The Indian Union Budget, one of the most anticipated economic events in the country, has a rich history spanning over seven decades. From its humble beginnings to the present day, the budget has undergone significant changes, reflecting the nation's growth and development. Here are 15 fascinating facts about the Indian budget and its transformation over the years.
1. Origins of the Word "Budget": The term "budget" originates from the French word "bougette," meaning small bag.
2. First-Ever Indian Budget (1860): James Wilson, a Scottish economist and politician, presented the first Indian budget in 1860.
3. First Independent Budget (1947): RK Shanmukhan Chetty presented the first independent Indian budget on November 26, 1947.
4. Change in Presentation Time (2001): Yashwant Sinha, the then Finance Minister, shifted the budget presentation time from 5 pm to 11 am in 2001.
5. Longest Budget Speech (2014): Arun Jaitley delivered the longest budget speech, lasting 2.5 hours, in 2014.
6. Most Number of Budgets Presented (1962-69): Moraji Desai presented the maximum number of budgets (10) during his tenure as Finance Minister.
7. Women in Budget Presentation (1970-71, 2019): Indira Gandhi (1970-71) and Nirmala Sitharaman (2019) are the only two women to have presented the Indian budget.
8. Halwa Ceremony: A traditional dessert, halwa, is distributed among the Ministry of Finance staff ahead of the budget presentation.
9. Language of the Budget (1955): Until 1955, the union budget was presented only in English. Later, it was printed in both Hindi and English.
10. Railway and Union Budget Merger (2017): The railway and union budgets were presented separately until 2017, when they were merged into a single presentation.
11. Jawaharlal Nehru's Budget (1958-59): Jawaharlal Nehru, the first Prime Minister to hold the Finance Minister portfolio, presented the budget from 1958 to 1959.
12. Budget Printing (1950, 1980): The Indian Union Budget was initially printed at the Rashtrapati Bhavan until 1950, when it was leaked. Later, a government press was set up in the North Block in 1980.
13. Red Packet Replaces Briefcase (2019): Nirmala Sitharaman ditched the traditional budget briefcase in 2019, instead carrying a red packet with the National Emblem.
14. 'Black Budget' (1973-74): The 1973-74 budget, presented by Indira Gandhi, is known as the 'Black Budget' due to a significant budget deficit of Rs 550 crore.
15. Change in Budget Presentation Date (2016): Arun Jaitley changed the budget presentation date from the last working day of February to February 1 in 2016.
These interesting facts highlight the evolution of the Indian budget over the years, reflecting the country's growth, economic changes, and cultural traditions.
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