Union Budget 2022: How did 'Budget' get its name, 5 facts you must know

Finance Minister Nirmala Sitharaman is set to present her fourth Budget today for the financial year 2022-23. Since 1947, there have been a total of 73 annual budgets, 14 interim budgets and four special budgets, or mini-budgets.

The Budget was first introduced in India on April 7, 1860, when Scottish economist and politician James Wilson from the East India Company presented it to the British Crown. Independent India's first budget was presented on November 26, 1947 by the then Finance Minister RK Shanmukham Chetty.

Five facts on Union Budget

The word 'budget is derived from the Middle English word 'bowgette', which came from 'bougette' which means a leather bag in French.

It was first introduced in India on April 7, 1860, by Scottish economist and politician James Wilson from the East India Company who presented it to the British Crown.

Interestingly, James Wilson later founded the well-known magazine - The Economist, and Standard Chartered Bank.

Independent India's first Finance Minister RK Shanmukham Chetty presented the Budget on November 26, 1947 covering from August 15, 1947 to March 31, 1948.

Nirmala Sitharaman holds the record for delivering the longest speech for 2 hours and 42 minutes while presenting the Union Budget on February 1, 2020. 

The process of printing documents of the Budget started with halwa ceremony in the North Block office. The finance minister and senior officials would be present.

Former Prime Minister Moraraji Desai holds the record of presenting the most number of budgets in the history of the country. He had presented 10 budgets.