Finance Minister Nirmala Sitharaman is set to announce her sixth consecutive Budget on February 1. It will be an interim budget as India is set to witness the Lok Sabha elections later this year. A full-fledged Budget will be presented once the new cabinet is appointed. The Budget is presented at 11 am on February 1 every year. But this was not the case earlier as it was announced at 5 pm on the last working day of February.
Budget 2024 time: Why will it be presented at 11 am?
The Budget was presented at 5 pm on the last working day of February since the colonial era. This was the time chosen due to India’s time difference from the United Kingdom. India’s time is 5.5 hours ahead of the British Summertime. Budget announcement at 5 pm (IST) ensured that it was announced during the day in the UK.
Read more: Budget 2024 explained: What is direct tax, income tax and how are they imposed?
Budget 2024 time: When was the practice changed?
The practice was changed by Yashwant Sinha in 1999 under the Atal Bihari Vajpayee-led government. Yashwant Sinha suggested that the Budget should be presented at 11 am as it would allow time to analyse numbers and this would also allow more informed debate in the Parliament.
Budget 2024 time: When was the budget presented for the first time in 11am?
On February 27, 1999, Yashwant Sinha presented the Budget at 11 am for the first time in India. Since then, it has been presented at 11 am.
Budget 2024 date: Why will it be presented on February 1?
{{/usCountry}}On February 27, 1999, Yashwant Sinha presented the Budget at 11 am for the first time in India. Since then, it has been presented at 11 am.
Budget 2024 date: Why will it be presented on February 1?
{{/usCountry}}From 1999 till 2017, the Union Budget was presented on the last working day in February but this was changed in 2017. Arun Jaitley announced that from 2017, the Budget would be presented on February 1 and not on the last working day.