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Budget Presentation: Why the time for presenting the budget was changed from 5 pm to 11 am, know here

PC: NDTV

Finance Minister Nirmala Sitharaman will current the total Union Price range for 2024 on July 23. The much-awaited price range is the primary price range of the BJP-led NDA authorities after it was re-elected for a 3rd time period. The price range is anticipated to stipulate the federal government's imaginative and prescient for the nation's financial progress, improvement and financial insurance policies for the upcoming monetary 12 months.

The price range presentation will start at 11 am within the Lok Sabha and can be broadcast reside on numerous platforms. Although it’s now a norm to current the price range at 11 am, it was not at all times the case.

Historical past: Timing of price range presentation

Till 1999, the price range was introduced at 5 pm, a practice inherited from the colonial period. This timing was handy for the British authorities, because it allowed simultaneous bulletins in London and India. Since India is 5 hours half-hour forward of Britain, the time of 5 pm in India corresponded to 11:30 pm GMT, making it simpler for the British authorities to coordinate price range bulletins.

Nonetheless, the 5 pm time remained unchanged even after India gained independence. It was not till 1999 that Yashwant Sinha, the then finance minister of the Atal Bihari Vajpayee-led authorities, determined to alter the presentation time to 11 am. This variation was made for 2 essential causes. Firstly, India was not a British colony, and therefore, didn’t have to observe London's time zone. Secondly, he needed to provide MPs and officers extra time to check and talk about the price range.

On February 27, 1999, Yashwant Sinha introduced the Union Price range for the primary time at 11 am. This new timing turned a everlasting change, and since then, all Union Budgets have been introduced at 11 am.

Historical past: Date of presentation of price range

Traditionally, the price range was introduced on the final day of February. Nonetheless, former finance minister Arun Jaitley broke this custom and began presenting the price range on February 1. This variation was made to facilitate clean implementation of latest budgetary insurance policies from the beginning of the brand new monetary 12 months on April 1. The additional month offered the federal government with extra sensible time to place the price range plans into motion. In 2016, the railway price range, which was earlier introduced individually, was merged with the Union Price range, ending a 92-year-old custom.

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