On February 1, 2023, the general budget for the country (Budget 2023) will be presented. As Finance Minister, Nirmala Sitharaman is set to read her fifth consecutive budget speech. You can also see that there have been many changes in the budget of the Narendra Modi government. This includes changes to the budget document date and the red briefcase.
Budget 2023 has special meaning for the government
On the 1st of February, Nirmala Sitharaman, India’s full-time female Finance Minister will present Budget 2023 to the Parliament. At 11 a.m., she will present to the public the accounts of income and expenditure for the country. This budget will be Modi 2.0’s last before next year’s general elections. This budget is presented at a time of widespread slowdown in global economic activity.
First modification: The date for the general budget
The budget was traditionally presented on the 28th or 29th of each month. This was until Narendra Modi’s (Narendra Modi Govt), 2014 arrival at the center. This tradition was broken by the Modi government, who presented the budget on February 1 instead of the last day of February.
Second Change: Merger of
Rail Budget. The 2016 Narendra Modi government worked to end the long-standing tradition of the Rail Budget, which had been in place since 1924. Although the Rail Budget used to be presented separately just a few days prior to the General Budget, in Narendra Modi’s budget speech, Arun Jaitley, then the Finance Minister, announced that the Rail Budget would now be presented together with the General Budget. It began being presented simultaneously in 2017.
The third change: The red briefcase
You can see the changes in traditions in budget history. Since 1947, the Modi government used a red briefcase to present the budget to the Parliament. In 2019, Prime Minister Narendra Modi’s government changed this tradition. The budget was now wrapped in red cloth and carried in the form of a ledger. The budgets from the past were also brought in Red Tablet.
The Vajpayee government changed the time
The BJP-led Atal Bhari Vajpayee government also altered an old tradition regarding the budget before the Narendra Modi government. All budgets were traditionally presented at 5 in the evening. However, the 1999 budget was presented by Yashwant Sinha, then the Finance Minister. The budget has been presented to the Lok Sabha since then.
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