Budget 2019-20 will be tabled by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on July 5, 2019.
Besides being the first Budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its second term, it will be Sitharaman's first Budget. She is the second woman finance minister the country has seen -- next only to former prime minister, late Indira Gandhi.
The Budget is the annual financial statement of the Government of India that contains details such as revenue, expenditure, growth projections and its fiscal position.
Budget derives it origin from the French word “Bougette” meaning 'leather bag'.
There are a few more interesting facts about the history of Union Budget in India. Let's have a look
- The interim Budget was the first-ever budget presented after Independence, for the Union of India on November 26, 1947.
It was presented by the first finance minister, RK Shanukham Chetty, which was only a review of the economy and no new tax changes were proposed as the day of budget presentation for the next financial year was less than 100 days away. From then on, the interim budget came on to be known as the one for a short period.
Back then, the Budget estimate for total revenues was Rs 171.15 crore and fiscal deficit Rs 204.59 crore.
- During her term as the prime minister of India, late Indira Gandhi was the only woman to have presented the Union Budget. She did so in her capacity as the finance minister in 1970-71.
The only minister to have presented ten budgets, the most by any finance minister is Morarji Desai, followed by P Chidambaram who presented the Budget nine times. Former president Pranab Mukherjee presented it eight times.
- Halwa Ceremony! 'Kuchh meethha ho jaaye' -- On the lines of the Indian tradition, ten days before the Budget is presented, a halwa ceremony is performed -- that is, the printing of official documents of Budget begins with a traditional ceremony.
The entire finance ministry, including those involved with the printing process, is served with halwa -- a traditional Indian sweet dish made from sooji, sugar and loads of ghee.
- The first disclosure schemes for black money were made in the 1965-66 Budget.
- The 1997-98 Budget presented by P Chidambaram was also called the dream budget due to major economic reforms like lowering of income and corporate tax rates.
- Former finance minister Yashwant Sinha modified the practice of announcing the Budget in 1999 by announcing the budget at 11 am. Earlier, the Budget was presented at 5 pm on the last working day of February.
- The Budget papers are prepared and printed under tight security; this includes locking up the members of the finance ministry, who are most connected with its creation, in a basement room.
- The longest Budget (in terms of words) was presented by former prime minister Manmohan Singh in 1991.
- The 1973-74 Budget, presented by Yashwantrao B Chavan, was known as the “Black Budget” as the country faced a deficit of Rs 550 crore.
- In 2016, the railway Budget was clubbed with the Union Budget for the first time in 92 years.
- In 2017, the then finance minister, Arun Jaitley, altered two main traditions in the Union Budget.
First, Jaitley changed the date to February 1 in order to allow Budget proposals to take effect from the beginning of the financial year, which falls on April 1.
Second, Jaitley merged the railway Budget with the Union Budget.