Union Finance Minister Nirmala Sitharaman is set to present the union budget 2026-27 on Sunday, February 1, 2026, in Parliament. The session, which commenced on January 28, will conclude on January 13, and is expected to feature significant economic policy announcements. This marks Sitharaman’s ninth consecutive budget presentation, establishing a new record and bringing her closer to the all-time record of 10 budgets presented by former Prime Minister Morarji Desai.
The tradition of annual budget presentations in India dates back to 1921, when the first budget was introduced during the inaugural session of the Central Legislative Assembly. In independent India, the Union Budget was traditionally presented on the last working day of February. This colonial-era practice was discontinued in 2017 when then finance minister Arun Jaitley moved the presentation date to February 1, which has since become standard practice. Another notable change occurred in 1999, when the budget presentation time was shifted from 5 pm to 11 am.
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Origins of the Budget Tradition
The term “budget” originates from the French word “Bougette,” meaning leather briefcase, which explains the iconic briefcase that finance ministers have traditionally carried to Parliament on budget day. This practice was initiated by the United Kingdom and subsequently adopted by India. The original budget box, a wooden case adorned with the Queen’s monogram embossed in gold, was created in 1860 for then Chancellor William Ewart Gladstone. While the UK continues to use the red Gladstone bag, India has not designated any specific color for the briefcase.
Independent India’s First Budget
RK Shanmukham Chetty, India’s first finance minister, presented the inaugural Union Budget of independent India on November 26, 1947. Notably, Chetty was not affiliated with the Congress party but was an industrialist and former diwan of Cochin state. He upheld the traditional practice of carrying the signature briefcase for the budget presentation in Parliament.
First Unified Budget
John Mathai, who succeeded Shanmukham Chetty as finance minister, presented the first united-India budget in 1949-50. Breaking from convention, Mathai chose not to read out the budget but instead distributed papers containing budget details, making the information more accessible to parliamentarians.
Record-Holders in Budget Presentations
Former finance minister Morarji Desai holds the record for the maximum number of budget presentations by any finance minister in the country, having presented 10 budgets between 1959 and 1969.
Former finance minister P Chidambaram has also presented nine Union budgets, with his first presentation occurring on March 19, 1996, during the United Front government under Prime Minister HD Deve Gowda.
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Pranab Mukherjee ranks third with eight budget presentations. Yashwant Sinha, Yashwantrao Chavan, and CD Deshmukh have each presented seven budgets, while Manmohan Singh, who later served as prime minister, presented six union budgets.
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