As India gears up for the presentation of the Union Budget 2024-25 on July 23rd, Finance Minister Nirmala Sitharaman prepares to make history by presenting her seventh consecutive budget. This year’s budget holds special significance following an interim budget in February, adhering to the practice of avoiding full budgets before general elections.
This upcoming budget marks the first major financial statement by the re-elected NDA government. Let’s look at nine interesting facts that shed light on India’s rich budgetary history:
- First Budget of Independent India: Presented on November 26, 1947, by the nation’s first finance minister, RK Shanmukham Chetty.
- Record Holders for Presented Budgets:
- Morarji Desai – 10 budgets (Prime Ministers: Jawaharlal Nehru & Lal Bahadur Shastri)
- P Chidambaram – 9 budgets (across various governments)
- Pranab Mukherjee – 8 budgets (including five consecutive from 2009-2012)
- Budget Speech Duration:
- Longest – Nirmala Sitharaman (2 hours, 40 minutes in 2020)
- Shortest – Hirubhai Mulljibhai Patel (1977 – just 800 words)
- Budget Presentation Timeline:
- Traditionally presented at 5 pm on the last day of February (colonial-era practice)
- Changed to 11 am in 1999 by Yashwant Sinha (then Finance Minister)
- Shifted to February 1st in 2017 for faster approval and implementation by April 1st (fiscal year start)
These interesting facts highlight the evolution of India’s budget presentation over the years. As the country eagerly awaits the Union Budget 2024, it will be interesting to see how it shapes India’s fiscal roadmap for the coming year.
Also Read: Reservation System in India 2024
