Union Budget 2024 Date: All eyes are on Finance Minister Nirmala Sitharaman as she gears up for the Union Budget for 2024 on July 23 later this month. This highly anticipated budget is the first from the BJP-led NDA government following its re-election for a third term in the recently declared Lok Sabha Election results on June 4.
It is expected to outline the government’s vision for economic growth, development, and fiscal policies. The budget presentation will commence at 11 am in the Lok Sabha and will be broadcast live on various platforms apart from national broadcaster Doordarshan. Although it is now customary for the budget to be presented at 11 am, this was not always the case.
When the Union Budget timings were changed from 5:00 pm to 11:00 am
As late as 1999, the Union Budget used to be tabled in Parliament at 5:00 pm. This was a practice that continued since the colonial regime. It is said that the 5:00 pm slot was fixed by the British government as it used to help them to make the budgetary announcements simultaneously India as well as in London.
With India being 5 hours 30 minutes ahead of the United Kingdom, the 5:00 pm slot in New Delhi meant 11:30 am GMT. This made it very convenient for the Raj era to consult and coordinate the budgetary announcements.
The 5:00 pm timings remained a budget tradition and the subsequent Indian governments used to present the Union Budget at 5:00 pm. However, in a historic move, the then Union Finance Minister changed the budget timings and presented the financial statement in Parliament at 11:00 am. There were two reasons for the move. First, ending a colonial era practice and second, more time given to MPs and officials to understand and debate the budgetary announcements.