<p>As Union Finance Minister Nirmala Sitharaman will be presenting the Interim Budget for the fiscal year 2024-25 on February 1, we take a look at 10 interesting facts about the Union Budget here.<br></p><ul><li><p>Union Budget, which is presented on February 1 by Finance Minister in the Lok Sabha, used to be presented on the last working day of February until 2016. </p></li></ul>.<ul><li><p>Until 1999, the Union Budget used to be announced at 5:00 pm which was said to be a colonial tradition. Then finance minister Yashwant Sinha starting 2001 changed the timing to 11 am.</p></li></ul>.<ul><li><p>A week before presenting the Budget, a 'Halwa ceremony' takes place where the finance minister distributes 'Halwa' among ministry officials and staff.</p> </li><li><p>The Halwa ceremony signifies the start of 'lock-in' period. With the shift to digital methods in the Budget system, the lock-in period has been shortened to just five days from two weeks.</p></li></ul>.Budget 2024: How interim Budget is different from vote-on-account.<ul><li><p>Until 2018, finance ministers followed the tradition, started by R K Shanmukham Chetty, of carrying the Budget in a leather briefcase. However, it has been discontinued now.</p></li></ul>.<ul><li><p>On February 1, 2021, Finance Minister Nirmala Sitharaman introduced the first paperless Budget using a digital tablet.</p></li></ul>.<ul><li><p>The Union Budget has two parts: the Annual Financial Statement and the Demand for Grants. The Annual Financial Statement provides a summary of the government's revenue for the upcoming year. Demand for Grants includes an estimated expenditure from the Consolidated Fund that needs to be submitted.</p></li></ul>. <ul><li><p>The finance minister presents the Union Budget in a speech, followed by discussions and voting in the Lok Sabha. Additionally, there's a 'mid-year review,' a 'half-yearly report' updating on the government's financial performance.</p> </li></ul> <ul><li><p>The finance minister meets the President at Rashtrapati Bhavan to seek approval before presenting the Union Budget in Parliament. This custom has been followed from many years.</p> </li></ul><ul><li><p>After the Budget speech, the finance minister, along with Ministers of State for Finance, Finance Secretary, and other Ministry of Finance Secretaries, holds a post-Budget press conference. They talk about the budget announcements there.</p></li></ul>
<p>As Union Finance Minister Nirmala Sitharaman will be presenting the Interim Budget for the fiscal year 2024-25 on February 1, we take a look at 10 interesting facts about the Union Budget here.<br></p><ul><li><p>Union Budget, which is presented on February 1 by Finance Minister in the Lok Sabha, used to be presented on the last working day of February until 2016. </p></li></ul>.<ul><li><p>Until 1999, the Union Budget used to be announced at 5:00 pm which was said to be a colonial tradition. Then finance minister Yashwant Sinha starting 2001 changed the timing to 11 am.</p></li></ul>.<ul><li><p>A week before presenting the Budget, a 'Halwa ceremony' takes place where the finance minister distributes 'Halwa' among ministry officials and staff.</p> </li><li><p>The Halwa ceremony signifies the start of 'lock-in' period. With the shift to digital methods in the Budget system, the lock-in period has been shortened to just five days from two weeks.</p></li></ul>.Budget 2024: How interim Budget is different from vote-on-account.<ul><li><p>Until 2018, finance ministers followed the tradition, started by R K Shanmukham Chetty, of carrying the Budget in a leather briefcase. However, it has been discontinued now.</p></li></ul>.<ul><li><p>On February 1, 2021, Finance Minister Nirmala Sitharaman introduced the first paperless Budget using a digital tablet.</p></li></ul>.<ul><li><p>The Union Budget has two parts: the Annual Financial Statement and the Demand for Grants. The Annual Financial Statement provides a summary of the government's revenue for the upcoming year. Demand for Grants includes an estimated expenditure from the Consolidated Fund that needs to be submitted.</p></li></ul>. <ul><li><p>The finance minister presents the Union Budget in a speech, followed by discussions and voting in the Lok Sabha. Additionally, there's a 'mid-year review,' a 'half-yearly report' updating on the government's financial performance.</p> </li></ul> <ul><li><p>The finance minister meets the President at Rashtrapati Bhavan to seek approval before presenting the Union Budget in Parliament. This custom has been followed from many years.</p> </li></ul><ul><li><p>After the Budget speech, the finance minister, along with Ministers of State for Finance, Finance Secretary, and other Ministry of Finance Secretaries, holds a post-Budget press conference. They talk about the budget announcements there.</p></li></ul>