1. India’s first budget under the British Crown was presented on April 7, 1860 by James Wilson, a Scottish economist and leader associated with the East India Company. He is also called the founder of the Indian budget.
2. The first budget of independent India. Sammukham Chetty on November 26, 1947 at 5 p.m. However it was not a full budget. Only the Indian economy was reviewed and no new tax was imposed. Since 1947, 73 general budgets, 14 interim budgets or four special or mini budgets have been introduced in the country.
3. The first use of the term ‘interim budget’ is r. Chetty made the budget during his budget speech in the 1948-49 budget. Since then, the term interim has been used for short-term budgets.
4. A ‘Halwa Ceremony’ is organized in the North Block before the printing process of the budget begins. In which the finance minister distributes pudding among the budget preparation officers. Earlier, the budget was printed at the Rashtrapati Bhavan, but after the budget was leaked in 1950, the printing work was sent to the government press at Minto Road. At the same time, since 1980, the budget has been printed in the printing press located in the basement of the Ministry of Finance.
5. One week before the presentation of the budget, the officials involved in this process are sent to the printing press in the North Block after a thorough investigation. Everyone has to stay there until the budget is printed. They can’t get out of there.
6. Morarji Desai presented the budget 10 times as the Finance Minister. He became the country’s prime minister after Morarji Desai, with P Chidambaram holding the record for most budgets. He presented the budget 9 times. As finance minister of the United Front government, he presented the budget from 1996 to 1998. UPA-1 and UPA-2 then presented the budget to the government.
7. The budget presented by Manmohan Singh in 1992 and 1993 changed the course of the country. In this, many provisions were made to open up the economy. Under this the import duty was reduced from 300 per cent to 50 per cent. The budget, introduced on July 24, 1991, made significant changes to the import-export policy.
8. Until 1955, the budget of the country was presented in English only, but from the financial year 1955-56, the budget was printed in both English and Hindi.
9. Prime Ministers of the country often presented the budget in Parliament with the additional charge of Finance Minister. These include Pandit Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi. Casey Negi, on the other hand, was the only Indian finance minister who did not present a budget.
10. The budget speech of 2020 presented by the present Finance Minister Nirmala Sitharaman was the longest budget speech. The budget speech was 2.40 hours long. At the same time, H.M. Patel presented the interim budget in 1977, the smallest. His budget speech was only 800 words.
11. Before 1999, the general budget was presented at 5 pm, but in 1999, Jaswant Singh changed this tradition to 11 am. At the same time, until 2016, the general budget was presented on the last day of February, but in 2017 it was changed to 1 February.
12. Earlier the Finance Minister used to bring budget documents in briefcase. But Nirmala Sitharaman brought the budget documents in a file in 2019. The national emblem was printed on that file. This was called a ledger account. Budget is actually derived from the French word bougette, meaning briefcase.
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13. The budget of 1973-74 is called the black budget of India, because the budget deficit during 1973-74 was Rs. 550 crore. The budget was presented by then Finance Minister Yashwantrao B Chavan. The budget announced the government’s control over coal mines.
14. The media has been kept away from the finance ministry since the beginning of January so that no budget related news can be leaked to the media. The Intelligence Bureau, meanwhile, is fully responsible for the security of the finance ministry.
15. Railway budget was not included in the full budget till the year 2017. That is, for 92 years the railway budget was presented separately. The Modi government included the railway budget in the full budget. Since then only one budget has been presented.