The Narendra Modi Government has decided to scrap the colonial tradition of presenting budget in the month of February.
Come 2019, the budget will be applicable from the first day of the new year. It is expected that the budget for 2019 will be presented latest by November 2018.
This also means that budget of the financial year 2018-2019 ,which will be presented on February 1, will be applicable only for nine months, upto December.
The government will also start realigning all the economic data with the calendar year format.
The reforms for this change started under the Atal Bihari Vajpayee government when the timing to present the budget was moved from 11 pm to 11 am. This allowed the markets to react to the budget the same day,
The Narendra Modi government improved it further by giving away the concept of a separate railway budget. This year the budget was planned in such a way so that it could be implemented from April 1.