Budget 2026: 10 interesting facts about India’s annual financial statement

Budget 2026 | Union Finance Minister Nirmala Sitharaman’s presented her ninth consecutive Budget in the Parliament on February 1 2026. The Finance Minister emphasised that the government has consistently chosen reform over rhetoric and addressed global uncertainty.

Budget 2026: Key facts before Sitharaman presents the budget document on Feb 1

1. The Union Budget Goes Way Back

India’s budgetary process began under British rule. The first budget in India was presented as early as April 7, 1860, by James Wilson, a member of the Viceroy’s Executive Council.

2. Etymology of 'Budget'

The word budget comes from the French word bougette, meaning a small bag, a nod to the historical practice of carrying financial documents in a bag.

3. Constitutional Basis

The Union Budget is mandated under Article 112 of the Indian Constitution and reflects the government’s estimated receipts and expenditure for the fiscal year.

4. The Budget Is Presented Every February

Traditionally, the Budget was presented on the last working day of February, but since the early 2000s, it has been moved to February 1 (or the first working day of February).

5. Record-Longest Speech

Finance Minister Nirmala Sitharaman holds the record for the longest Union Budget speech in Indian history, delivered in 2021 for 2 hours and 40 minutes.

6. First Woman to Present the Budget

Indira Gandhi became the first woman to present India’s Budget in 1970–71 after the then finance minister resigned.

7. Budget Includes Multiple Documents

The Union Budget isn’t just one document; it’s a suite of statements, including the Annual Financial Statement, the Finance Bill and the Demand for Grants, prepared by the Ministry of Finance.

8. Paperless Budgets Are Recent

The first paperless Union Budget was presented in 2021 during the pandemic, with all documents digitally stored and accessed.

9. The budget has been leaked once

Despite strict security, the Union Budget was leaked once in India’s history in 1950, leading to major changes in how the printing process is secured and conducted.

10. People Across India Wait for Budget Day

Every year, millions of Indians eagerly follow the Budget presentation live because it affects taxes, subsidies and funding for key public services, reflecting how deeply the document matters to citizens.