Finance Minister Nirmala Sitharaman is set to present her ninth Union Budget on February 1. Unlike today, where every word is amplified through microphones and streamed live to millions, India's first Independent Budget in 1947 was different.
RK Shanmukham Chetty, then Finance Minister, stood before the Constituent Assembly without a microphone, reading largely from handwritten notes. The inaugural Budget was presented on November 26, 1947, and focused on post-Partition reconstruction, defence, and public welfare.
The country's first Budget was an interim one; it was presented shortly after Independence and before India adopted a full-fledged financial year.
What Is The Union Budget?
It is an annual financial statement outlining the government's estimated revenue and expenditure for the upcoming fiscal year.
The purpose of the Union Budget is to show the government's revenue planning -- how it plans to collect funds through taxes, duties and other sources and expenditure on different sectors such as health, defence and infrastructure.
When Is The Union Budget presented?
The Union Budget is now presented every year on February 1 at 11 am.
Traditionally, the Budget was presented on the last working day of February, which left ministries and departments less time to prepare for the new financial year. So, to allow for better planning and more efficient implementation, the government decided to advance the Budget date to February 1.
Until 1999, the Union Budget in India was presented at 5 pm, a practice that dated back to the British colonial era, to align with London's daytime schedule. The timing changed on February 27, 1999, when then Finance Minister Yashwant Sinha, serving in the Atal Bihari Vajpayee government, shifted the Budget presentation to 11 am.
