The Union Budget is an annual financial statement of the government. But, it is more than just numbers. It reflects India’s economic journey, marked by tradition, innovation, and political shifts.
First budget
It was presented in 1860 by Scottish economist James Wilson of the East India Company. This budget introduced the income tax, which remains a significant source of revenue for the government even today.
Post-independence
RK Shanmukham Chetty presented India’s first post-independence budget on November 26, 1947.
Bahi khata
In 2019, Finance Minister Nirmala Sitharaman introduced a ‘Bahi Khata’ or cloth ledger, breaking away from the colonial tradition of carrying a ‘Gladstone box’ to Parliament.
Railway Budget merged
In 2016, a historic move merged the Railway Budget with the Union Budget. The first combined Budget for the fiscal year 2017-18 was presented by the then finance minister Arun Jaitley.
Budget leaked
In 1950, the Budget documents were leaked from the Rashtrapati Bhavan press. To prevent such leaks, the budget printing process was moved to the North Block in 1980, where it remains even today.