Union Budget 2023: Yashwant Sinha broke the 53-year-old tradition, presented the budget for the first time in the morning

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Union Budget 2023: The general budget for the financial year 2023-24 will be presented on February 1, 2023. Many memories regarding the budget are also related to Jharkhand. Former Finance Minister Yashwant Sinha, who was the MP from Hazaribagh, had broken the 53-year-old tradition of presenting the budget in the evening. He started presenting the budget in the morning instead of 5 in the evening. At the same time, the credit for many major reforms also goes to him. However, due to his policy decision during his tenure as Finance Minister, he had to face a lot of criticism.

Yashwant Sinha broke the 53 year old tradition

Yashwant Sinha, who was the Finance Minister, changed the tradition of presenting the budget in the evening since the British era in 1999. Breaking the 53-year-old tradition, he started presenting the budget at 11 am instead of in the evening. Let us inform that earlier, instead of the convenience of the Indian Parliament, the budget was presented at the convenience of the British Parliament (1130 AM, GMT).

credited with several major reforms

While being the Finance Minister, Yashwant carried forward many major reforms. Under this, many other reforms including reduction in real interest rates, tax exemption on loan payments, independence of telecom sector, help in providing funds for National Highways Authority and deregulation of petroleum industry were made.

Has been the finance minister for two terms

Officer-turned-politician Yashwant Sinha served as Finance Minister in the Chandrashekhar cabinet from November 10, 1990 to June 5, 1991. In his first term, the balance of payments in the country had deteriorated significantly. Whereas, Atal Bihari Vajpayee was the Finance Minister in the cabinet from December 5, 1998 to July 1, 2002.

Highlights of the budget related to Yashwant Sinha when he was the Finance Minister

While being the Finance Minister, Yashwant Sinha brought many acts including tax concession. Under this, apart from tax concession for housing projects, Foreign Exchange Management Act, announcement of Sarva Shiksha Abhiyan, tax-free income from software exports, etc. are important.

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