The Union Budget for the fiscal year 2024-25 is scheduled to be presented by Union Finance Minister Nirmala Sitharaman on Tuesday, July 23. This event represents a significant milestone, as it will be her seventh consecutive budget presentation, surpassing the previous record held by former Prime Minister Morarji Desai. Following the BJP-led NDA government’s re-election last month, this budget will serve as the first full budget of their third consecutive tenure.

Historical Context and Key Facts Dual Budget Presentation in 2024

The government will present two budgets this year: an interim budget in February and a complete budget in July. This arrangement is essential due to the fact that a comprehensive budget cannot be presented immediately prior to general elections. The newly re-elected government’s inaugural comprehensive budget will be presented on July 23.

Significant Events in the History of India’s Budget

The first Union Budget of independent India was presented on November 26, 1947, by the nation’s first finance minister, RK Shanmukham Chetty.

The record for the longest budget speech is held by Nirmala Sitharaman, who delivered it on February 1, 2020, for a duration of two hours and forty minutes. She was compelled to conclude her speech with only two pages remaining.

The interim budget speech that was delivered by Hirubhai Mulljibhai Patel in 1977 was the shortest, containing only 800 words.

The record for the most budgets presented is held by former Prime Minister Morarji Desai, who delivered a total of 10 budgets during his tenure as finance minister.

The longest budget speech in terms of word count was delivered by Manmohan Singh in 1991 during the Narasimha Rao government, with a total of 18,604 words.

Traditions and Significant Changes

Timing of Budget Presentation

The Union Budget was traditionally presented at 5 p.m. on the last day of February, a custom that has its roots in colonial times. The budget announcement was timed to coincide with the London Stock Exchange. The presentation time was rescheduled to 11 a.m. in 1999 by Finance Minister Yashwant Sinha, a practice that persists to this day.

The Development of Language and Format

The Union Budget was exclusively presented in English until 1955. The Congress government subsequently resolved to publish it in Hindi, thereby increasing its accessibility. Due to the COVID-19 pandemic, the 2021 Budget presentation was conducted wholly digitally, a first for independent India.

Change in the Date of the Budget Presentation

In order to expedite the parliamentary approval procedure and guarantee completion by the end of March, the budget presentation date was rescheduled to February 1. in 2017. This modification enabled the budget to be implemented from April 1, the commencement of the fiscal year.

Key Elements of the Union Budget

The Union Budget is comprised of two primary components:

Annual Financial Statement: This document provides a comprehensive overview of the government’s revenue and expenditure for the forthcoming fiscal year.

Grant Demand: This section delineates the anticipated expenditures of numerous government departments and ministries.

Contributions and Records of Note

Congress leader P. Chidambaram presented budgets on nine occasions during both the United Front government and the Congress-led UPA regime, which is the second highest number of budgets.

Third-Highest Number of Budgets: Former President Pranab Mukherjee presented eight budgets, making a substantial contribution to India’s economic policies during his tenure.

Economic Reforms and Contributions: Between 1991 and 1995, former Prime Minister Manmohan Singh presented five consecutive budgets that were crucial to the economic reforms implemented by the Narasimha Rao government in India.

Nirmala Sitharaman’s forthcoming budget presentation will be closely monitored, as it will not only establish the fiscal tone for the upcoming year but also signifies a significant milestone in India’s budgetary history.

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