New Delhi, Jan 31: Finance Minister Arun Jaitley will be presenting the Union Budget 2018 on Thursday, February 1. This will be last budget of the Modi government before 2019 general elections.Also Read - Onam 2021: History, Significance, Date and More!
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- Sir R K Shanmukham Chetty presented the first Budget of independent India on November 26, 1947. The budget covered seven-and-a-half month period from August 15, 1947 to March 31, 1948 and estimated total revenues was a mere Rs 171.15 crore. The fiscal deficit was a paltry Rs 204.59 crore.
- In 1949-50 and 1950-51, John Mathai presented the Union Budget of the Republic of India, who also announced formation of the Planning Commission.
- Morarji Ranchhodji Desai presented 10 budgets which is the most by any finance minister till now and P. Chidambaram is at the second position. He has presented 8 budgets till now.
- After Morarji resigned, the then prime minister Indira Gandhi also took the portfolio of finance minister, became the first woman to present the budget.
- Traditional cooking of halwa (sweet dish) in big cooking pot marks the beginning of the budget preparation. The ceremony is held about a fortnight before the Budget day followed by a lock-in, which means that all the 100-odd officials directly involved in printing of the budget papers cannot leave the premises and remain inside till the Budget is presented. These officials cannot even contact their family or friends.
- The word ‘budget’ was derived from the Middle English word ‘bowgette’, which came from Middle French ‘bougette’ — meaning a leather bag. The story of the budget box goes back to the time when Queen Victoria’s Chancellor of the Exchequer (Britspeak for finance minister) William Ewart Gladstone carried his papers in a little red suitcase. Since then, the little red box has featured in every single British budget till 2010.