Union Budget 2020-21 is likely to be presented on February 1, a  report said quoting Parliamentary Affairs Minister Pralhad Joshi.

This will be the second Budget of the current BJP-led NDA government after the General Elections.

February 1 is a Saturday and usually, the Budget is never presented on that day. But, in 2015, the National Democratic Alliance government broke with tradition and presented it on a Saturday.

The Union Budget is the most comprehensive report of the government’s finance in which revenues from all sources and outlays for all activities are consolidated. The budget also contains estimates of the government’s accounts for the fiscal, called Budgeted Estimates.

Earlier, the Budget was presented at the end of February. The Narendra Modi-led government scrapped this colonial-era tradition. It also did away with a separate announcement of a Railway Budget. Ending a nearly century-old practice of having a separate budget for the Railways, the government merged it with the general budget starting 2016.

The rationale for presenting the Budget in February is to plan the allocation of funds to ministries from the start of the financial year beginning April. It also gives government departments more leeway to spend as well as allow companies the time to adapt to business and taxation plans.

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