On February 1, 2025, Finance Minister Nirmala Sitharaman will etch her name into history by presenting her eighth consecutive Union Budget for India. This momentous occasion will bring her closer to the all-time record for the most budgets presented by any finance minister. However, the real significance lies not just in the record but in the substance of the budget, expected to address India’s economic challenges, ease the burden on the middle class, and keep fiscal prudence at the core. Sitharaman’s impressive tenure, under Prime Minister Narendra Modi, will continue its legacy with this upcoming budget, and it’s shaping up to be another defining moment for the country.
A New Record in the Making
Sitharaman’s upcoming budget presentation will set a new milestone as the longest-serving finance minister in India’s independent history to present consecutive budgets. By delivering her eighth budget, she is poised to surpass her predecessors in a remarkable feat of consistency and tenure. This comes as India is grappling with economic challenges, including slowing growth, high inflation, and stagnant wage growth. Sitharaman’s budget is widely expected to include measures to support growth, provide relief to the middle class, and maintain a balance in fiscal management.
Her journey began in 2019 when she became India’s first full-time woman finance minister after Prime Minister Modi’s decisive electoral victory. Since then, she has continued to serve in this crucial role, having presented seven budgets so far, including an interim budget in February 2024.
A Look at the Previous Record Holders
The record for the most Union Budgets presented belongs to former Prime Minister Morarji Desai. He presented a total of 10 budgets during his tenure as finance minister. Desai, who served under Prime Minister Jawaharlal Nehru and later under Prime Minister Lal Bahadur Shastri, had an extensive career spanning several decades. His budgetary legacy began with the presentation of his first budget on February 28, 1959, and continued over various years, with several interim budgets and full-fledged ones between 1959 and 1969.
Following Desai, former finance ministers P. Chidambaram and Pranab Mukherjee made their marks with nine and eight budgets, respectively. Chidambaram, known for his economic acumen, presented budgets under different governments, while Mukherjee played a pivotal role during the Congress-led UPA government.
Sitharaman’s achievement of presenting eight straight budgets will make her the leader in this specific category, surpassing both Chidambaram and Mukherjee in terms of consecutive budget presentations. The fact that she has managed to navigate India’s evolving economic landscape while retaining her position throughout Modi’s tenure is a testament to her political and economic leadership.
Historical Significance of Budget Presentations
India’s budget presentations have evolved significantly since the first one was presented on November 26, 1947, by Finance Minister RK Shanmukham Chetty. Over the decades, the practice of presenting the budget has grown in importance, with each finance minister leaving their imprint.
Sitharaman also holds the record for delivering the longest budget speech. In 2020, her presentation stretched for an impressive two hours and 40 minutes. On the other hand, the shortest speech on record was delivered by Hirubhai Mulljibhai Patel in 1977, at just 800 words. These speeches reflect the growing complexity and scope of the budget, which has transformed into a key economic blueprint for the nation.
Evolution of the Budgeting Process
The timing and date of budget presentations have undergone significant changes in India. Traditionally, the budget was presented at 5 PM on the last day of February. This timing aligned with the British colonial practice, allowing announcements to coincide with the same time in London. However, this changed in 1999 when Finance Minister Yashwant Sinha presented the budget at 11 AM. More recently, in 2017, the presentation date was shifted to February 1 to expedite the parliamentary approval process, enabling the government to implement the budget from the beginning of the fiscal year on April 1.
Nirmala Sitharaman’s record-breaking eighth consecutive budget is a historic event that not only underscores her role as a significant figure in India’s financial leadership but also highlights the ongoing evolution of India’s economic policies. As she prepares to deliver this budget, her focus is expected to be on boosting economic growth, offering relief to the middle class, and balancing fiscal discipline. With her leadership, the Union Budget continues to be a vital tool for shaping India’s economic future, and her legacy in this domain will be remembered for years to come.
(With inputs from agencies)
