The Union Budget of India is the government’s annual financial plan. It shows how money will be earned and spent for the country’s development. First introduced in 1860, it has evolved over time, with key changes like the digital budget and the merging of the railway budget. Presented every year on February 1, it plays a major role in shaping India’s economy and growth.
What is the Union Budget?
The Union Budget is a financial statement that shows the government’s income and expenses. It helps in planning the country’s economy, introducing new policies and deciding on taxes and welfare schemes. It is presented in Parliament by the Finance Minister.
Interesting Facts About the Union Budget
The Union Budget is a significant event in India, shaping the nation’s economy. It has a rich history, filled with interesting facts, from the first budget presentation in 1860 to traditions like the Halwa ceremony and changing speech records.
First Union Budget of India
India’s first-ever budget was presented on April 7, 1860, by James Wilson, a Scottish economist and politician. He worked for the East India Company. After Independence, India’s first budget as an independent nation was presented on November 26, 1947, by Finance Minister RK Shanmukham Chetty. This was an interim budget lasting only 7.5 months until March 31, 1948.
Shortest and Longest Budget Speeches
One of the most interesting records in the history of the Union Budget is the shortest and longest budget speeches. In 1977, Finance Minister Hirubhai Mulljibhai Patel delivered the shortest budget speech, which was only 800 words long. On the other hand, Union Finance Minister Nirmala Sitharaman holds the record for the longest budget speech, which lasted 2.42 hours in 2020.
The Halwa Ceremony Tradition
The “Halwa Ceremony” is a long-standing tradition during the budget presentation. Every year, halwa, a traditional Indian dessert, is prepared and served to the officials and staff of the finance ministry involved in preparing the budget. This ceremony is one of the oldest traditions of the Indian government.
The Budget Leak of 1950
In 1950, under Finance Minister John Mathai, the Union Budget was leaked during the printing process. As a result, the printing was moved from Rashtrapati Bhawan to Minto Road. Later, in 1980, it was shifted again to the North Block basement for added security.
Railway Budget and Union Budget Merged
For 92 years, the Railway Budget and the Union Budget were presented separately. This tradition was finally ended in 2017 when the two budgets were merged into one, simplifying the process.
Record-Breaking Budget Speeches
The longest budget speech in terms of words was delivered by former Prime Minister Manmohan Singh in 1991. The speech contained 18,650 words. Arun Jaitley’s speech in 2018 was the second longest, with 18,604 words, spoken over 1 hour and 49 minutes.
The Introduction of Hindi in the Budget
Until 1955, the Union Budget was presented only in English. In 1955, the Congress-led government decided to print the Budget papers in both Hindi and English. This was introduced by Finance Minister CD Deshmukh to make the budget more accessible to the public.
Most Budget Presentations
Former Prime Minister Morarji Desai holds the record for presenting the most Union Budgets. He presented 10 budgets between 1962 and 1969. Other notable finance ministers, such as P Chidambaram, Pranab Mukherjee, Yashwant Sinha and Manmohan Singh, have also presented multiple budgets during their careers.
The Budget Presentation Time
The Union Budget was traditionally presented at 5:00 pm on the last working day of February until 1999. However, Finance Minister Yashwant Sinha changed this tradition, moving the presentation to 11:00 am. Later, in 2017, Arun Jaitley further changed the tradition of presenting the Budget on February 1 each year.
The Paperless Budget of 2021
In 2021, for the first time in India’s history, the Union Budget was presented in a paperless format due to the COVID-19 pandemic. This step marked a new chapter in India’s budget history, moving towards a more digital and eco-friendly approach.
Budget Session Dates
The Budget session in 2025 started on January 31, with President Droupadi Murmu addressing the joint sitting of the two Houses. The Economic Survey was tabled by Union Finance Minister Nirmala Sitharaman ahead of the presentation of the Union Budget on February 1, 2025. The first part of the Budget session will continue until February 13, after which the session will break for a recess and resume on March 10, 2025, concluding on April 4, 2025.
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