New Delhi: In a significant development, the Cabinet Committee on Parliamentary Affairs on Wednesday recommended to hold the Budget Session in two phases from January 31 to April 3, with the Union Budget to be presented on February 1.

Sources at the government told news agency PTI that the first phase of the session will be from January 31 to February 11 and the second will be from March 2 to April 3.

In general, there used to be one month gap between the two phases of the Budget Session. This happens to allow parliamentary committees to examine budgetary allocations made to various ministries.

As per the long-followed norms, the President convenes both Houses of Parliament on the recommendation made by the Union Cabinet.

Earlier the Ministry of Finance had stated that the Union Budget for 2020-21 will be presented on February 1 and the Economic Survey is likely to be on January 31.

In the Economic Survey 2019 which was presented on July 4, a day before the General Budget on July 5 after the Modi government started its second innings in the government, the focus was on “What India needs to become a $10 trillion economy by 2030. India needs to spend 7-8% of its GDP on infrastructure annually to become a $10 trillion economy by 2030”.

The finance ministry stated that the idea behind starting the Budget early in February was to complete the budgetary process by March 31, so that expenditure exercise for 12 months could begin on April 1 itself.