With very little time left for the tabling of the Union Budget in the Parliament, all eyes are on Finance Minister Nirmala Sitharaman. The Union Budget for the fiscal year 2021-22 is significant as it is going to be presented amid the Covid-19 pandemic. It will be an indicator of what would be the way of economic recovery that is badly hit due to pandemic. The Budget for the upcoming fiscal year is likely to reflect the government’s idea of “Atmanirbhar Bharat”. An Economic Survey is presented by the Chief Economic Advisor before the Budget is presented. “Budget” is a financial plan of the government for the upcoming fiscal year. In easy words, Budget is the projection of the government's expected revenue and expenses including the allocation of money to different plans based on need and importance.
It is very interesting to know how the Budget of the world’s largest democracy and the 2nd most populated country is made. It is also important to know the history of the Union Budget and its evolution through the course of time.
Here're 10 interesting points about Union Budget of India:
- The first Union Budget of Independent India was presented by India's first Finance Minister RK Sanmukham Chetty on 26 November 1947. The targeted revenue of the budget was Rs 171.15 crore.
- Independent India's first Budget statement which was presented by Mr. Chetty, covered a period of seven-and-half months ranging from August 15, 1947, to March 31, 1948.
- Morarji Desai holds the record of presenting the Union Budget for maximum number of time. He presented the Union Budget 10 times. P Chidambaram presented the Union Budget for 9 times, which is the 2nd highest number of the Budget presentation by an Indian Finance Minister.
- KC Neogy is the only finance minister in India's history who could not present even one Union Budget. His tenure lasted for 35 days.
- Until 1999, the Union Budget was presented at 5 pm on the last working day of February . Yashwant Sinha changed the tradition by presenting it at 11 am in the same year.
- Traditionally, the Union Budget was presented on the last working day of February. But in 2017, finance minister Arun Jaitley set a new tradition of presenting it on February 1.
- From 2017, Railway Budget is presented along with the Union Budget. Earlier, it was presented separately, a few days before the Union Budget.
- Former Indian Prime Minister Indira Gandhi who had also been a finance minister became India's first woman finance minister to present the Union Budget.
- Current finance minister Nirmala Sitharaman became India's second woman finance minister to present the union budget after Narendra Modi-led NDA returned to power after 2019's general elections. She changed the tradition of the finance minister carrying budget documents in a "Briefcase". Nirmala Sitharaman presented her first Budget in "Bahi Khata".
- The term "Budget" has originated from the French term "Bougette" which means a 'little bag'. The Budget briefcase indicates the secrecy and confidentiality of the finance documents.
