10 Interesting Facts About India’s Union Budget You Probably Didn’t Know

India’s Union Budget is one of the most important events in the country’s economic calendar. It outlines the government’s revenues and expenditures for the coming financial year and affects everything from taxes to infrastructure spending. But beyond the numbers and policy details, the Union Budget also has some fascinating and fun history behind it.

Let’s take a closer look at some of the most surprising and interesting facts about India’s Union Budget that many people might not know.

1. India’s First Budget Was Presented by a Scot

The history of India’s Union Budget goes back to the colonial period. The very first Union Budget for India was presented on 7 April 1860 by James Wilson, a Scottish politician and economist working with the East India Company. His presentation laid the foundation for more than a century and a half of budgeting tradition in India.

2. Independent India’s First Budget Was in 1947

After India gained independence in 1947, the first Union Budget of independent India was presented on 26 November 1947 by R.K. Shanmukham Chetty, India’s first Finance Minister. This marked a pivotal step as the newly independent nation outlined its financial priorities and strategies.

3. Longest and Most Detailed Budget Speech

The length of the Budget speech can vary widely, but one of the most extensive in Indian history was delivered by Finance Minister Nirmala Sitharaman in 2020, lasting 2 hours and 40 minutes. That speech provided deep insights into policy directions and spending plans and remains notable in Union Budget history .

4. Time and Date Changes Over the Years

Historically, the Union Budget was presented at 5 pm, a practice inherited from the British era so that the Budget could be announced simultaneously in London and India. In 1999, the Budget time was changed to 11 am to reflect the needs of modern India’s financial markets and media.

Another interesting change came in 2017, when the date for presenting the Union Budget was moved to 1 February instead of the last working day of February. This shift was designed to give the government more time to implement budget proposals at the start of the financial year.

5. Prime Ministers Who Presented the Budget

Although the Union Budget is usually presented by the Finance Minister, a few Prime Ministers have stepped in to present the Budget as well. Jawaharlal Nehru (1958), Indira Gandhi (1970), and Rajiv Gandhi (1987) presented the Union Budget during their tenures as leaders of the country.

6. Morarji Desai Holds the Record for Most Budget Presentations

One place where the Union Budget makes historical records is in number of presentations. Morarji Desai, who later became Prime Minister of India, holds the record for presenting the most Union Budgets (10 times). He remains the top name for longevity in delivering India’s financial plans.

7. Halwa Ceremony Is a Unique Budget Tradition

Before the Union Budget documents are distributed, a traditional Halwa ceremony takes place in the Ministry of Finance. This ritual involves the preparation of halwa (a sweet dish) for the Budget team and symbolises the start of the Budget printing process. It’s a unique blend of cultural tradition and financial ritual.

8. The Budget Has Gone Paperless

In recent years, the Union Budget has embraced modern technology. In 2021, India presented its first paperless Budget, delivering all documents digitally through platforms and apps. This was a major step toward making the Budget process more accessible and environmentally friendly.

9. Some Budgets Have Special Nicknames

Over the years, certain Union Budgets have earned memorable nicknames based on their content and economic context. For example, in 1973-74, the Budget presented by Finance Minister Yashwantrao Chavan was known as the Black Budget because it was introduced in a period of economic stress with a large fiscal deficit.

10. The Word “Budget” Comes From French

The very term “budget” itself has an interesting origin. It comes from the French word “bougette,” meaning “small bag.” This term originally referred to the small leather bag that carried financial documents, and over time, it became the term used for our national financial statements.

11. Budget Printing Used to Be Held in Rashtrapati Bhavan

Before the modern era, the printing of the Union Budget documents took place within Rashtrapati Bhavan itself, the official residence of the President of India. This changed over time as procedures shifted to dedicated government facilities to enhance security and efficiency.

The Union Budget in India is much more than just numbers and tax rates. It is rooted in a history of traditions, innovations, and memorable moments that reflect the country’s economic journey. Whether it’s historic firsts, procedural changes, or fascinating traditions, these interesting facts about India’s Union Budget show how deeply it is woven into the nation’s financial and cultural fabric.