibha Patil. It will continue till February 26. The Congress party-led multi-party coalition is expected to give an overview of the economy and highlight its achievements. It is expected to seek the parliament's approval in the second half of February to draw funds from the Consolidated Fund of India for meeting expenses until the new administration presents a full-fledged budget. The UPA government's term expires in May. The general election is likely to take place sometime in April-May. The interim budget may include some indirect tax changes, but it is unlikely to contain direct tax proposals. The new Government will announce a fresh budget for the remainder of the fiscal year 2009-10 once it takes over. According to reports, the Government may also try to pass some pending bills during the coming parliament session.