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Budget 2023: India’s Finance Minister Nirmala Sitharaman is going to present her last budget on 1 February 2023. This will be the Modi government’s last full budget before next year’s general election, which is set to be presented amid rising interest rates and slowing global growth. If we look at the history of the budget, from 1947 to 2018, the budget was brought in a red briefcase. But for the first time in the year 2029, the Modi government changed this tradition and instead of a red briefcase, the budget was brought in the form of a ledger wrapped in a red cloth.
Before 2019, the Finance Minister used to go to the Parliament House with a red colored briefcase. But after that the style of bringing it changed. In 2019, the budget packed in red cloth started coming in the ledger. At the same time, Finance Minister Nirmala Sitharaman reached Parliament House with a tablet wrapped in red cloth to present the budget in the financial year 2022-23. Ashoka Pillar, the national symbol of golden color, is also visible on this red colored cloth.
The British started this tradition
Every year the Finance Minister of the country used to come to the Parliament with a red colored briefcase to present the budget for the next financial year. But do you know that this tradition is not Indian. It was started by the British. This red colored bag is called bojet or buget in French. For the first time in the year 1733, the Finance Minister of Britain came to present the budget with a leather bag.
The budget was presented on the first evening
Before PM Modi, the BJP government led by Atal Bihari Vajpayee had changed the time of presenting the budget. Earlier it was a custom to present the general budget at 5 pm. But after the year 1999 this practice was changed and immediately Finance Minister Yashwant Sinha presented the budget in Parliament at 11 am instead of 5 am.
Budget date also changed
Earlier, the Central Government used to present the budget for the new financial year in the Parliament only on 28 or 29 February. But the Modi government changed it to 1 February. The budget for the financial year 2023-24 will be presented on 1 February 2023.
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