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)

(Photograph:Others)

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.

(Photograph:AFP)

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.

(Photograph:IANS)

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.

(Photograph:PTI)