Why Did Budget Presentation Date Change From Feb 28 to 1?
Breaking Colonial Shackles
For over a century, the Budget bowed to British Raj tradition, unveiled at 5 pm on the last working day of February. In 1999, Yashwant Sinha ushered in a change, moving the timing to a more practical 11 am.
A Time Warp
But the date itself remained tethered to the past. In 2017, Arun Jaitley boldly shifted the presentation to February 1st, severing ties with colonial-era scheduling.
Efficiency Boost
The rationale? More time! Jaitley argued the old date left ministries scrambling to implement policies after the Budget, often well into the new fiscal year. February 1st granted two crucial months for smoother execution.
Global Alignment
The shift to February 1st aligns India with other major economies that present their budgets closer to the fiscal years start. This harmonization aims to streamline processes and improve outcomes.
Why February for the British
Back then, India was governed by the British Parliament, which recessed in winter. February ensured MPs were back to hear the budget.
Two-Part Harmony
The Budget presentation remains a two-act play within the Parliaments Budget Session, typically starting January 31st. The February 1st unveiling marks the first act, focusing on allocations and key points.
Lok Sabha 2024 polls
With the 2024 Lok Sabha elections looming, this years Budget ditches major reforms. Instead, itll act as a placeholder, highlighting government achievements until the post-election full-fledged budget arrives.
Economic Compass
To bridge the gap, Economic Surveys offering financial insights are now presented on January 31st, acting as a precursor to the main event.