Budget 2024 Exposed: Exploring the Intriguing Facts Behind the Budget Presentation in India
Introduction
The Budget presentation in India is an important event that provides insights into the economic policies and fiscal plans of the government. With Union Finance Minister Nirmala Sitharaman set to present the interim Budget for the fiscal year 2024-25 on February 1, 2024, let’s explore some fascinating facts about the Budget presentation in the country.
1. The First Budget
India has a 163-year-old legacy of budget presentations. The first budget was introduced by James Wilson, a Scottish economist, on April 7, 1860, during the rule of the East India Company. Post-independence, the first Budget was presented on November 26, 1947, by Finance Minister R.K. Shanmukham Chetty. Since then, the country has seen 75 annual budgets, 14 interim budgets, and four special budgets.
2. Longest and Shortest Budget Speeches
Nirmala Sitharaman, the current Finance Minister, holds the record for the longest budget speech. On February 1, 2020, she presented the Union Budget for 2020–21, speaking for a remarkable two hours and forty-two minutes. This speech surpassed her previous record set in July 2019, where she spoke for two hours and seventeen minutes during her first budget presentation. In contrast, the shortest budget speech in India was delivered by Hirubhai Mulljibhai Patel in 1977, which comprised just 800 words. Patel served as the Finance Minister from 1977 to 1979 under the Morarji Desai-led government.
3. Most Words in a Budget Speech
In 1991, the then Finance Minister Manmohan Singh, under the Narasimha Rao government, delivered the longest budget speech in terms of words, totaling 18,650 words. Following closely behind is Arun Jaitley, who spoke 18,604 words during his 2018 budget speech. Jaitley took 1 hour and 49 minutes to complete his speech.
4. Most Number of Budget Presentations
Former Prime Minister Morarji Desai holds the record for submitting the most number of budget proposals to date. During his tenure as Finance Minister from 1962 to 1969, Desai presented a total of 10 Budgets. He is followed by P Chidambaram with nine, Pranab Mukherjee with eight, Yashwant Sinha with eight, Manmohan Singh with eight, Arun Jaitley with five, and Nirmala Sitharaman with five.
5. Budget Timing
In 1999, Finance Minister Yashwant Sinha altered the timing of the Budget presentation from 5 pm on the last working day of February to 11 am. This change deviated from the colonial-era tradition. Furthermore, in 2017, Finance Minister Arun Jaitley started the practice of presenting the Budget on February 1 instead of the last working day of the month.
6. Budget Presentation by Prime Minister
While the Finance Minister is generally tasked with presenting the Union Budget each year, there have been instances where the Budget was presented by the Prime Minister of the country. Pandit Jawaharlal Lal Nehru, the first Prime Minister, presented a Union Budget in 1958 when Finance Minister TT Krishnamachari resigned due to his alleged involvement in the Haridas Mundhra scandal. Similarly, in 1970, Prime Minister Indira Gandhi presented the budget when Finance Minister Morarji Desai resigned in protest against the nationalization of fourteen Indian private banks. Another example is the presentation of the budget by Prime Minister Rajiv Gandhi in 1987-88, following the resignation of Finance Minister VP Singh.
7. Railway Budget
In 2017, then-Finance Minister Arun Jaitley put an end to the 92-year-old tradition of having a separate Railway Budget. The Union Cabinet decided to merge the Railway Budget with the General Budget in 2016, thereby streamlining the budgetary process.
8. Paperless Budget
In 2023, Finance Minister Nirmala Sitharaman presented the first-ever paperless Budget in the country. Instead of carrying a traditional briefcase, she read her speech from a tablet. Additionally, she adopted the traditional ‘bahi khata’ to present the Budget document, which was wrapped in a silk red cloth adorned with the national emblem.
In conclusion, the Budget presentation in India is a historic event that showcases the government’s economic plans and policies. From the first budget introduced in 1860 to the modern-day paperless budget, this annual event holds significant importance in shaping the nation’s fiscal direction.
Disclaimer:
The material in this article was compiled using the most recent Acts, Rules, Circulars, Notifications, Provisions, Press Releases, and material applicable at the time. The completeness and correctness of the material ensured with due diligence. It is required of users of this material to consult the relevant, applicable legislation. The data given may change without prior notice and does not constitute professional advice. As a result, Estabizz Fintech disclaims all liability for the results of using such material.
