Budget 2024: Nirmala Sitharaman's Milestones and 12 Fascinating Budget Facts

As Union Finance Minister Nirmala Sitharaman gears up to present her sixth budget, marking her first interim budget speech, here are intriguing facts shedding light on the historical nuances of India's Union Budget:

1. Trailblazer Indira Gandhi:

   • Indira Gandhi, the former Prime Minister, made history by becoming the first woman to present India's Union Budget for the fiscal year 1970-71. This noteworthy achievement followed the resignation of Finance Minister Moraji Desai.

2. Brief Stint as Finance Minister:

   • Indira Gandhi, while breaking gender barriers, also earned the distinction of being India's first female finance minister, albeit for a brief period.

3. Nirmala Sitharaman's Pioneering Role:

   • Nirmala Sitharaman stands as the first full-time female Finance Minister of India, making significant strides in the realm of economic governance.

4. Inaugural Indian Budget:

   • Scottish economist James Wilson, representing the East India Company, presented the first Indian Budget on April 7, 1860.

5. Independent India's First Budget:

   • On November 26, 1947, RK Shanmukham Chetty presented the inaugural Budget for independent India.

6. Longest Budget Speech Record:

   • Finance Minister Nirmala Sitharaman set a record for the longest budget speech in 2020, lasting an impressive 2 hours and 42 minutes.

7. Manmohan Singh's Verbose Budget:

   • In the fiscal year 1991-92, Manmohan Singh delivered the longest budget speech, comprising a staggering 18,650 words.

8. Shortest Budget Speech:

   • Finance Minister Hirubhai Mulljibhai Patel delivered the shortest budget speech in 1977, consisting of a concise 800 words.

9. Moraji Desai's Budget Legacy:

   • Moraji Desai holds the record for presenting the most budgets, with a total of 10 during the period 1962-69, featuring eight full budgets and two interim budgets.

10. Timing Shift by Yashwant Sinha:

    • In 1999, Yashwant Sinha shifted the budget presentation timing from 5 pm to 11 am.

11. Date Change by Arun Jaitley:

    • Arun Jaitley departed from tradition in 2017 by changing the budget presentation date to February 1, moving away from the last working day of February.

12. Historical Language Shift:

    • Until 1955, the Budget was exclusively presented in English, reflecting the evolving linguistic landscape of the country.

13. Railway Budget Integration:

    • The railway budget, presented separately for 92 years, was seamlessly integrated into the Union Budget in 2017, streamlining the budgetary process.

These insightful facts encapsulate the evolution and unique aspects of India's Union Budget, providing context to Nirmala Sitharaman's impending budgetary presentation.