Discover the Evolution of Union Budgets: From Time to Date
Every year on 1 February, the government unveils the Union Budget, providing a comprehensive overview of income and expenditure for the upcoming financial year. As Finance Minister Nirmala Sitharaman prepares to present the budget for the sixth time, noteworthy changes have occurred over the years. In this election year, an interim budget will be presented on 1st February, with the full budget following post-elections. Delve into the intriguing historical shifts in budget presentation since India gained independence.
Historical Language Shift: Initially published exclusively in English until 1955, the budget saw a significant change when the government, led by Finance Minister CD Deshmukh, introduced Hindi versions from 1955–56 onwards. CD Deshmukh, the third Finance Minister and the first Indian Governor of the Reserve Bank of India, played a pivotal role in this language inclusion.
Shift in Budget Presentation Time: Breaking away from the tradition established during the British period, the budget was presented at 5 pm until 1999. Finance Minister Yashwant Sinha, under the NDA government, altered this custom during the 1999-2000 financial year, presenting the budget at 11 am. This shift has endured, with subsequent budgets consistently presented at 11 am.
Change in Budget Presentation Date (2017): In a departure from the tradition of presenting the budget at the end of February, the Modi government, led by Finance Minister Arun Jaitley, initiated a significant change in 2017. The budget was presented for the first time on 1 February, and this practice has continued since then.
Integration of Railway Budget: Previously presented separately, the Railway Budget and General Budget were amalgamated in 2017 by Finance Minister Arun Jaitley. This marked the end of a longstanding tradition dating back to 1924, as the first joint budget of independent India was presented on February 1, 2017.
Paperless Budget in the Time of Corona: With the onset of the Covid-19 pandemic, Finance Minister Nirmala Sitharaman made history by presenting the budget for the year 2021-22 in a paperless format. This departure from the use of traditional leather briefcases or bags for budget documents symbolized a modern and tech-savvy approach in challenging times.
Conclusion: The Union Budget has undergone a series of transformative changes since independence, reflecting the evolving needs and circumstances of the nation. From language inclusion to alterations in presentation time and date, each shift has contributed to shaping the budgetary landscape of India.
