Ahead of Budget 2024, here are 10 interesting facts about the Union Budget

Jul 18, 2024

By: Kunal Kambli

Credit: BCCL

It's that time of the year again!

Union Budget 2024 is set to be presented in the Parliament on July 23. More than just a financial statement, the budget is a comprehensive reflection of a nation's economic priorities, policies and plans for the future.

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Tap next for ten quick facts!

To build up to this annual event, here are ten interesting facts about the Union Budget.

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1

India's first budget was presented on April 7, 1860, by James Wilson—a Scottish economist associated with the East India Company.

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2

Post independence, the first budget was presented on November 26, 1947. This was done by R K Shanmukham Chetty, India's first Finance Minister.

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3

Current Finance Minister Nirmala Sitharaman holds the record for delivering the longest budget speech in India's history. She spoke for two hours and forty two minutes during the 2020 presentation.

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4

In terms of words, the record for longest budget speech is held by Manmohan Singh. He used 18,604 words in his 1991 speech.

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5

Until 1999, the budget was presented at 5pm in the Parliament. The timing was changed to 11am in 1999 by then Finance Minister Yashwant Sinha.

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6

Due to the COVID-19 epidemic, the budget for 2021-22 was made entirely digital—a first for independent India.

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7

Current FM Nirmala Sitharaman is only the second woman to present the Indian budget, after Indira Gandhi.

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8

'Halwa ceremony' takes place a week before the budget, where the finance minister distributes 'Halwa' among ministry officials and staff.

Credit: IANS

9

In 2019, Nirmala Sitharaman broke over a century-old tradition. Instead of carrying the traditional leather briefcase, she brought the budget documents wrapped in a red silk cloth, which she referred to as a "bahi-khata".

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10

Since 1947, there have been a total of 73 annual budgets, 14 interim budgets and four special budgets.

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Longest-serving finance ministers of India