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Union Budget 2024 Date and Timing
Union Budget is an annual financial statement of the Government that contains the expected revenue and expenditure in the upcoming fiscal year. Every year on 1st February, the finance minister of the ruling government in India, presents the Union Budget in the Parliament at 11 am. This ceremony has been taking place for a long time in India as it lays down the principles on which all the entities function to fulfill the national objective of development and growth.
Union Budget Presentation Date and Timings:
Until 1999, the union budget was presented at 5 pm on the last working day of February. But it was in late 1999, when Yashwant Sinha, the then finance minister proposed to change it to 11 am so that the budget analysis could be done in the remaining day. After the approval, he became the first finance minister to present the union budget at 11 am.
Arun Jaitley was the finance minister in 2017 when he proposed to change the union budget presentation date to 1st February instead of the last working day of February, and his proposal was accepted as it allowed the government to have more time to prepare for the policies that were supposed to come to effect from 1st April. And in this way, the 92-year-old tradition that was brought in by the British India Company was ruled out of the Indian democracy.
Since then, the Union Budget of India has been presented every year on 1st February at 11 am in the parliament.
Interim Budget for 2024
On 1st February 2024, India will witness it’s 15th interim budget- the union budget 2024 will be an interim budget. This is because the Lok Sabha elections are due in early 2024. A full Union Budget will be presented in 2025. Whenever there are Lok Sabha pr general elections due, the Government presents an interim budget to just meet the expenditure till the new government comes into power.
Mrs. Nirmala Sitharaman will present her 6th budget on 1st February 2024 at 11am.
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