Indian Budget is the largest budget in the world and is being prepared by the concerned department of economic affairs of the Ministry of Finance on an annual basis. The Union Budget of India has historically been announced in the month of February. While the budget speech lasts a few hours on average, the process behind the creation and presentation of the budget take much longer.Also Read - Budget Glossary 2022: Key Economic Terms Decoded to Understand FM Nirmala Sitharaman's Speech
The budget-making process starts a whole six months before the date of the presentation, in August-September under the purview of the Budget Division of the Department of Economic Affairs (DEA) under the Ministry of Finance. Also Read - Capital Expenditure, Reduction in GST: 10 Things India’s Middle Class Expects From Budget 2022
Here are some unknown facts about the Union Budget:
Budget Fact 1: Morarji Desai has presented 10 Union Budgets in Parliament which is the highest by a single finance minister followed by P Chidambaram with nine budgets Also Read - Stable Policy, Credit Guarantee: What Renewable Energy Sector Expects From Budget 2022
Budget Fact 2: The word BUDGET is derived from ‘bougette’ which means small bag in French.
Budget Fact 3: The first ever Indian budget was presented by James Wilson, a Scottish economist and politician in 1860.
Budget Fact 4: The first independent budget of India was presented by RK Shanmukhan Chetty on November 26, 1947.
Budget Fact 5: Railway and union budget was presented separately till 2017 after which they merged into a single presentation.
Budget Fact 6: In 2001, the then Finance Minister Yashwant Sinha changed it to 11 am . Until 2000, the budget was presented at 5 pm on the last working day of February.
Budget Fact 7: In 2014, Arun Jaitley delivered the longest budget speech– 2.5 hours– in 2014.
Budget Fact 8: Until 1955, the Union Budget was presented in English. After that year, the Congress-led government decided to print the Budget papers in both Hindi and English.
Budget Fact 9: In 2019, Sitharaman ditched the traditional Budget briefcase, instead, she carried a Red packet with the National Emblem wrapped with a ribbon.
Budget Fact 10: Indira Gandhi was the first woman finance minister to present the Budget in 1970