Parliament's new monsoon budget session is scheduled to begin on July 22 and last till August 12. The Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman on July 23rd at 11:00 am.
On November 26, 1947, the first Finance Minister of the country- RK Shanmukham Chetty, presented the first Union Budget. Since then, the Budget has lived through numerous notable transformations.
In the year 1860, that is pre-independence under British colonial rule, the first Indian budget was presented by James Wilson, who was a British Parliamentarian. Since the budget was intended for the English audience, and given the administration structure, it was printed exclusively in English.
In 1947, after India gained independence, the prime leaders of the country recognised the importance of making the budget document more accessible to the border population.
In 1955, the then Finance Minister CD Deshmukh took the initiative to publish the Budget for the first time in both English and Hindi languages to make the document more accessible and inclusive for all Indian citizens. This historic move marks the first time the budget document was published in Hindi in the country.
Mr. CD Deshmukh, who was a celebrated economist and a civil servant, made notable contributions to the country as the first Finance Minister. He laid a 5-year plan for the country, which deftly encouraged infrastructure development and industrial growth in India.
Besides this major contribution, CD Deshmukh established the Reserve Bank of India as a powerful authority, revamping the financial sector. Mr Deshmukh had great vision when it came to finances. He believed in handling finances wisely, guaranteeing a balance in government expenditure with available resources. Through this, he ensured, that the government would stay safe from excessive debts.
The running Finance Minister Nirmala Sitharaman first presented the budget in 2019. In 2020, she became the first minister to present a paperless version of the budget using a digital tablet which was wrapped in a traditional pouch, also known as the ‘bahi-khata’ style pouch.
FM Nirmala Sitharaman delivered the longest Budget speech in the history of the country in 2020. Her speech lasted for 2 hours and 42 minutes.
The 2024 India Budget presentation marks the seventh consecutive time that Finance Minister Nirmala Sitharaman will be presenting the budget. This surpasses a previous record of six which was held by the former Prime Minister Morarji Desai.
