Union Finance Minister Arun Jaitley will present the most challenging budget of the Narendra Modi era on Wednesday (February 1). This would be the first after the prime minister took the shocking financial step of demonetisation on November 8 last year.
Also read: From halwa ceremony to leather briefcase, interesting traditions of Union Budget 2018
Now, to what extent will the Budget 2017 be able to satisfy the common man after the November shock therapy is for time and the experts to tell. Meanwhile, we can focus on some lighter facts related to India's budget, things that would make it a not-so-tedious read amid all the complicated calculations:
A Scottish presented India's first-ever Budget: The first-ever Indian budget was presented by James Wilson, the founder of The Economist, in April 1860. Wilson was the Finance Minister of the Indian Council which had advised the Indian Viceroy. He passed away a few months after presenting his Budget.
The Indian to present first-ever Budget: The first-ever budget in independent India was presented by R K Shanmukham Chetty, the country's first finance minister, in November 1947. That budget covered a period of seven-and-half months between August 15, 1947, and March 31, 1948. Chetty had also introduced the term 'Interim Budget' during his speech in 1948-49. It meant a budget for a short period.
A scandal had broken in the UK over its budget the same year it was presented for the first time in independent India. The then British Chancellor of the Exchequer, Hugh Dalton, had met a journalist on the Budget Day after he walked into the British parliament and revealed to the latter a few details on tax changes that he had in his plans. The journalist broke the story before the speech was made and Dalton had to step down. It is said that the incident had made Chetty extra-cautious while preparing independent India's first budget back home.
John Mathai did not read out the Budget: John Mathai, the successor to Chetty and in office between1949-50 is said to have delivered the most plain budget speech ever. He had decided not to read out the budget and told the members that a White Paper including all details had been circulated. The highlights of this budget were setting up of the now-defunct planning commission and beginning of the five-year plans. Mathai also used the opportunity to give a speech on economic policy.
Morarji Desai presented the Budget 10 times, the most: It is said the credit of turning Budget into a 'tool of publicity for the finance minister' goes to former prime minister Morarji Desai, who had presented it the maximum number of times: 10.
Desai presented the Budget on his unique birthday twice: On two occasions, Desai had presented the Budget on his birthday – February 29. That happened in the years 1964 and 1968.
The 1973 Budget was 'Black' one, while the 1997 one was called 'Dream': While the Budget of 1973-74 was called the 'Black Budget' owing to a deficit of Rs 550 crore, that presented by former finance minister P Chidambaram in 1997 was called the 'Dream Budget' owing to its roadmap for big reforms.
Two presidents have presented Budget as FMs: Other than Pranab Mukherjee, R Venkataraman was the only finance minister who later went on to become the president of India.
Yaswant Sinha presented four Budgets under difficult conditions: Yaswant Sinha, who presented five Budgets under two governments, had faced challenges almost every time he presented it as the NDA's finance minister. While the 1999 Budget was presented after the Pokhran II blasts, the 2000 was presented after the Kargil war. Similarly, his presentation in 2001 came after the horrible earthquake in Gujarat. His budget presented as the finance minister of the National Front government in 1991 was also in the wake of the forex crisis.
Only one woman presented Budget: The only woman to have presented the Budget is late prime minister Indira Gandhi, who did so in 1970-71 after Desai's resignation.
Railway and general budgets were separated in 1924: The railway budget was separated from the general budget in the year 1924. They have been merged this year.
First disclosure scheme for black money in Budget: The first disclosure scheme for black money came in the Budget of 1965-66.
Three PMs presented budgets: Three prime ministers – all from the family – Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi had presented the Budget while serving as prime minister.
Biggest-ever Budget was presented in 1991: The biggest Budget ever in the history of India was that of 1991 when the country's economic policy underwent a complete change. Former prime minister Manmohan Singh had presented that budget and late PV Narasimha Rao was the prime minister then.
Budget timing was changed from 5 pm in 1999: Earlier, the Budget used to be presented at 5 pm, which was essentially a continuation of the colonial-era practice. It was during the NDA government of Atal Behari Vajpayee in 1999 when this ritual was changed. That year, the budget was presented by Yashwant Sinha at 11 am. PM Modi's government also made another change by bringing the Budget ahead by a month to present it on February 1.
The halwa ceremony: Printing of the Budget documents begin with the annual halwa (a sweet dish) ceremony. It marks the beginning of lockdown for many officials in the Ministry of Finance who remain in the budget printing press till the finance minister's speech gets over. During this time, the officials are not even allowed to contact their family members.
