Budget 2022 = Know why the budget is presented on February 1 only

Budget 2022 Finance Minister Nirmala Sitharaman is all set to present her fourth budget on February 1, 2022. This time the budget will play an important role in deciding the way forward for the Indian economy amid the third wave of the Kovid epidemic.

Everyone knows that the budget is an important thing, but have you ever wondered why it is presented every year on February 1 at 11 am? In this news, we will know the answer to this question.

Started in 2017 =Budget 2022

This change happened in 2017 during the NDA government led by Prime Minister Narendra Modi. Earlier, the Union Budget was presented on the last working day of February. But in 2017 this tradition was abolished. In 2017, the then Finance Minister Arun Jaitley had said that the budget would now be presented on February 1. Its timing was also changed.

5 pm to 11 am Earlier, the Union Budget was announced at 5 pm on the last working day of February, and this practice continued till 1999. This practice continued as a tradition carried over by its MPs in the House of Commons in London during the British Raj. This happened because there was a time-zone difference between New Delhi (+5.30 hours ahead of Greenwich Mean Time) and Westminster, UK. The Indian time zone was 4.5 hours ahead of BST (British Summer Time).

when changed time Budget 2022

Yashwant Sinha, India’s finance minister from 1998 to 2002 during the NDA government led by Atal Bihari Vajpayee, changed the old trend by presenting the 1999 Union Budget at 11 am. The idea behind this move was that a change of timing could lead to a better analysis of the numbers and announcements introduced in the budget and a better rational debate on the budget. This request was heeded and on February 27, 1999, Sinha presented the budget at 11 am for the first time in the history of independent India.