How Did Budget Come To India: The country’s general budget means the financial account of the country. Every year in India, the budget is present on February 1. And only a week is left for the presentation of Budget 2022. But do you know about the history of the budget? We are giving you answers to all the important questions like the origin of the word budget, where did this practice start, and when did it India come?
Origin of the word budget
The word budget is derived from the Latin word Bougette of the French language, which means leather bag. The French word bouget originated from Bougette. After this, the English word Boget came into existence, and this was the origin of the word budget. That’s why earlier the budget was brought in a leather bag.
Budget practice started in the 1850s
The practice of budgeting began in Great Britain in the 1850s when William Gladstone was Chancellor of the Exchequer from 1852 to 55. Gladstone later became prime minister as well. In Britain, this practice came to be known as the Hindustani word budget curtain. From the time of Gladstone, it became a regular practice that no part of the Chancellor’s budget was leaked before it was read.
India’s first budget during the British period
The general budget is, in fact, an account of the country’s income and expenditure for the year given by the government. Britain introduced it. The budget was presented for the first time in India on 7 April 1860 during the British period. James Wilson, the Finance Minister in the British Government, presented this budget.
Independent India’s first general budget
When was the first Union Budget of independent India presented? This question remains in the mind of almost everyone. So let us know that the first Finance Minister of India, RK Shanmukham Chetty, presented it on 26 November 1947. Let us tell you that Chetty was born in 1892. He was a lawyer, politician, and economist.
This finance minister could not present the budget
KC Niyogi was the only Finance Minister of India, who did not present a single budget even while in this position. He was the Finance Minister in 1948 for 35 days. The first budget after the establishment of the Indian Republic was presented by Jan Mathai on 28 February 1950.
Why is the budget presented only at 11 o’clock?
The budget is now presented at 11 am, although this is not already happening. Earlier, in the British era, the budget was presented at 5 in the evening, so that the officers working on the budget overnight could get some rest. Not only this, till 1955 the budget was published only in English, but from 1955-56 the government started publishing it in Hindi also. In 1999, the timing of presenting the budget was changed to 11 am.
The budget used to come in a red leather bag
In the British era, when the Finance Minister used to give information about the expenditure and income of the government in the Parliament, it was brought in a red leather bag. This was because of the elements associated with its name, and this tradition continued continuously. But the BJP government ended the tradition of red bags. Finance Minister Nirmala Sitharaman started the practice of carrying budget documents in bahi-khata (paper wrapped in the traditional red cloth) in 2019 instead of a leather briefcase.
Follow Seeker Times on Social media for quick updates.