India had changed the time of presenting the budget by showing eyes to the Parliament of London, know the story behind it.
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This year is the last full budget of this tenure of the Modi government. The efforts of the government will be on making schemes that generate more employment and make rules that will speed up the development of the country. Before the presentation of the budget, let us know some special things related to the general budget of India, which has made a place in the pages of history.
Many traditions are associated with the budget
The budget is an important part of the country’s constitution, but there are many traditions associated with the budget, which we often mistake as rules. Most of the governments present the budget following these traditions, while some governments break the traditions and start a new budget tradition. For example, till 2016, the budget was presented on the last working day of February, but considering the convenience of financial work, the Modi government changed it to February 1. This year also the budget will be presented on February 1 only.
Budget timing changed in 2001
One of these traditions was regarding the time of presenting the budget, which was abolished in 2001 by the then Finance Minister Yashwant Sinha. Till Y2K i.e. year 2000, the general budget of the country was presented at 5 pm. This too was a budget tradition, but behind it too there was a history and an immediate need. The pages of this tradition are about 20 years old from Indian independence. It is a matter of 1927, at that time British officers also used to participate in the Indian parliamentary proceedings.
In fact, when it was 5 in the evening in India, it was 11.30 in the morning in London. Parliamentarians sitting in the House of Lords and House of Commons in London used to listen to India’s budget speech. This rule continued even after independence. At the same time, the London Stock Exchange also opened at the same time, so the interests of the companies doing business in India were determined by this budget.
50 years after the constitution came into force
But this fog of colonial India was cleared 50 years after the constitution came into force in the country. The then NDA government broke this tradition. The then Finance Minister Yashwant Sinha first started presenting the budget at 11 am, which was completely according to India’s time and India’s tradition.
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