Thread by @myhistorytales

#Budget2022

A short thread on Budget and it's history 🧵

1) The word 'Budget' is itself derived from the French word 'Bougette' which means a small purse used for carrying coins. Till couple of years ago, the budget document was still printed and carried in a leather briefcase

2) The practice of presenting the Indian Budget was started by James Wilson in 1869 in the parliament in Britain to explain the colony's finances. One of most popular economists of his time, he also started the magazine 'Economist'

3) The Indian Budget was presented after the British Budget was presented - which was around noon. So over years, the Indian budget became an evening affair. Which we continued until 1999 where the budget was presented at 5pm!! Yashwant Sinha broke the tradition in 2000! :)

4) The Halwa ceremony happens one week before the budget where Halwa is prepared in a large Kadai & distributed & the officials are then locked in the basement of the parliament, with no phones, internet or any type of connection to the outside world, not even to their families

5) Many finance ministers have added colour to the budget.

Morarji Desai presented the Union budget for a record 10 times – the most by any Finance minister and was the one who ensured the Budget was a showstopper ceremonial event and not a dull affair!!

6) Manmohan Singh presented the most critical budget in Indian history in 1991 when the Indian economy was brought out its biggest fiscal trouble with several liberalization measures

Heading a minority led government, PV Narasimha Rao & Singh took the boldest measures ever taken

7) P Chidambaram, a multi budget presenter, was famous for including a couplet from 'Thirukural' -famous Tamil Sangam literature work - in all of his speeches that spoke about governance, business etc

Further FMs have continued to use quotes from various literary works since

From being called out in the British Parliament to being presented in All India Radio to being televised and to being covered instantly in Twitter today, the 152 year old Indian Budget has come a long way!! Lets cherish it!

RT if you liked this thread & follow for more! :)