Finance Minister Nirmala Sitharaman is set to present the Union Budget on February 1, 2025, continuing the practice of presenting it on the first day of February each year. This will be her eighth budget presentation and the first full-year budget of Prime Minister Narendra Modi’s third term. So far, Sitharaman has presented five annual budgets and two interim budgets.
According to a PTI report, Sitharaman concluded a month-long series of consultations on January 6, 2025. These discussions involved industry representatives and various stakeholders, including social sector representatives. Following these consultations, the budget will be finalised and prepared for presentation on February 1 at 11.00 AM.
It’s not just stakeholders who can contribute—members of the public can also submit suggestions and ideas through the government’s portal, www.mygov.in. This is an opportunity for citizens to voice concerns, propose solutions, or share suggestions for the upcoming budget. The portal will be open for public suggestions from January 10, 2025, allowing everyone to participate in shaping the budget.
Although the budget date is generally fixed, if in any year February 1 falls on a public holiday, the date can be adjusted in accordance with the government’s holiday calendar.
History Of Budget Date Presentation:
In the past, the Union Budget was traditionally presented on the last working day of February, and the presentation time was 5:00 PM. This practice continued until 1996.
In 1997, a slight change was made in this tradition when then finance minister P. Chidambaram presented the budget in the morning at 11:00 AM instead of presenting it in the evening.
In 2017, another significant change was made by then Finance Minister Arun Jaitley, who moved the budget presentation date from the last working day of February to February 1. This change was aimed at providing more time for government departments and agencies to implement budgetary changes before the new financial year begins on April 1.
Economic Survey:
Traditionally, the Economic Survey is released a day before the Union Budget. This year, the Ministry of Finance will publish the Economic Survey on January 31, 2025.
The Economic Survey is a crucial document that offers an in-depth analysis of the economy by highlighting key indicators such as GDP growth, inflation, employment, and fiscal trends. It also provides policy recommendations for addressing economic challenges. The survey is prepared by the Economic Division of the Department of Economic Affairs (DEA) under the supervision of the Chief Economic Advisor (CEA) and is carefully reviewed before being approved by the Finance Minister.
Interestingly, February 1, 2025, falls on a Saturday when the stock market is usually closed. However, this time the market will remain open to facilitate real-time reactions to the budget announcements.
