<p>Nirmala Sitharaman, India’s first full-time female Finance Minister, will present the first budget of Narendra Modi-led government's second term on July 5.</p>.<p>Taking up the crucial Finance Ministry portfolio, Sitharaman has a big task at hand. In her new role, the former defence minister needs to address issues such as economic slowdown, unemployment rate which is at a 45-year high, severe agrarian crisis, NPAs marring the banking sector.</p>.<p>While all eyes will be on Budget 2019, it is imperative for people to know the key terms associated with the annual exercise.</p>.<p>Here’s a lowdown on some of the important terms to help understand the Budget.</p>.<p><strong>Tax Abatement</strong>:</p>.<p>Government reduces taxes for corporates and businesses for a certain period of time to encourage economic development in a place. These reductions are called tax abatement. Property tax is one of the most common types of tax abatement given to businesses for a certain period of time to expand their existing operations within the city.</p>.<p>ALSO READ: <strong><a href="https://www.deccanherald.com/business/economy-business/budget-2019-what-is-fiscal-policy-738676.html">What is Capital Budget?</a></strong></p>
<p>Nirmala Sitharaman, India’s first full-time female Finance Minister, will present the first budget of Narendra Modi-led government's second term on July 5.</p>.<p>Taking up the crucial Finance Ministry portfolio, Sitharaman has a big task at hand. In her new role, the former defence minister needs to address issues such as economic slowdown, unemployment rate which is at a 45-year high, severe agrarian crisis, NPAs marring the banking sector.</p>.<p>While all eyes will be on Budget 2019, it is imperative for people to know the key terms associated with the annual exercise.</p>.<p>Here’s a lowdown on some of the important terms to help understand the Budget.</p>.<p><strong>Tax Abatement</strong>:</p>.<p>Government reduces taxes for corporates and businesses for a certain period of time to encourage economic development in a place. These reductions are called tax abatement. Property tax is one of the most common types of tax abatement given to businesses for a certain period of time to expand their existing operations within the city.</p>.<p>ALSO READ: <strong><a href="https://www.deccanherald.com/business/economy-business/budget-2019-what-is-fiscal-policy-738676.html">What is Capital Budget?</a></strong></p>