Budget 2024 Date: Union Finance Minister Nirmala Sitharaman will present the budget for the financial year 2025-26 on February 1. This budget is the first full budget of the third term of the Modi government. Till a few years ago, the budget was presented in the country on 28 February, but a few years ago, the date of presenting the budget was changed during the tenure of the Modi government. Earlier it was presented on the last day of the month but now the budget is presented at the beginning of the month on 1st February. It was not India’s tradition to present the budget on 28 February. We were just following the traditions of the British colonial era. In 2017, the then Union Finance Minister Arun Jaitley announced that the Union Budget would no longer be presented on the last working day of February as was the case in the British colonial era.
Why was the budget date changed?
Apart from getting rid of this tradition of the British period, there was a special reason behind this change. The budget was presented on the last date of February. In such a situation, there were many difficulties in implementing the provisions of the budget for the next financial year starting from April 1. To solve this problem, the then Finance Minister Jaitley suggested changing the date of the budget and in 2017, the Union Budget was presented in the beginning of February instead of the end of the month.
Railway budget was merged into the general budget.
Not just the budget date, Jaitley also ended the 92-year-old British tradition of presenting a separate budget for the Railways, he merged the Railway Budget with the Union Budget in 2017. Earlier the railway budget was presented separately. It was presented two days before the general budget. Then this tradition was also ended.
Budget time was 11 am?
Till 1999, the Union Budget was presented at 5 pm on the last day of February. This was the tradition of British-India, which was not changed even after independence. It is also very interesting to know where the time of presenting the budget at 5 pm came from. The Budget was presented at 11 am (local time) in British time, which was 5 pm in India as the Indian time zone is 4.50 hours ahead of British time.
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