Key facts about India's Budget

The word 'Budget' has been derived from 'bougette' which refers to a leather bag in French. The Union Budget is an annual financial report of the country's performance in a financial year. 

Here are some interesting facts about the Budget: 

East India Company

Budget was first introduced in India on April 7,1860 by James Wilson from East India Company to the British Crown.

(Image courtesy: The Scottish Royal Academy)


Independent India’s first Budget

1947-48: Independent India’s first Budget was presented by finance minister RK Shanmukham Chetty.

Nearly half of this (46 per cent) or Rs 92.74 crore was allocated for defence services department.

(Photograph:Zee News Network)

Morarji Desai's Budget

In a first, the Budget was presented by the Deputy Prime Minister Morarji Desai who was also the finance minister.

Morarji Desai presented the Budget a record 10 times.


First woman to present Budget

The 1970-71 Budget was unique as it remains India’s only Budget to be presented by a woman.

Prime Minister Indira Gandhi, who was also the finance minister during that period presented the Budget.


Manmohan Singh's longest Budget

During his tenure as Finance Minister in 1991, Manmohan Singh delivered the longest speech which comprised 18,650 words.

(Photograph:Zee News Network)

2001: Time changed for Budget

Till 2000, the Budget was presented at 5 pm on the last working day of February.

It was only in 2001 that finance minister Yashwant Sinha changed the practice and the budget began to be introduced at 11 am.

(Photograph:Zee News Network)

Longest Budget speech

The longest Budget speech was delivered by finance minister Arun Jaitley in 2014.

It was two and a half hours long and included a five-minute break.


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