Earlier the budget was presented on February 28 at 5 pm, what was the UK-connection? Learn interesting anecdote

If we look at the history of budget in India, it is 180 years old. On 7 April 1860, the country’s first budget was presented by James Wilson, the Finance Minister of the British Government.

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Budget… Account of the country’s income and expenditure in common language. Proposed draft of the country’s development roadmap. Financial Account of the country for the coming year. If we see its history in India, then it is 180 years old. On 7 April 1860, the country’s first budget was presented by James Wilson, the Finance Minister of the British Government.

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On 1 February 2022, Finance Minister Nirmala Sitharaman will present the country's general budget in the Parliament.  But do you know that till years ago, the budget was presented not on the first day of February, but on the last day.  That is, on February 28 or February 29.  This tradition was started by Sir Basil Blackett in 1924, which continued till the year 1999.

On 1 February 2022, Finance Minister Nirmala Sitharaman will present the country’s general budget in the Parliament. But do you know that till years ago, the budget was presented not on the first day of February, but on the last day. That is, on February 28 or February 29. This tradition was started by Sir Basil Blackett in 1924, which continued till the year 1999.

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Why only on February 28-29 at 5 pm?  From 1924 to 1999, the Union Budget was presented at 5 pm on the last day of February.  The reason behind this was to give rest to the officers who prepared the financial accounts by staying awake all night.  28 or 29 February was the last working day of the month.  After this the officers used to rest the next day.

Why only on February 28-29 at 5 pm? From 1924 to 1999, the Union Budget was presented at 5 pm on the last day of February. The reason behind this was to give rest to the officers who prepared the financial accounts by staying awake all night. 28 or 29 February was the last working day of the month. After this the officers used to rest the next day.

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This practice of declaring the Union Budget at 5 pm on the last working day of February was inherited by India since colonial times.  Actually, the British Parliament used to pass the budget in the afternoon, but in India, the budget was passed in the evening.  Behind it is the timing connection.

This practice of declaring the Union Budget at 5 pm on the last working day of February was inherited by India since colonial times. Actually, the British Parliament used to pass the budget in the afternoon, but in India, the budget was passed in the evening. Behind it is the timing connection.

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Britain Connection: Considering the convenience of the British, in fact, when it was 5 in the evening in India, at that time it was 11.30 in the morning in London, the capital of Britain.  Parliamentarians used to listen to the budget speech of India while sitting in the House of Lords and House of Commons in London.

Britain Connection: Considering the convenience of the British, in fact, when it was 5 in the evening in India, at that time it was 11.30 in the morning in London, the capital of Britain. Parliamentarians used to listen to the budget speech of India while sitting in the House of Lords and House of Commons in London.

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The London Stock Exchange (LSE) also opened at the same time.  In such a situation, the interests of companies doing business in India were decided by this budget.  In Britain too, the focus of companies was on the budget of British India.  However, even after independence, this tradition of presenting the budget at 5 pm on the last day of February continued.

The London Stock Exchange (LSE) also opened at the same time. In such a situation, the interests of companies doing business in India were decided by this budget. In Britain too, the focus of companies was on the budget of British India. However, even after independence, this tradition of presenting the budget at 5 pm on the last day of February continued.

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NDA changed tradition, Yashwant Sinha presented the budget at 11 am, this tradition of British India was changed after 50 years of the implementation of its constitution in the country.  This tradition was broken even in the then NDA government.  In the year 2000, the then Finance Minister Yashwant Sinha presented the Union Budget of the country at 11 am.  It was completely according to Indian time and Indian tradition.

NDA changed tradition, Yashwant Sinha presented the budget at 11 am, this tradition of British India was changed after 50 years of the implementation of its constitution in the country. This tradition was broken even in the then NDA government. In the year 2000, the then Finance Minister Yashwant Sinha presented the Union Budget of the country at 11 am. It was completely according to Indian time and Indian tradition.