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