Nirmala Sitharaman’s Historic Budget Presentation
Finance Minister Nirmala Sitharaman is poised to make history as she prepares to present the first full Union Budget of the Modi 3.0 government on February 1, 2025. This will mark her eighth consecutive budget presentation, a remarkable achievement that places her on the brink of breaking the all-time record of ten Union Budgets set by former Prime Minister Morarji Desai. The upcoming budget is anticipated to focus on stimulating economic growth and alleviating the financial burdens faced by the middle class, who are grappling with high taxes and economic pressures.
Sitharaman’s tenure as finance minister has been marked by significant milestones, including her status as the only finance minister to deliver eight consecutive budgets under a single prime minister. Her previous budgets have addressed various economic challenges, and this upcoming presentation is expected to continue that trend.
A Historical Perspective on India’s Budget Journey
India’s journey with the Union Budget began on November 26, 1947, when R.K. Shanmukham Chetty presented the first budget of independent India. This historic moment laid the foundation for the country’s financial planning and economic policies. Traditionally, budgets were presented at 5 PM on the last day of February, a practice rooted in colonial history that allowed for simultaneous announcements in India and London. This timing ensured that the UK received budget details during its working hours, given India’s time zone.
In 1999, the tradition shifted when then Finance Minister Yashwant Sinha moved the budget presentation to 11 AM, a practice that remains in place today. This change aimed to enhance the visibility and impact of the budget announcement. Furthermore, in 2017, the budget presentation date was moved from February 28 to February 1. This shift was designed to streamline the parliamentary approval process and ensure timely implementation of budgetary measures at the start of the new fiscal year on April 1. Prior to this change, delays often pushed the implementation of budgetary provisions into May or June, causing disruptions in financial planning.
Records of Union Budgets in India
Morarji Desai holds the record for the most Union Budgets presented in India’s history, with a total of ten budgets during his time as finance minister. He served under Prime Ministers Jawaharlal Nehru and Lal Bahadur Shastri, presenting six budgets from 1959 to 1964 and four more between 1967 and 1969. Following him, P. Chidambaram ranks second with nine budgets, having presented his first on March 19, 1996, during the United Front government. His tenure included multiple budgets under the Congress-led UPA government from 2004 to 2009.
Pranab Mukherjee, another prominent finance minister, presented eight budgets across different tenures. His contributions spanned from 1982 to 1984 and later from 2009 to 2012. Each of these finance ministers has left a significant mark on India’s economic landscape through their budgetary policies and reforms.
Significant Contributions and Milestones
One of the most notable contributions to India’s economic landscape came from Dr. Manmohan Singh, who served as finance minister from 1991 to 1995. His tenure included five consecutive budgets, with the 1991 budget being particularly historic as it initiated India’s economic liberalization. This pivotal moment transformed India’s economy and set the stage for future growth.
In terms of budget presentations, Nirmala Sitharaman also holds the record for the longest budget speech in India’s history. On February 1, 2020, her speech lasted an impressive 2 hours and 40 minutes, although she had to cut it short with two pages remaining. In contrast, the record for the shortest budget speech belongs to Hirubhai Mulljibhai Patel, who delivered his interim budget in 1977 in just 800 words, making it the briefest in history.
As Nirmala Sitharaman prepares for her upcoming budget presentation, she stands at the intersection of history and progress, ready to address the economic challenges facing India while continuing a legacy of impactful financial governance.
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