Union Budget 2023: What is the significance of 'budget box'? know story here

The Union Budget for the financial year 2023-24 will be presented tomorrow by Nirmala Sitharaman. Ahead of the budget, let us share a small anecdote with you on one of the most religiously followed traditions of the budget presentation. 

Have you ever noticed that every year the finance minister poses with a briefcase in front of the parliament? This briefcase is also known as the 'Budget box'. The word 'budget' is derived from the Middle English word 'bowgette', which came from the French word 'bougette'. 

This tradition of carrying a briefcase began in the 18th century when it was considered that a briefcase was sufficient to hold one's wealth. the Chancellor of the Exchequer or Britain's budget chief was first asked to 'open the budget' while presenting his annual statement. 

Read: Budget 2023: Step-by-step guide to download FM Nirmala Sitharaman’s speech in regional languages

The then-budget chief William E Gladstone used a red suitcase with Queen's monogram embossed in gold in 1860, to handle his papers. It has been passed on to the next finance ministers since then. In 2010, UK's red Gladstone bag had become so shabby that it was 'officially' retired. 

This legacy has been adopted by India from the Europeans and even Indian finance ministers are seen to pose with a briefcase and now a red pouch (since 2021). Although in India there is no tradition of passing on the same briefcase or bag as different ministers were seen with different bags while presenting the budget.