India Union Budget has evolved significantly since its inception. The first Union Budget was presented by R.K. Shanmukham Chetty on November 26, 1947, just months after the country’s independence. Over the years, many milestones have shaped the budgetary process, with key figures like Morarji Desai, who presented the budget a record 10 times, including twice on February 29, in 1964 and 1968.
Historical Moments in Budget Presentations
Indira Gandhi became the only woman to present India’s Union Budget in 1970, marking a historic moment for women in Indian politics. The Halwa Ceremony, a traditional event, marks the start of the budget printing process every year, symbolizing the culmination of the budgetary exercise. In 1999, Yashwant Sinha changed the time of budget presentations from 5 PM to 11 AM, ending a colonial-era practice that had been in place since British rule.
Technological Advancements in the Budget Process
The digital age also made its mark on the Indian Budget, with Nirmala Sitharaman presenting India’s first paperless budget in 2021 during the COVID-19 pandemic. This shift marked a significant step towards modernizing and streamlining the budget presentation process. Similarly, in 2017, Arun Jaitley moved the Budget presentation date to February 1st to enable more efficient policy implementation.
Key Reforms and Mergers
A significant reform occurred in 2017 when the Railway Budget was merged with the Union Budget, simplifying governance and administration. Additionally, the printing of budget documents, which had been outsourced to the United Kingdom, was relocated to India in 1950, symbolizing the country’s growing autonomy.
These facts not only shed light on the history of India’s Union Budget but also show the continuous evolution and reform that has shaped the nation’s financial future.