Budget 2023: Know interesting facts and history of Indian Budget I 10 points

The finance minister releases the Union Budget, often known as the Indian Budget, on February 1 of each year. When the Parliament's budget session gets underway, the budget is often shared. Nirmala Sitharaman, the finance minister, will introduce the Union Budget for 2023–2024 in Parliament on February 1 at 11 a.m. The administration led by Prime Minister Narendra Modi will present us with our final budget for this year. Lok Sabha elections will take place next year.

Ahead of the budget announcement, we thought it would be fascinating to share some intriguing, lesser-known facts, and the budget’s history and answer some questions about our Indian Budget. 

• East India Company politician and economist James Wilson proposed the budget to the British Crown. On November 26, 1947, Finance Minister RK Shanmukham Chetty delivered our nation's first budget.
• Indira Gandhi, a former prime minister, was the first woman to deliver the Union Budget. She gave it to the board during the 1970–1971 fiscal year. The second woman to give the Union Budget was Nirmala Sitharaman.
• The budget for 1973–1974 was referred to as the "Black Budget." Finance Minister Yashwantrao B. Chavan delivered this budget. The large budget deficit of 550 Crores was the reason it was called the "black budget." At the time, this was the maximum.
• The Union Budget was only ever delivered in English until 1955. The Central Government thereafter made the decision to print the budget documents in both Hindi and English.
• First of all, the British began the practice of the Railway Budget in addition to the Union Budget in 1924. The Railway Budget and the Union Budget were presented separately from that point on until 2016. Arun Jaitley, who served as the Modi administration's Finance Minister, brought forward the idea of combining the Union Budget with the Railway Budget in 2017. Following this, a committee was established to investigate the merging of the budgets. Arun Jaitley delivered the first joint Union Budget in 2017 itself.
• Finance Minister Manmohan Singh delivered a Union Budget known as "The Epochal Budget" in 1991–1992, which is still seen as having permanently altered India. The budget ushered in the nation's economic liberalisation.
• The date and time of the Union Budget presentation were set till 1999. The Union Budget was delivered at five o'clock in the evening on the final day of February, as was customary throughout British rule. The timing of the budget presentation was altered to 11 am in 1999 by Finance Minister Yashwant Sinha. Arun Jaitley, the union finance minister, shifted the date of the budget presentation to February 1 at the same time in 2017.
• The budget was printed in Rashtrapati Bhavan up to 1950. This year, the printing location was moved as a result of the budget breach. The printing of the budget then began on Minto Road, New Delhi.
• The budget was previously carried in a budget briefcase, but in 2019, Nirmala Sitharaman, the minister of finance, replaced it with a bahi khata that has the national anthem etched on it.
• The Finance Minister stirs a sizable pan of halwa during the ritual, which is held a few days before the Budget is to be delivered. Ministry representatives and staff members then get the sweet. The event officially starts the budget "lock-in" phase.