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| Sitharaman creates history, presents 8th consecutive Union Budget | | | Agencies
NEW DELHI, Feb 1: Finance Minister Nirmala Sitharaman on Saturday made history as she presented a record eighth consecutive budget, which comes in the backdrop of slowdown in economy and demand for tax cuts for middle class.
This will take Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods. Desai has presented a total of 6 budgets during his tenure as finance minister from 1959 to 1964, and 4 budgets between 1967 and 1969.
Former finance ministers P Chidambaram and Pranab Mukherjee had presented nine and eight budgets, respectively, under different prime ministers.
Sitharaman, however, will continue to hold the record of presenting the maximum number of budgets on the trot – eight straight budgets under Prime Min
She was in 2019 appointed as India’s first full-time woman finance minister when Prime Minister Modi won a decisive second term. After Modi came back to power in 2024 for the third time, Sitharaman continued to retain her finance portfolio.
Here are some facts related to the Budget presentation in independent India.
FIRST BUDGET: The first-ever Union Budget of independent India was presented on November 26, 1947, by the nation’s first finance minister R K Shanmukham Chetty.
MAXIMUM NUMBER OF BUDGETS: Former Prime Minister Morarji Desai holds the record for presenting the maximum number of 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, full budgets in the following two years and 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.
SECOND HIGHEST NUMBER OF BUDGETS: 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 Highlights
8 No income tax will be levied up to Rs 12 lakh under the new tax regime
8 New classification criteria for MSMEs, a modified ‘Udaan’ scheme, focused on
promoting footwear and leather sectors.
8 Additional 75,000 medical seats in the next five years.
8 Kisan Credit Card limit increased to ₹ 5 lakh.
8 PM Dhan-Dhanya Yojana announced.
8 TDS and TCS will be reduced, which will leave more money in the hands of people.
TDS deducted on salary will be reduced.
8 Exemption on rent will also be increased from 2.5 lakh to 6 lakh.
8 TCS will now be deducted only from those without PAN.
8 Facility of updated return has also been provided, which will benefit 90 lakh
taxpayers.
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.
THIRD HIGHEST NUMBER OF BUDGETS: 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.
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.
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.
SHORTEST BUDGET SPEECH: Hirubhai Mulljibhai Patel’s interim Budget speech in 1977 is so far the shortest at just 800 words.
TIMING: The Budget was traditionally 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 Sinha in the Atal Bihari Vajpayee government presented the budget at 11 am.
Since then budgets are presented at 11 am.
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.
Presenting the Budget on February 28 meant that the implementation could not start before May/June after accounting for 2-3 months of the parliamentary approval process. |
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