Like every year, this year too the budget will be presented in February. Everyone is eagerly waiting for this budget because they want to know what will come out of the Finance Minister's box for which class. However, above all, do you know what the budget means? Where did the word budget come from and why is the budget called budget? Let's know what is the history behind the budget.

What does the word budget mean?

Budget is a popular word, which is derived from the French Latin word bulga. Later this bulga became a baguette and then it became baguette. It means a leather briefcase which is small in size. Earlier the colour of the briefcase used to be brown, but now there have been changes in it. Since independence, to present the budget in the House, the Finance Minister of India used to arrive with the budget related papers in a leather briefcase, but before this the Finance Minister used to get a photoshoot done with his other colleagues. This tradition has been going on since the British era.

There is no mention of budget in the constitutional document

The tradition of presenting the budget is from the British era. On the other hand, if we talk about the Indian Constitution, there is no mention of the budget in it, because it was a tradition of British rule. That is why it was not included in the Constitution.

History of the budget

The budget started in India a long time ago, but the first budget in India was presented in 1860 by Scottish economist James Wilson. However, the first budget of independent India was presented by RK Shanmukham Chetty on 26 November 1947. After this, the budget started in independent India. Before 2001, the budget was presented on the last day of February at 5 pm, but Finance Minister Yashwant Sinha changed the time in 2001. He changed the time of the budget to 11 am. This change helped in making the process more effective.

Disclaimer: This content has been sourced and edited from abplive.com. While we have made modifications for clarity and presentation.