Interesting Facts About India's Union Budget History and Traditions You Should Know

Budget History: Here are some interesting and rare facts about the Union Budget, set to be presented on February 1. Finance Minister Nirmala Sitharaman will be presenting this year's Union Budget on February 1.

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The budget used to be presented at 5 PM

Under British rule, the budget was presented at 5 PM to match London's morning. This tradition lasted until 1999. In 2001, the time was changed to 11 AM.

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The Budget Bunker Tradition

Before 1950, the budget was printed at Rashtrapati Bhavan but leaked. Now, it's printed in a secret North Block bunker. About 100 staff are isolated there for 10 days.

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Halwa Ceremony

It's an Indian tradition to start auspicious events with a sweet dish. Before budget printing, the Finance Ministry makes halwa, which the Finance Minister serves to the team.

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Shortest Budget Speech

The shortest budget speech was just 800 words, delivered by Hirubhai M. Patel in 1977. In contrast, the longest was by Nirmala Sitharaman in 2020, lasting 2 hours and 42 minutes.

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Unique Taxes

After independence, India had odd taxes on things like crossword winnings and gifts. While some are gone, taxes on gifts and large expenses still exist in some form today.

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British Rules Existed Until 2018

Until 2018, the budget was carried in a briefcase, a British tradition. In 2019, FM Nirmala Sitharaman replaced it with a traditional 'bahi-khata' or red ledger.

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Budget Presented by an Englishman

India's first budget was presented on April 7, 1860, by James Wilson. Its goal was to boost the British treasury after the 1857 revolt by introducing taxes on Indians.

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Muslim Leader Who Presented India's Budget

Before independence, Liaquat Ali Khan presented the 'Poor Man's Budget,' which taxed the rich. After the partition, he went on to become the Prime Minister of Pakistan.

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Prime Minister Who Presented the Budget

Three times in India's history, a Prime Minister presented the budget instead of the Finance Minister: Jawaharlal Nehru (1958), Indira Gandhi (1970), and Rajiv Gandhi.

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End of the Railway Budget

The 92-year-old tradition of a separate Railway Budget, started in 1924, ended in 2017. Then-Finance Minister Arun Jaitley merged it with the General Budget.