Key facts about the Union Budget
GS Paper - 3 (Economy)
Finance Minister Nirmala Sitharaman will on 1 February 2022 present her fourth straight Union Budget when she presents financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023).
Some budget trivia:-
- INDIA'S FIRST BUDGET - The Budget was first introduced in India on 7 April 1860 when Scottish economist and politician James Wilson from East India Company presented it to the British Crown. Independent India's first budget was presented on 26 November 1947 by the then Finance Minister R K Shanmukham Chetty.
- LONGEST BUDGET SPEECH - Sitharaman holds the record for delivering the longest speech when she spoke for 2 hours and 42 minutes while presenting the Union Budget 2020-21 on 1 February 2020.
- MOST WORDS IN BUDGET SPEECH - At 18,650 words, Manmohan Singh delivered the longest Budget speech in terms of words in 1991 under the Narasimha Rao government.
- SHORTEST BUDGET SPEECH - 800 words was all that the then finance minister Hirubhai Mulljibhai Patel delivered in 1977.
- MOST NUMBER OF BUDGETS - Former Prime Minister Moraraji Desai holds the record of presenting the most number of budgets in the history of the country. He had presented 10 budgets during his stint as finance minister during 1962-69.
- LANGUAGE - Until 1955, the Union Budget was presented in English. However, the Congress-led government later decided to print the Budget papers in both Hindi and English.
- PAPERLESS - Covid-19 pandemic turned the Budget for 2021-22 was paperless - a first in Independent India.
- FIRST WOMAN - In 2019, Sitharaman became the second woman to have presented the budget after Indira Gandhi, who had presented the budget for the financial year 1970-71.
- RAILWAY BUDGET - Till 2017, railway budget and Union Budget were presented separately. After being presented separately for 92 years, the Railway budget was merged in the Union Budget in 2017 and presented together.