On February 27, 1999, Yashwant Sinha, the finance minister in the Atal Bihari Vajpayee-led government at the time, presented India’s budget at 11 am.
But up until then, the Union Budget always used to be presented at 5 pm.
But why the change?
Change in time
The original 5 pm time harks back to practices from the colonial era. The evening time slot meant the announcements could be made in London and India at the same time. Presenting the budget at 5 pm in India was relayed to Britain during the daytime, at 12.30 pm, as UK is behind India by 4 hours and 30 minutes.
Sinha's decision to present at 11 am was to signify that India, no longer a colony, could set its own timetable. Sinha also argued that it allowed more time for parliamentary debate and discussion on the Budget.
Since then, all Union Budgets have been presented at 11 am. Continuing the tradition, Sitharaman will present the budget at 11 am on Tuesday.
Change in date
The budget, unless it was a election year that necessitated a stop-gap Interim Budget in February and a full budget after the elections (like this year), is now presented on Feb 1. But before 2017, it was presented on the last working day of February.
The late Arun Jaitley, former finance minister of the NDA govt changed the date to February 1 in 2017 because he argued that presenting the Budget at the end of February gave the government little time to implement new policies and changes by April 1. Since then, this 'Feb 1' date for the Budget has continued over the years.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.