Union Budget 2024: 8 interesting facts about the India's Union Budget

Nirmala Sitharaman. File Pic

Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024. The finance ministry presented an interim budget in February as the country was set to go to polls for the Lok Sabha Elections 2024 during April-June. As the NDA government returns to power for the third term, the air is buzzing with expectations from this budget. The budget is expected to be a "feel-good budget" by many media reports, but reality will only unfold on July 23 with the Finance Minister's speech.

Before that happens, here are some interesting facts about India's Union Budget:

The word 'Budget'
The original of the word 'Budget' can be traced back to the French word 'Bougette' which means The word originally meant a pouch or wallet, and later its contents.

'Budget' is not in the Constitution
The word 'Budget' is not mentioned in the Constitution, instead the term 'Financial Statement' is used. Article 112 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year, from April 1 to March 31. This statement is called the annual financial statement.

The First Budget of Independent India
The first Union Budget of independent India was presented by R.K. Shanmukham Chetty on November 26, 1947. The budget had a total revenue of ₹171.15 crore, a fiscal deficit of ₹24.59 crore, and a total expenditure of ₹197.29 crore, with Defence expenditure being ₹92.74 crore.

Most Budgets Presented
Morarji Desai holds the record for presenting the most budgets among Indian finance ministers, with a total of 10 budgets during his tenure.

Union Budget Presentation
The Union Budget is presented by the Finance Minister in the Parliament of India, usually on the last working day of February. After getting the nod from the cabinet, the Finance Minister presents the budget, which is followed by a post-budget press conference to address the media and answer queries.

Interim Budget
An interim budget is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget, an interim budget is a complete set of accounts, including both expenditures and receipts. An interim budget gives the complete financial statement, which is very similar to a full budget.

The Finance Minister's Address
After the budget, the Finance Minister addresses the Reserve Bank of India's central board of Directors, highlighting key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan.

Nirmala Sitharaman's Record
Finance Minister Nirmala Sitharaman is poised to make history by delivering her seventh consecutive Budget on July 23, 2024, surpassing Morarji Desai's record of five consecutive full budgets and one interim budget from 1959 to 1964.