The Union Budget for the fiscal year 2024–25 will be presented on July 23 by Union Finance Minister Nirmala Sitharaman. The much-awaited Budget will present the Center's vision for the nation's economic growth, development, and fiscal policies for the upcoming fiscal year. It is the first for the BJP-led NDA government, which won a third consecutive term in the 2024 Lok Sabha elections.
It will be crucial in creating the economic blueprint for India over the next five years. On July 23, at 11 a.m., Sitharaman is expected to present the Budget 2024 to the Parliament.
Few people are aware, though, that although presenting the Union Budget to the Lok Sabha at 11 a.m. has become customary, this wasn't always the case. Previously, it was presented at 5 pm in evening.
Previous Budget presentation time
Up until 1999, the Union Budget was presented in the Lok Sabha at 5 p.m., in accordance with a custom carried over from the colonial era. The British government was able to make announcements in London and India at the same time, so this time was set to suit their needs.
India is five hours and thirty minutes ahead of the UK. According to this schedule, 11:30 am GMT was equivalent to 5 pm in India.
But the timing didn't change for more than fifty years following India's independence. The previous administrations adhered to long-standing customs.
New time of budget presentation
The 5 pm tradition was altered in 1999 when the budget was presented at 11 a.m. by Yashwant Sinha, the finance minister at the time under the administration of Atal Bihari Vajpayee.
This choice was made for a number of reasons. India gained independence and was free to follow its own time zone instead of that of the United Kingdom.It was also mentioned that the government wished to extend the time for officials and parliamentarians to review and debate the budget.
On February 27, 1999, at 11 a.m., Sinha made the Union Budget presentation for the first time. Since then, all of the finance ministers have adhered to this schedule.
