Budget 2023: Which country presented the first budget, when did it start in India? learn interesting facts about Budget [TKB India]

Finance Minister Nirmala Sitharaman will present the Union Budget for the fifth consecutive time on 01 February. This budget will include financial statements and tax proposals for the proposed year. The English word budget is derived from the Latin word “bulga“, which means a leather bag or bag. Later on, the meaning of budget changed from just the container to the thing that is kept in it. Budget started in England. As early as 1760, the Chancellor of the Exchequer began presenting the national budget to Parliament at the beginning of each financial year. Some historical facts related to the budget-

•  The budget in India was presented for the first time on April 07, 1860. Scottish economist and East India Company politician ‘James Wilson’ presented the country’s first budget to the British Crown.
•  The first budget of independent India was presented on 26 November 1947 by the then Finance Minister RK Shatmukham Shetty.
• The record of the longest budget speech is in the name of the current Finance Minister Nirmala Sitharaman. She gave a 2 hours 42 minutes long budget speech while presenting the Union Budget 2020-21 on 01 February 2020.
•  The country’s smallest budget was only 800 words which was presented in 1977 by Finance Minister Hirubhai Muljibhai Patel.
• The record of presenting the budget for the maximum number of times is in the name of former Prime Minister Morarji Desai. He presented the country’s budget a total of 10 times.
• Till the year 1955, the budget was presented only in English, while after that the Congress government decided to print the budget papers in both Hindi and English.
•  The budget 2021-22 was presented in paperless mode for the first time during the corona pandemic.
• Indira Gandhi was the first woman to present the budget.
• Till the year 2017, the general budget and railway budget were presented separately. However, from the year 2017, breaking the 92-year-old tradition, the general budget and the railway budget were presented together.
• Till the year 1950, the budgets were printed at Rashtrapati Bhavan, whereas since then the printing was shifted to Minto Road, New Delhi.