10 Interesting Facts About Union Budget Every Student Must Know

Union Budget 2024: The Union Budget is a vital financial document detailing the government’s revenues and spending plans for the coming fiscal year. It plays a big part in directing the country’s eco

Union Budget 2024: The Union Budget is a vital financial document detailing the government’s revenues and spending plans for the coming fiscal year. It plays a big part in directing the country’s economy and tackling major challenges. The Union Budget is a key tool for economic management and policy-making. It shows the government’s dedication to inclusive growth, fiscal responsibility, and sustainable development. By dissecting its impact, stakeholders can better understand the country’s economic goals and future direction.

Union Budget 2024 is pivotal for students, shaping the economic landscape and providing essential insights into financial planning and government priorities. Read 10 interesting facts about the Union Budget that every student must know.

1. Longest Budget Speech: Sitharaman holds the record for the longest budget speech when her presentation on February 1, 2020, lasted two hours and 40 minutes. At the time, she cut short her speech with two pages still remaining.
2. Shortest Budget Speech: Hirubhai Mulljibhai Patel’s interim Budget speech in 1977 is so far the shortest at just 800 words.
3. First Budget: The first-ever Union Budget of independent India was presented on November 26, 1947, by the nation’s first finance minister RK Shanmukham Chetty.
4. Most Number of Budget: As per PTI report, Former Prime Minister Morarji Desai holds the record for presenting the most budgets. He has presented a total of 10 budgets during his tenure as finance minister under Prime Minister Jawaharlal Nehru and later under Prime Minister Lal Bahadur Shastri. He presented his first budget on February 28, 1959, and presented full budgets in the following two years before presenting an interim one in 1962. This was followed by two full budgets. After four years, he presented another interim budget in 1967, followed by three full budgets in 1967, 1968, and 1969, presenting a total of 10 budgets.
5. Second Highest Number of Budget: Former finance minister P Chidambaram presented the budget on nine occasions. He first presented the Budget on March 19, 1996, during the United Front government led by Prime Minister HD Deve Gowda. He presented another budget under the same government next year and returned to the hot seat when the Congress-led UPA came to power in 2014. He presented five budgets between 2004 and 2008. After a stint as Union Home Minister, he was back in the finance ministry and presented budgets in 2013 and 2014.
6. Third Highest Number of Budget: Pranab Mukherjee presented eight budgets during his tenure as finance minister. He presented budgets in 1982, 1983, and 1984 and five straight ones between February 2009 and March 2012 in the Congress-led UPA government.
7. Manmohan Singh: Former Prime Minister Manmohan Singh presented five straight budgets between 1991 and 1995 when he was finance minister in the P V Narasimha Rao government.
8. Timing: Traditionally, the Budget was presented on the last day of February at 5 pm. The timing followed a colonial era practice when the announcements could be made in London and India at the same time. India is 4 hours and 30 minutes ahead of the British Summer Time, and so presenting the budget at 5 pm in India ensured that it was happening in the daytime in the United Kingdom. The timing was changed in 1999 when the then finance minister Yashwant Singh in the Atal Bihari Vajpayee government presented the budget at 11 am.
9. DATE: The Budget presentation date was in 2017 changed to the 1st of February to allow the government to complete the Parliamentary approval process by March-end and allow implementation of the Budget from the start of the fiscal on April 1.
10. The full Budget for the 2024-25 fiscal (April 2024 to March 2025) will be Finance Minister Nirmala Sitharaman’s seventh straight. She will better Desai’s record, who presented consecutive five full budgets and one interim budget between 1959 to 1964.