Union Budget 2024: Finance Minister Nirmala Sitharaman to Present Budget on July 23
Finance Minister Nirmala Sitharaman to Present Full Union Budget 2024 on July 23
The stage is set for Finance Minister Nirmala Sitharaman to present the full Union Budget for 2024 on July 23. This highly anticipated budget marks the BJP-led NDA government’s first budget after securing a third term in office. The budget is expected to unveil the government’s roadmap for economic growth, development, and fiscal policies for the upcoming financial year.
The budget presentation will kick off at 11 am in the Lok Sabha and will be broadcast live on various platforms. While presenting the budget at 11 am has become the norm in recent years, it wasn’t always the case.
Historically, the budget was presented at 5 pm, a tradition dating back to the colonial era. This timing was convenient for the British government, allowing for simultaneous announcements in London and India. However, in 1999, then-Finance Minister Yashwant Sinha decided to shift the presentation time to 11 am. This change was made to reflect India’s independence from British rule and to provide lawmakers and officials with more time to analyze and discuss the budget.
Since Yashwant Sinha’s groundbreaking decision in 1999, all Union Budgets have been presented at 11 am. Additionally, former Finance Minister Arun Jaitley broke away from tradition by moving the budget presentation date from the last day of February to February 1. This change aimed to facilitate the smooth implementation of new budgetary policies at the start of the new financial year on April 1.
In a significant move in 2016, the Railways Budget was merged with the Union Budget, ending a 92-year-old tradition. This consolidation aimed to streamline budgetary processes and enhance efficiency in financial planning.
As the nation eagerly awaits the unveiling of the Union Budget 2024, all eyes will be on Finance Minister Nirmala Sitharaman as she lays out the government’s vision for economic prosperity and development in the coming year. Stay tuned for live coverage of the budget presentation on July 23.
