From the briefcase to longest speech: Lesser-known facts about budget

BusinessToday.In

Jan 27, 2021,
Updated Jan 27, 2021 1:18 PM IST

Finance Minister Nirmala Sitharaman is all set to present the most awaited union budget next week. It will be the second time she will be presenting the budget after 2019. Kick-starting the budget countdown, the Finance Minister hosted a traditional Halwa ceremony a few days back to mark the beginning of printing Budget documents. As we inch closer to the upcoming budget 2021, here are some of the little known and interesting facts about past budgets.

Longest budget speech The longest budget speech was delivered by late finance minister Arun Jaitley in 2014. It was two and a half hours long and included a five-minute break. In 2003, Finance minister Jaswant Singh took more than 2 hours to deliver his budget speech setting the first record for the longest speech. He clocked 2 hours and 13 mins. Going by the number of words used in the speech, Dr. Manmohan Singh tops the list with the maximum number of words 18,650 used for the momentous budget that ushered in the economic reforms in 1991.

Origin of 'Budget'The word 'budget' is derived from the French word 'bougette' or leather bag in which the Budget documents were carried. It was a legacy passed on by the British.

First BudgetFirst Indian budget was presented by James Wilson on Feb 18, 1860, a Scottish economist and politician. He was also the founder of Standard Chartered Bank. He established the weekly magazine "The Economist", which today has a circulation of over millions. Unfortunately, Wilson died in India within months of presenting the budget.

Budget in Hindi and EnglishThe Union Budget of India was presented only in English till 1955. From 1955-56, the budget documents started being printed in both Hindi and English.

Merging of Railway and union budget Railway and union budgets were presented separately till 2017 after which they merged into a single presentation. On September 21, 2016, the Modi government approved the merger of the Rail and General budgets. Finance minister Arun Jaitley became the first finance minister to present a combined budget breaking down a 92-year old tradition. This was according to the budgetary reforms introduced by the government.

Ditching the traditional Budget briefcaseIn 2019, Nirmala Sitharaman ditched the traditional Budget briefcase. She, instead, carried a Red folder, a bahi khata, with the National Emblem wrapped with a ribbon.

First woman to present Budget in IndiaFormer Prime Minister Indira Gandhi was the first woman to have presented the Union Budget of India in 1970-71 followed by present finance minister Nirmala Sitharaman in 2019. She took over the finance portfolio after Morarji Desai resigned as the finance minister.