Budget 2024 Timing: Why the Union Budget Moved from 5:00 PM to 11:00 AM?

All attention is focused on Finance Minister Nirmala Sitharaman as she prepares for the upcoming Union Budget for 2024 scheduled for July 23 in the later part of this month. This highly awaited budget is the initial one from the BJP-led NDA government after being re-elected for a third term in the recently announced Lok Sabha Election results on June 4.

The government is anticipated to lay out its vision for economic growth, development, and fiscal policies. The budget presentation will begin at 11 am in the Lok Sabha and will be aired live on different platforms in addition to national broadcaster Doordarshan. While it is now common for the budget to be unveiled at 11 am, this was not always the norm.

When the Union Budget timings were shifted from 5:00 pm to 11:00 am

Until 1999, the Union Budget was typically presented in Parliament at 5:00 pm. This was a custom that persisted from the time of the colonial government. The British government reportedly established the 5:00 pm time slot because it allowed them to announce budgetary updates at the same time in India and London.

India is 5 hours 30 minutes ahead of the UK, so 5:00 pm in New Delhi is equivalent to 11:30 am GMT. This feature allowed the Raj era to easily review and synchronize the budgetary announcements.

The tradition of presenting the Union Budget at 5:00 pm was upheld by subsequent Indian governments as a budgetary ritual. But in a landmark decision, the Finance Minister at the time altered the budget schedule and delivered the fiscal report in Parliament at 11:00 am. There were two motives behind the relocation. Initially, putting an end to a practice from the colonial era and secondly, allowing more time for MPs and officials to comprehend and discuss budget announcements.

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