NEW DELHI: As anticipation builds ahead of the presentation of the Union Budget 2026–27 on Sunday, attention is once again turning to the government’s tax proposals, spending priorities and fiscal math. The annual Budget is not just an economic exercise but one of the most closely watched economic and policy events in India, shaping everything from household finances to industry sentiment.
However, beyond the figures, lies a fascinating history filled with unusual traditions, colonial-era legacies and Constitutional quirks. Here are some intriguing and lesser-known facts about India’s most important financial statement that go beyond the headlines:
1. 'Budget' isn’t a term in the Constitution
While it is commonly called the "Budget", the word itself does not appear in the Constitution. The Constitution only refers to 'budget" as the “Annual Financial Statement” under Article 112, outlining revenues and expenditures for the coming year.
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Budget 2026 Live Updates2. Budget on Sunday: A first
In a first in recent memory, the Union Budget for 2026-27 is set to be presented on a Sunday, February 1, 2026. Historically, budgets have been presented on working days. In 1999, when the scheduled date of February 28 fell on a Sunday, then Finance Minister Yashwant Sinha presented the Union Budget a day earlier on February 27 (Saturday), although, as per the convention then to present the budget on the last day of February.
Also Read: Income Tax Budget 20263. The first 'Indian budget' predates the Constitution
The concept of a budget in India was introduced under British rule. April 7, 1860 saw the first budget presented by James Wilson of the East India Company to the British Crown, long before Indian independence or the Constitution.
4. Post-Independence first budget
India’s first Union Budget after independence was presented on November 26, 1947 by RK Shanmukham Chetty, with total expenditure of just Rs 197 crore, nearly half of which was spent on defence to stabilise the newly independent nation.
5. The Budget traditionally came in the evening
Up until 1999, the Budget was customarily presented at 5 pm — a colonial-era timing that gave officials working on printing the document the overnight hours to prepare. It was a colonial-era practice that aligned announcements with UK working hours. India’s time zone, our hours and 30 minutes ahead of British Summer Time, ensured the Budget reached London during business hours.
It was in 1999 that then-finance minister Yashwant Sinha, serving under the Atal Bihari Vajpayee government, moved the Budget presentation to 11 am, establishing a convention that remains in place till date.
6. Shift to February 1 from last day of the month
Until 2017, the Budget came on the last day of February. However, in 2017, the presentation date was advanced from February 28 to February 1 to streamline the parliamentary approval process and enable implementation from the start of the new fiscal year on April 1, a practice that still continues.
7. From English only to bilingual documents
During British rule, the Budget and its documents were prepared only in English. In 1955, then-finance minister CD Deshmukh, Hindi was used for the first time alongside English, making the Budget more inclusive for the lawmakers and the public.
8. The symbolic 'bahi khata'
Since 2019, the Budget documents have been carried to Parliament in a traditional “bahi khata” (red ledger) instead of the colonial briefcase, symbolising India’s cultural identity in its fiscal practices. The red cloth folder, embossed with the national emblem, reflects the country's own accounting traditions. Since 2021, it has been used to carry a digital tablet as part of the government’s move to a paperless Budget.
9. Integrated railway budget
Until 2016, India’s Railway Budget was presented separately from the Union Budget, a colonial legacy dating back to 1924. It was merged with the main Union Budget starting in 2017 to streamline fiscal planning. The Modi government’s decision, effective Budget 2017 followed the recommendation of a two-member committee, including Niti Aayog member Bibek Debroy and Kishore Desai.
10. Budget printing
Until 1950, the Union Budget was printed at Rashtrapati Bhavan, but following a leak, printing was shifted to a press on Minto Road in New Delhi. Later, in 1980, a government press was established in North Block, the seat of the Finance Ministry.