The Budget Session of Parliament will get underway on July 22 and continue until August 12. Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23 at 11:00 am in the Lok Sabha.
The first Union Budget of independent India was presented by R K Shanmukham Chetty, the country's first Finance Minister, on November 26, 1947. Since then, the Budget has undergone significant transformations.
The first Indian budget was presented by James Wilson, a British parliamentarian, in 1860, during the British colonial era. Given the administrative structure and the audience it was intended for, the budget was printed exclusively in English.
After India gained independence in 1947, top leaders recognised the need to make government documents more accessible to a broader population.
The year 1955 marked a significant milestone when, for the first time, the Union Budget was printed in both Hindi and English. This historic move was initiated by then-Finance Minister CD Deshmukh, who recognised the need to make the document accessible and inclusive for all citizens.
CD Deshmukh was a renowned economist and civil servant, who made significant contributions as Finance Minister. He helped create India's first Five-Year Plans, which promoted industrial growth and infrastructure development.
Mr Deshmukh strongly believed in managing finances wisely, ensuring that government spending was in line with available resources, and avoiding excessive debt. He also established the Reserve Bank of India as a strong authority, reforming the financial sector.
Finance Minister Nirmala Sitharaman has been presenting the budget since 2019. In 2021, she presented the first paperless budget, using a digital tablet wrapped in a traditional 'bahi-khata' style pouch. Her 2020 budget speech was the longest in Indian history, lasting over 2 hours and 42 minutes.
The 2024 Union Budget will be her seventh consecutive Budget presentation, surpassing the previous record of six held by former Prime Minister Morarji Desai.
