UNKNOWN FACTS ABOUT UNION BUDGET
We have compiled some little known facts about the history of Indian Budget. We hope that you will like to read them with keen interest.
• Indian Budget was introduced on April 7, 1860 by the East India Company and the first Budget was presented by James Wilson on February 18, 1869.
• The first budget of Independent India was presented by the then Finance Minister, RK Shanmukham Chetty on November 26, 1947.
• Initially, Budget was printed only in English language, but from 1955-56, budget is printed in both languages, Hindi and English.
• In the British Era, the Budget was presented at 5 PM. This practice was ended in the year 2001 by presenting the Budget at 11 AM.
• Until 2017, the ritual was to present the Budget on the last working day of the February. From last 2 years, Budget is now presented on the first working day of the February.
• KC Neogy and HN Bahuguna were the only two Finance Ministers who did not present any Indian Budget.
• Employees involved in printing process of budget are kept in absolute isolation for approx. one week before the presentation of budget.
• The record of presenting maximum number of 10 Budgets was held by Morarji Desai.
• The President of India fixes the date of presentation of budget by the Finance Minister.
• First woman Prime Minister of India, Indira Gandhi was also the only woman Finance Minister in the history of India who presented the Budget while serving as the Prime Minister.
• For the first time in 92 years, the Rail Budget, usually presented separately, was merged with the Union Budget of 2017.
• The Budget presentation is preceded by a Halwa ceremony wherein a sweet dish is served to the officers and staff involved in the printing of the budget documents..