Interesting Facts About the Indian Budget

02 February, 2023

The Union Budget 2023 is set to be presented on 1st February and is expected to unveil some major changes for the nation's economy. The Indian Budget is crucial for the Government.

Here are top 5 lesser-known facts about the Indian Budget that you might not know.

1. A 160-year Old Legacy

The first Indian Budget was presented 160 years ago in 1860, by a Scottish economist named James Wilson.

After Independence, the first Indian Budget was presented on 26th November 1947 by the then Finance Minister Mr RK Shanmukham Chetty. The budget contained a basic overview of India's economy and did not make any changes or proposals.

2. The Man Behind The Concept of Union Budget

Many of you might not know this, but Prof. Prasanta Chandra Mahalanobis was the man behind the Union Budget concept. He was an Indian scientist and a statistician who was also one of the main members of the Planning Commission of India. Considered to be the father of modern statistics in India, PC Mahalanobis was influential in designing independent India's budget.

3. PMs Presenting The Budget

Though the Finance Minister is tasked with presenting the budget every year, there have been instances when the Prime Minister took up the mantle.

In 1958, Pandit Jawaharlal Lal Nehru was the first Prime Minister to present the budget when Finance Minister, Mr TT Krishnamachari resigned. Then in 1970, the then Prime Minister, Mrs Indira Gandhi presented the budget when the Finance Minister, Mr Morarji Desai resigned. Similarly, in 1987-88, the then Prime Minister, Mr Rajiv Gandhi, presented the budget when the Finance Minister, Mr VP Singh resigned.

4. Longest Budget Presenters

Mr Morarji Desai holds the record for presenting the maximum number of budgets during his tenure. He presented a total of 10 budgets. He is followed by Mr P Chidambaram and Mr Pranab Mukherjee, who presented 9 and 8 budgets respectively.

5. The 'Halwa Ceremony' Tradition

There is an Indian tradition of eating something sweet before the start of good work. This tradition is also followed in case of budget presentations. 10 days before the budget is tabled, there is a 'Halwa' ceremony held in the ministry of finance. A 'Halwa' is prepared and then served at the venue where the budget is printed. The ceremony marks the printing of the budget and is celebrated by Government officials involved in making the budget.

How many of these facts did you know about?

Want to know more about the glossary of terms used in the Union Budget? Read more here.

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