Budget 2023: When was the first Indian Budget tabled? Who presented it maximum number of times? Interesting facts to know
Budget 2023: Have you ever wondered where the word budget came from? Or when was the first budget presented in independent India? Below are some interesting facts about the budget
Budget 2023: Union Budget 2023 is around the corner and India’s Finance Minister Nirmala Sitharaman will present the budget on February 1, 2023. But have you ever wondered where the word budget came from? Or when was the first budget presented in independent India? Below are some interesting facts about the budget —
Origin of the word ‘Budget’
The word budget was derived from the Latin word ‘bouge’ which means leather bag. The word bouge later became Bougette in French, which means leather briefcase. Traditionally, budget documents — which primarily include papers related to revenue receipt and expenditure, as well as the speech of the finance minister — were carried in a brown briefcase, a legacy passed on by the British. Image source- Reuters
First Indian Budget
The first budget after independence was presented by the country's first Finance Minister RK Shanmukham Chetty on November 26 1947. However, the first budget of Republic India was presented on February 28, 1950 by John Mathai, an economist who served as India's first Railway Minister. The terms Budget and interim budget were used for the first time in 1948-49. Image source- Reuters
Budget presented by first woman Finance Minister
Indira Gandhi was the first woman Finance Minister to have presented the general budget in 1970. As the Prime Minister of the country, she had a significant role in the Finance Ministry back then. Hence, she presented the budget as the Prime Minister. Image source- ANI
Morarji Desai presented the budget maximum times
In the 75-year history of independent India, former Prime Minister Morarji Desai has presented the budget for the maximum number of times. He presented the budget a total of 10 times. He was the Finance Minister six times and Deputy Prime Minister four times. This also includes two interim budgets.
Expenditure spent before the year end
There have been circumstances when the expenditure allocated and approved by the Lok Sabha is spent before the end of the year. In such a situation, an additional amount was allocated. For this there is a provision of supplementary budget. All the things applicable to the general budget are applicable to the supplementary budget as well.