New Delhi: Before 1999, the budget used to be revealed at 5 pm on the last working day of February, following a British-era practice. However shifting gears, former Finance Minister Yashwant Sinha shook things up by moving the budget presentation to 11 am in the same year.
Reports state that the reason behind the change in Budget presentation timing was the time difference between New Delhi and Westminster, United Kingdom. India is 4.5 hours ahead of British Summer Time.
Sinha, a BJP Stalwart, thought that the switch in timings from evening to morning, would let everyone dive deeper into the numbers and announcements. His idea got the green signal on February 27, 1999 and for the first time in Independent India’s history, the budget was announced at 11 am.
Union Budget 2024 To Be Presented On 23 July 2024
Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024-25 in Parliament tomorrow. With this Budget presentation, Sitharaman is set to surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman’s upcoming budget speech will be her seventh.