Union Budget 2024: The Modi government is going to present the interim budget for its second term on 1 February. This year, Finance Minister Nirmala Sitharaman will tell about the government’s planning for the financial year 2024-25. Earlier this budget was presented on 28th February, but now it has been changed to 1st February. Modi government had broken the years-old tradition.
Today in this article we will tell you why the budget date has been changed.
Why is the budget presented on 1 February?
Former finance minister Jaitley had said the Budget would be presented on February 1 instead of the last day of the month to end the 92-year-old practice followed during the colonial era under British rule. In fact, when the budget was presented at the end of February, there was difficulty in implementing it till April. Because of this the date of the Union Budget was changed.
Earlier there used to be different budgets
With this change, the then Finance Minister Arun Jaitley also ended the tradition of presenting a separate budget for Railways. It was also announced to include the Railway Budget in the Union Budget.
Till 1999 the budget was presented at 5 pm
In India, till 1999, the Union Budget was presented on the last date of February at 5 pm. This was a British tradition. Actually, in Britain the budget is presented at 11 am, which used to be 5 pm according to Indian time.
After that, Atal Bihari Vajpayee’s Finance Minister Yashwant Sinha had suggested that the Union Budget should be presented at 11 am. Following his suggestion, for the first time in the year 1999, the Union Budget was presented at 11 am. After this, the Union Budget started being presented every year at 11 am.