Finance Minister Nirmala Sitharaman is now all set to present the Union Budget 2019 on July 5, after the ‘halwa-making ceremony’ on last Saturday. With the ritual, the printing of budget documents has begun and the ministry staff and officials who are directly associated with the budget making and printing process will have stayed in the ministry till the presentation of the budget in the Lok Sabha.
Union Budget plays a vital role in the economic growth of a country.
That you must’ve known by now but there are many things that you may not know about the history of Union Budget like:
- The first Union Budget was represented by the Finance Minister RK Sanmukham Chetty under the leadership of India’s first Prime Minister Jawahar Lal Nehru.
- Nirmala Sitharaman will not be the first Finance Minister who will be presented the budget. Indira Gandhi was the first female prime minister who had presented the Union Budget.
- Former Finance Minister Morarji Desai holds the record of presenting the maximum number of the budget in Lok Sabha. He had presented around 10 Union Budget and 2 Interim Budgets.
- Until 2010, the timing of Union Budget was around 5 pm but the finance minister (Yashwant Sinha) changed the time to 11 am under the Indian government.
- The presentation day has also changed the Union Budget which has been conventionally tabled in Lok Sabha on the last working day of February up until 2006.
- Dr. Manmohan Singh – a former Prime Minister of India holds the record of giving the biggest budget presentation which was around 18,000.00. However, the shortest speech was delivered by the FM HM Patel in the year 1977 during the time of interim budget presentation.