Union Budget 2024 Nirmala Sitharaman to Break Morarji Desai Record
New Delhi: On Tuesday, Union Finance Minister Nirmala Sitharaman will make history by presenting her seventh Union Budget in Parliament, surpassing the previous record held by former finance minister Morarji Desai, who presented six budgets. Sitharaman’s milestone marks a significant moment in India’s fiscal history and underscores her pivotal role in shaping the nation’s economic policies.
Union Budget 2024 Nirmala Sitharaman to Break Morarji Desai Record
Historical Context and Evolution of the Budget
The tradition of presenting the Union Budget dates back to post-independence India, with the first budget being unveiled by then finance minister RK Shanmugam Chetty on November 26, 1947. This initial budget accounted for a total expenditure of ₹197.1 crore. Fast forward to the last financial year, and the budget had expanded to a staggering ₹47.65 lakh crore, reflecting the economic growth and increased governmental responsibilities over the decades.
Changes in Budget Presentation Timing
The timing of the budget presentation has evolved over the years. Initially, the budget was presented at 5 pm, a practice rooted in colonial times to synchronize with the working hours of the British Parliament. However, in 1999, then finance minister Yashwant Sinha shifted the presentation time to 11 am, a change that has been maintained ever since. This adjustment was aimed at providing legislators ample time during the day to digest and debate the budgetary proposals.
Union Budget 2024 Nirmala Sitharaman to Break Morarji Desai Record
Prime Ministers as Budget Presenters
While the finance minister traditionally presents the budget, there have been notable exceptions where the Prime Minister has stepped in to present the budget due to special circumstances. According to data from the Lok Sabha secretariat, India’s first Prime Minister, Jawaharlal Nehru, presented the budget for the financial year 1958-59 while temporarily handling the finance portfolio. Similarly, Prime Minister Indira Gandhi presented the budget for FY1969-70 following the resignation of finance minister Morarji Desai. More recently, in 2019, due to the ill health of finance minister Arun Jaitley, his colleague minister Piyush Goyal presented the budget.
Merging of the Railway Budget
In a significant reform, the separate budget for the Railways was merged with the general budget in 2017. This merger aimed to streamline the budgetary process and reflect a more unified approach to national financial planning. The Railways, being a vital component of India’s infrastructure and economic framework, now falls under the broader ambit of the general budget.
Parliamentary Process of Budget Approval
The budget presentation in the Lok Sabha is followed by detailed discussions and debates. After the finance minister presents the budget in the Lower House, the budget papers are also tabled in the Rajya Sabha. However, it’s crucial to note that the Upper House does not have jurisdiction to approve or disapprove the budget. Instead, the Rajya Sabha engages in discussions and subsequently refers the budget back to the Lok Sabha.
The Lok Sabha then delves into ministry-specific allocations, known as the Demand for Grants. These debates are crucial for scrutinizing the proposed expenditures of different ministries. At the conclusion of these discussions, all demands are collectively passed through a process called Guillotine, which effectively approves the budget.
Conclusion
Nirmala Sitharaman’s upcoming budget presentation is more than just a fiscal exercise; it is a testament to her enduring influence and the evolving nature of India’s economic governance. As she steps into the annals of history with her seventh budget, the nation watches closely, eager to see the financial blueprint that will guide India’s economic trajectory in the coming year.
Also read: Union Budget 2024: Sitharaman’s Seventh Budget to Shape India’s Economic Future