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Union Budget 2025: Key historical changes were made in Budget presentations in 1955, 1995 and 2021 to keep them relevant and easy to understand
Budget 2025: Here are the three key changes that redefined Union Budget presentation. (News18 Hindi)
Union Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on Saturday and the 14th budget of the Narendra Modi-led NDA government. The Finance Minister asserted that the government’s development track record of the past 10 years and structural reforms have drawn global attention.
She stated that the government aims to initiate “transformative reforms” across six domains, including taxation and the financial sector, in Union Budget 2025-26. She added that a Viksit Bharat will have zero poverty, quality education, and high-quality, affordable, and comprehensive healthcare. The Budget’s focus, she explained, is to take everyone together on an inclusive growth path.
“… this Budget aims to initiate transformative reforms across six domains during the first five years. These will augment our growth potential and global competitiveness. The domains are taxation, power sector, urban development, mining, financial sector and regulatory reforms… agriculture as the first engine,” Sitharaman said.
She emphasized that the Budget aims to promote inclusive growth for all, outlining development measures across 10 key areas. These include support for the poor, youth, farmers, and women, along with initiatives to boost agricultural growth, enhance productivity, and strengthen rural prosperity and resilience.
Budgets are the blueprint of the economic condition of any country; therefore, their importance becomes incomparable for any economy.
Let us focus on three historical changes related to the Union Budget which gave a new direction to the economy.
The presentation of Budgets should be revised regularly to ensure they remain relevant and accessible to the people they serve. Furthermore, they should reflect the evolving circumstances and priorities of the times.
Change in the Language of the Budget
Until 1955, the Union Budget was presented in English only. However, in 1955-56, the Congress government, led by Finance Minister C.D. Deshmukh, decided to publish the budget documents in both Hindi and English. This bilingual practice has continued as a tradition ever since.
Change In Time of Presentation
Previously, the Union Budget was presented annually on the last working day of February at 5pm, a practice that began during the colonial era to match British Summer Time. In 1999, Finance Minister Yashwant Sinha shifted the presentation to 11am. Subsequently, in 2017, then Finance Minister late Arun Jaitley introduced the custom of presenting the budget on February 1.
This enabled Parliament to approve the Budget faster before the fiscal year ended on March 31. The change allowed the government to implement its plans from April 1, preventing delays caused by the earlier late-February schedule.
First Paperless Budget
In 2021, the Union Budget in India was presented entirely digitally for the first time. This decision was made in response to the Covid-19 pandemic. Nirmala Sitharaman, the current Finance Minister, presented India’s first digital budget.