Budget May Cite Vision 2047 To Seek Long-Term Allocations

The upcoming Union budget may integrate the government’s Vision 2047 plan with allocations, departing from tradition to lay out longer term economic plans, two people aware of the matter told Mint.

- Rhik Kundu & Subhash Narayan

Typically, an interim budget sees the government seek permission from Parliament to meet its expenses in the short-term leading up to the general elections. However, this year the exercise may be supplemented by requirements for ministries to execute schemes over a longer period.

The government’s economic road map for the medium-to-long-term is likely to be visible in the 1 February budget, said one of the people mentioned above. Both spoke on the condition of anonymity.

To be sure, finance minister Nirmala Sitharaman has played down expectations of big proposals in the budget, saying as a vote-on-account, it is unlikely to make any "spectacular announcements".