New Delhi: The Union Budget 2025 will be presented on February 1 by Finance Minister Nirmala Sitharaman at 11 am. This year’s Budget is especially significant as it is the second Budget since the NDA government led by Prime Minister Narendra Modi came back to power for the third time. With the crucial Delhi Assembly elections just round the corner, the Budget has taken on an added significance. As the common people and elites of this country wait with bated breath for this year’s Budget to unfold, let us take a look at some of the interesting facts about the Budget over the years.
Interesting facts about the Union Budget
Who presented the first Budget of Independent India?
After India gained Independence from the British rule in 1947, Finance Minister RK Shanmukham Chetty presented the first Union Budget on February 28, 1948. Earlier, on November 26, 1947, an interim Budget was introduced to temporarily manage the finances of the newly independent country.
Which Prime Ministers have presented the Budget?
There are instances of Prime Ministers presenting the Union Budget. They are Jawaharlal Nehru in 1958, Indira Gandhi in 1970, and Rajiv Gandhi in 1987.
Who has presented the most Budgets in India?
Morarji Desai, the former Prime Minister of India hold the record of presenting the most Budgets in India. He presented a total of 10 Budgets and the second place is occupied by former Finance Minister P Chidambaram who presented 9 Budgets. Pranab Mukherjee and Yashwant Sinha presented 8 Budgets each and Manmohan Singh presented 6 Budgets.
Who delivered the longest Budget?
In 2020, Finance Minister Nirmala Sitharaman made the record of delivering the longest Budget speech. The length of the speech was 2 hours and 42 minutes. She is also the first full-time female Finance Minister of India.
The change in the timing of the Budget
Earlier in India, the Budget was presented at 5 pm. It was colonial practice which was created to align with the schedule of the British Parliament. It was in 1999 that the then Finance Minister Yashwant Sinha presented the Budget for the first time at 11 am. In 2000, the Budget presented by Yashwant Sinha was hailed as ‘The Millennium Budget’ for setting the Indian IT sector on the path of growth.
The change in the date of the Budget
In 2017, the date of presenting the Union Budget was changed from February 28 to February 1. It was done so that all Parliamentary approvals for allocation of funds to various projects of the government are in place before the new financial year begins on April 1. Also, it was in 2017 that the Railway Budget became a part of the Union Budget.
Iconic Budgets
Former Finance Minister P. Chidambaram presented the 1997-98 Budget which is hailed as the ‘Dream Budget’ as it lowered the personal income tax rates. The 1991 Budget presented by then Finance Minister Manmohan Singh remains historic as it introduced economic liberalisation, did away with the licence-permit-quota raj and opened India to global markets.
The halwa ceremony
The halwa ceremony is one of the important traditions associated with the Union Budget. It is held about a week before the presentation of the Budget and it marks the beginning of the printing process of the Budget. Once the ceremony is over, the officials involved are placed under a lock-in period to ensure confidentiality. They are not in contact with the outer world and can be only contacted by the family in case of emergency.
The leak of the Budget
In 1950, the Budget was leaked which forced the government to shift its printing to a press at Minto Road from the Rashtrapati Bhawan. In 1980, it was shifted to a government press in the basement of the Finance Ministry in Delhi.
First paperless Budget
In 2021, Finance Minister Nirmala Sitharaman presented the first paperless Budget in Indian history. It was done because the COVID-19 pandemic was going on at that time.
Printing of the Union Budget in Hindi
The Union Budget was printed only in English till 1955. However, after 1955-56, the Budget document was presented in both English and Hindi and then FM CD Deshmukh spearheaded the change.
The article delves into the fascinating history of India’s Union Budget, highlighting key moments from its inception in 1948. It explores who presented the first Budget, the longest Budget speech, and the evolution of the Budget’s timing and date. knowledge Knowledge News, Photos and Videos on General Knowledge
