Union Budget 2025: The central and state governments present budgets every year. It is constitutionally mandatory to do so. The central government budget has two parts. Revenue budget and capital budget. The revenue part includes estimated income and expenditure including tax and non-tax revenue. On the other hand, the capital part includes capital receipts such as borrowing, disinvestment, asset creation and investment.
The history of the budget is about 150 years old. There are many events related to the budget in Indian history, about which the general public does not know much.
Here are some basic things you should know about the Union Budget:
What is the Union Budget?
Every year the government presents the budget in the Parliament. It contains an account of the estimated income and expenditure in the coming financial year. It is just like you make a budget for your house for a month.
When is the budget presented?
Since independence, the date of presenting the budget has been changing. Since 2017, the Union Budget is presented on 1 February. Earlier, it was presented on the last day of February.
Who presents the budget?
The Union Budget is presented by the Finance Minister. The previous budget was presented by Finance Minister Nirmala Sitharaman. She will also present the upcoming budget on February 1, 2025.
James Wilson presented the first budget
James Wilson is also called the founder of the Indian budget. The first budget in India was presented by James Wilson in the Viceroy’s Council on 18 February 1860. This was in those days when India was a slave country. However, due to this, Indians did not even have the right to speak during the budget.
When was the first budget of India presented?
The first budget of independent India was presented by RK Shanmukham Chetty on November 26, 1947. It was a review of the economy. No new taxes were proposed in it.
When do the budget proposals become effective?
Budget proposals are implemented from 1 April every year. The new financial year starts from 1 April. These remain valid till March next year.
Finance Minister who did not present the budget
K.C. Negi was the Finance Minister of India who did not present the budget. He remained the Finance Minister for only 35 days.
Finance Minister C.D. Deshmukh became RBI Governor
He was the first Finance Minister of India who had also been the Governor of the Reserve Bank before becoming a minister. Let us tell you that he was the first Governor of the Reserve Bank.
Presented the budget on the occasion of his birthday
Morarji Desai presented the country’s budget 10 times as the Finance Minister . He was the only Finance Minister who presented the budget twice in 1964 and 1968 on the occasion of his birthday on 29 February.
Presented the budget while being the PM
In the history of the country, many former Prime Ministers have presented the budget in the Parliament while being the PM and also handling the additional charge of the Finance Minister. These include Pandit Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi.
Nirmala Sitharaman second woman Finance Minister
In the year 2019, the budget was presented by Nirmala Sitharaman, the second woman Finance Minister after Indira Gandhi.
The ritual of serving Halwa
The process of printing the general budget of the country has been going on for years with the ritual of serving Halwa . Halwa is prepared in a big pan and served to all the employees of the Finance Ministry. Along with this, the officers and employees engaged in the preparation of the budget have to stay away from their families and stay in the press of North Block.
Officials remain under strict surveillance for seven days
Seven days before the presentation of the budget, the officials, experts, printing workers and other related people of the Finance Ministry stay away from the world and stay in a room located on the ground floor of the Finance Ministry in North Block and finalize the budget. During this time, to keep an eye on these people, a team of Intelligence Bureau officials monitors their movements.
Budget is printed here
Earlier, the budget was printed in Rashtrapati Bhawan , but in 1950 the budget was leaked after which the printing work was sent to the government press located at Minto Road. Since 1980, the budget is printed in North Block i.e. the Finance Ministry. All the employees are kept in the ministry till the entire budget process is over.
