New Delhi: The Budget session of Parliament is likely to be held from June 17 to July 26, and the election for Speaker will be held on June 19. The decision was taken at first Cabinet meeting chaired by Prime Minister Narendra Modi on Friday.

On the first day of the Budget session, President Ram Nath Kovind will address the joint sitting of the two houses and the Speaker will be elected on June 19.

In this session, the first full-fledged Budget for 2019-20 will be presented, since in February the government had presented the interim budget.

In the interim budget, the then Finance Minister Piyush Goyal announced the increment in tax exemption limit and direct transfer of Rs 6000 to farmers who own two hectares of land or less.

The big ticket announcements helped the National Democratic Alliance (NDA) government to make a comeback with a record number of Lok Sabha seats.

Before the interim budget, The Confederation of Indian Industry (CII) had suggested the government to reduce the corporate tax to 25 per cent and bring it down to 18 per cent in a phased manner. This suggestion might be taken up by the government which was earlier neglected.

With a clear majority in the Parliament, the government might also look forward to presenting a fiscally prudent budget and avoid any populist measure.

As the Modi government has already achieved the revised fiscal deficit target of 3.4 per cent, it will be interesting to see whether they revise their future target.