BY A STAFF REPORTER: For many years, the Union Budget is presented on the first day of February, but the first budget is presented on 28 February (or 29 February in leap years). Why and when was this date changed? In fact, this tradition was changed in 2017. Arun Jaitley was the finance minister at that time. The practice continued even during the pandemic and Budget 2021 presented on February 1.
A day before the budget presentation, the government presents the Economic Survey, which is a report card of the country's economic situation and outlines the budget. The budget is presented during the budget session of Parliament, which is traditionally held in two parts. The first phase usually begins on January 31.
Why was the budget date changed?
The government had then argued that changing the date would give it more time to prepare for the new policy and changes for the upcoming financial year starting April 1. The common practice of presenting the Union Budget on the last working day of February delayed the entire process as it was actually passed much later than the beginning of the new financial year. According to sources, a petition was also filed in the Supreme Court against the change in date, but the court dismissed it.