The Union Budget is one of the most significant financial events in India, shaping the country’s economic policies and future growth. While many are familiar with its impact, there are several lesser-known and unique facts about the Budget that make it an interesting subject.
Here are ten key facts about the Union Budget that you must know:
- First Budget of Independent India – The first Union Budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947. It primarily focused on laying the financial foundation of a newly independent nation.
- Budget in English & Hindi – Until 1955, the Union Budget was presented only in English. From the 1955-56 financial year, it started being printed in both English and Hindi to ensure better accessibility.
- Paperless Budget – In 2021, Finance Minister Nirmala Sitharaman introduced India’s first paperless Budget. The Budget documents were made available digitally through the Union Budget Mobile App, marking a major shift in the way it was presented.
- Maximum Budgets by One Finance Minister – Morarji Desai holds the record for presenting the maximum number of Union Budgets, having delivered ten budgets during his tenure as Finance Minister.
- Halwa Ceremony Tradition – Before the Budget is presented, a customary Halwa Ceremony is conducted in the Finance Ministry. This ritual signifies the start of the Budget printing process and is considered a symbol of good fortune.
- Longest Budget Speech – The longest Budget speech in Indian history was delivered by Nirmala Sitharaman in 2020, lasting 2 hours and 42 minutes. It set a record for being the most extensive Budget presentation to date.
- Black Budget of 1973 – The Union Budget for 1973-74, presented by Yashwantrao Chavan, is known as the Black Budget due to the severe financial crisis and high fiscal deficit India faced at that time.
- Change in Budget Timing – Until 1999, the Union Budget was presented at 5 PM, following the tradition set by British colonial rule. It was changed to 11 AM by then Finance Minister Yashwant Sinha to align with global financial practices.
- Merger of Railway Budget – Until 2017, India had a separate Railway Budget alongside the Union Budget. The practice was discontinued by Finance Minister Arun Jaitley, merging both into a single presentation.
- Budget Leak of 1950 – The Union Budget 1950, presented by John Mathai, was leaked before its official announcement, leading to significant reforms in Budget secrecy and security measures. Since then, strict protocols have been followed to prevent leaks.
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