Now why is the budget presented on February 1? Tradition changed in Modi government

Finance Minister Nirmala Sitharaman is going to present the general budget on 1 February 2023. But have you ever wondered why the budget is presented on this date? Why was this tradition changed during the tenure of Prime Minister Narendra Modi's government?

Budget preparations have been done. Finance Minister Nirmala Sitharaman will present the budget speech in Parliament on 1 February 2023. This time, for whom what comes out of his box, it will be known on the same day. But have you ever wondered why the budget is now presented only on 1 February. Why did this tradition change during the tenure of the Modi government?

budget date changed in 2017

Although Prime Minister Narendra Modi assumed power in 2014, he started making changes in the rules and regulations related to the budget from 2016. This was the first year when the Railway Budget was made a part of the General Budget. Whereas in 1924, the railway budget in the country was always presented separately and a day before the general budget.

After this, another major change came regarding the date of presentation of the general budget, in the year 2017, the then Finance Minister Arun Jaitley presented the country's budget on 1 February. Since then till now this tradition continues unabated. Earlier, the general budget was presented on the last day of February. This tradition was going on since the time of the British.

Why is the budget presented on 1 February?

The budget session of Parliament used to start at the end of February earlier. In such a situation, it was difficult to implement the provisions of the budget from April 1 of the new financial year. To get rid of this problem, the government has made the date of presentation of the budget as February 1.

Now before the start of the new financial year, the government completes all the procedures related to the budget, so that the provisions of the budget can be implemented properly. Earlier, it used to take time till May-June to complete these processes and demands.

By the way, earlier in 2001, during the government of Atal Bihari Vajpayee, the time of presenting the budget was also changed. Since the British era, the budget was presented at 5 pm. But that year Finance Minister Yashwant Sinha presented the budget at 11 am and since then this tradition is going on continuously.