Every year, the Union Budget or Indian Budget is presented by the finance minister on February 1. The budget is usually shared when the budget session begins at the Parliament. This year, the Union Budget for 2023-2024 will be presented by Finance Minister Nirmala Sitharaman in Parliament at 11 am. This year, we will be getting our final budget from the PM Narendra Modi led government. Next year, we will witness the Lok Sabha polls.
Ahead of the budget announcement this year, we thought of taking you through some interesting, lesser-known facts about our Union Budget.
First Ever Budget
The first ever budget of the country was announced during the pre-independent India on April 7, 1980. James Wilson, Scottish economist and politician from the East India Company presented this budget to the British Crown. After independence, our first budget was presented by Finance Minister RK Shanmukham Chetty on November 26, 1947.
Longest Budget Presentation
While presenting the budget for 2020-2021, Ffinance Mminister Nirmala Sitharaman made a record for delivering the longest speech. The speech was given for two hours and 42 minutes. Do you know this was when the minister cut down the budget by two pages? On the other hand, the shortest budget speech was delivered by Finance Minister Hirubhai Mulljibhai Patel. The speech was just 800 words long.
Maximum Number Of Budget Announcements
This year, Nirmala Sitharaman will be presenting her fifth budget as the finance minister. Former Prime Minister Moraraji Desai holds the record for announcing the maximum number of budgets in the history of the country. He presented 10 budgets back when he served as the Finance Minister during 1962 to 1969.
First Woman To Present Budget
Former Prime Minister, Indira Gandhi was the first woman to present the Union Budget. She presented it during the financial year 1970 - 1971. Nirmala Sitharaman became the second woman to present the Union Budget.
Budget To Lower Tax Slabs
In the financial year 1997-98, the budget presented by Finance Minister P. Chidambaram was called the 'Dream Budget'. The term was given to the budget as it proposed to lower the personal and corporate taxes.
Don't Miss: Mutual Funds For Women: A Great Investment Option
The Black Budget
In the year 1973-74, the budget was called 'Black Budget'. This budget was presented by Finance Minister Yashwantrao B. Chavan. It was termed the black budget because of the high budget deficit of ₹550 Crores. This was the maximum amount back then.
Manmohan Singh’s Epochal Budget
In the year 1991-92, Finance Minister Manmohan Singh presented a Union Budget, 'The Epochal Budget' that is to date believed to change India forever. With the budget came in the economic liberalisation of the country.
Budget Announcement Timings
Previously, the time to present the annual budget was 5 pm. However, Finance Minister Yashwant Sinha in the year 1999 changed it to 11 am.
Don't Miss: These Money-Saving Tips Will Help You Manage Your Monthly Budget Better
Earlier, the budget was carried in a Budget briefcase, however, in the year 2019, Finance Minister Nirmala Sitharaman replaced it with a Bahi Khata with the National Emblem engraved on it.
In the year 2021-22, the first ever paperless budget was presented in the history of India.
When Prime Minister’s Announced Budget
The budget is usually presented by the Finance Minister of the nation. However, there have been times when former Prime Ministers Jawaharlal Nehru, Rajiv Gandhi and Indira Gandhi announced the budget during their administration.