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.
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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.
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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.
