From England's 1st budget to India's 8th Union budget: Nirmala Sitharaman to present on Feb 1, 2025

World First Budget: The history of budgets dates back to 1760 when England presented the world¡¯s first budget, laying the foundation for modern financial systems. In India, the budget journey began in 1860 under British rule and evolved significantly post-independence. On February 1, 2025, Finance Minister Nirmala Sitharaman will deliver her 8th Union Budget, highlighting economic priorities and reforms for the nation.

World First Budget Highlights

• World's First Budget (England, 1760): England pioneered the concept of annual budgets to plan the government's financial activities.
• India's First Budget (1860): Economist James Wilson presented India¡¯s first budget during British rule.
• Post-Independence Budget (1947): The first budget of independent India was presented by R.K. Shanmukham Chetty on November 26, 1947.
• Nirmala Sitharaman's Legacy: Since 2019, Sitharaman has been delivering Union Budgets, and the upcoming 2025 budget will be her 8th.

World First Budget: Key Dates in Budget History

Union Budget 2025: Key Expectations

As Finance Minister Nirmala Sitharaman gears up to present the Union Budget on February 1, 2025, here are some of the major expectations:

• Relief for the Middle Class: With inflation on the rise, taxpayers are hoping for increased income tax exemptions and benefits.
• Boost for Digital Economy: Continued focus on digital infrastructure and fintech development.
• Support for Startups: Policies to encourage entrepreneurship and innovation.
• Green Initiatives: Allocations for renewable energy projects and sustainability programs.

World First Budget: Interesting Facts About Budgets

• Origin of the Term: The word "budget" is derived from the French term "bougette," which means a small bag or pouch. This reflects the historical practice of carrying financial plans in bags.
• First Modern Government Budget: England was the first country to establish a modern government budget, following the Bill of Rights, which mandated that taxes could not be levied without parliamentary approval.
• Early Budgeting in India: The first budget in India was introduced on April 7, 1860, by James Wilson, who was appointed by the East India Company to present it to the British Crown. This marked the beginning of formal budgeting in India.
• Independent India's First Budget: The first budget of independent India was presented by Finance Minister R.K. Shanmukham Chetty on November 26, 1947, just months after India gained independence.
• Longest Budget Speech: Nirmala Sitharaman holds the record for the longest budget speech in India, delivering a speech that lasted 2 hours and 42 minutes during the Union Budget presentation for 2020-21.
• Budget Printing History: Until 1950, India's budget was printed at Rashtrapati Bhavan, but after a leak, it was moved to a press at Minto Road in New Delhi. A dedicated government press was established in North Block in 1980 for this purpose.
• First Business Budget: General Motors is credited with creating the first business budget in 1922, marking a major development in corporate financial planning.
• Global Adoption: After England's lead, other countries adopted formal budgeting practices at various times, with France establishing its credible budget system in 1817 and the United States following suit with informal budgeting statements as early as 1790.

The Union Budget is not just a financial statement but a reflection of the nation¡¯s priorities and aspirations. From England¡¯s first budget in 1760 to India¡¯s evolving fiscal practices, this tradition has shaped economies worldwide. As Nirmala Sitharaman prepares to deliver the 8th budget of her tenure, all eyes will be on the announcements that could impact millions of Indians.