10 Fascinating Facts About the Union Budget of India
Preparing and presenting the Union Budget of India is a meticulous process, requiring meticulous coordination and accuracy. While we eagerly await the upcoming budget delivered by the Finance Minister, here are 10 fascinating facts about the Union Budget to keep you engaged.
Printing of the Budget
The Union Budget is printed in the North Block of the Finance Ministry, a government press in New Delhi. Previously, it was printed at a press located at Minto Road in New Delhi. This change in printing locations underscores the evolving nature of governmental processes.
Lockdown of Finance Ministry Officials
During the preparation of the Union Budget, the Finance Minister and other associated finance ministry officials are confined to their premises. Once the printing begins, they are not allowed to leave or even contact anyone, including their families, through telephone or social media. This strict lockdown lasts for almost a week to ensure secrecy and prevent any unauthorized leaks. A similar instance occurred in 1950, leading to a scandal and the resignation of the Finance Minister for inadequate security measures.
Preparation of Budget Halwa
In India, all important endeavors begin and end with something sweet, even when it comes to the rigorous process of budget preparation. Therefore, a specially prepared halwa is cooked and served to everyone in the Finance Ministry as a sign of gratitude for the immense effort put into crafting the Union Budget.
The Budget Briefcase Tradition
The tradition of using a briefcase to present the Union Budget can be traced back to the 1800s, when it was a practice adopted from the British. The briefcase was traditionally crafted from leather and was usually black or brown. However, in 2022, Nirmala Sitharaman broke this tradition by carrying the budget papers in a red cloth briefcase featuring India's national emblem embossed in gold at its center.
Dates and Times for Budget Presentation
Starting from the colonial era, the Union Budget was traditionally presented on the last day of February, but in 2017, Arun Jaitley broke this tradition by announcing the budget on February 1, ushering in a new tradition. Similarly, for many years, the budget ceremony was scheduled for 5:00 AM. However, in 1998, Yashwant Sinha initiated a new tradition by announcing the budget at 11 AM, reflecting the evolving nature of the financial and bureaucratic landscape.
Merging of Railway and Union Budgets
The Railway Budget was presented separately for 92 years, usually a few days prior to the Union Budget. The year 2017 marked a significant change, not only in the date but also in the format, as the Railway Budget and the Union Budget were merged into one presentation.
Birthday Budgets
A unique aspect of the Union Budget is that it has been presented on the birthday of the Finance Minister only once, during the tenure of Morarji Desai in 1969 and again in 1971. This makes Morarji Desai the only Finance Minister to have presented the Union Budget on his birthday twice.
Maximum Number of Budget Presentations
Not only is Morarji Desai the only Finance Minister to have presented the Union Budget on his birthday, but he also holds the record for the most Union Budgets presented by an individual. He presented the Union Budget a total of 10 times. P. Chidambaram is the second most, with eight Union Budget presentations under his tenure. Jawaharlal Nehru, Indira Gandhi, and Rajiv Gandhi together hold the record for the most family representatives to have presented the Union Budget.