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Budget 2024: A look at India's ‘Union Budget’ evolution since independence

Budget 2024: India gears up for interim budget 2024 which will be presented by FM Nirmala Sitharaman by 11 am onwards on Thursday, Here's a thorough evolution of India's Union Budget since independence.

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Alina Khan
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Union Budget 2024
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Budget 2024: Union Finance Minister Nirmala Sitharaman is all set to present the interim budget for the 2024-25 Fiscal Year today (February 1) at 11 am, marking her sixth consecutive budget. The budget precedes the Lok Sabha election 2024 and is therefore termed interim.

Here's a glance at the evolution of India's Union Budget since independence:

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  • James Wilson, an economist with the East India Company, presented India's first interim budget in 1860 during British rule.

  • RK Shanmukham Chetty delivered independent India's first budget in 1947 tackled issues like food scarcity, soaring imports, and high inflation.

  • In 2001, Finance Minister Yashwant Sinha broke from colonial tradition by shifting the budget announcement from 5 pm to 11 am.

  • Till 2016, the annual budget used to be presented on the last working day of February.

  • Nirmala Sitharaman replaced the conventional briefcase with a 'bahi khata' for the 2019 budget, signaling a symbolic shift.

  • The budget went completely paperless in 2021, marking a major technological transition.

  • At 2 hours 42 minutes, Nirmala Sitharaman holds the record for the longest budget speech delivered in 2020.

  • A major leakage of budget provisions occurred in 1950 under Finance Minister John Mathai.

  • Post 1980, the budget printing moved from Rashtrapati Bhawan to the North Block.

  • The shift to bilingual printing in English and Hindi began in 1955-56.

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