The Union Budget of India is more than just an annual financial statement; it’s a significant event that outlines the government's economic plans and priorities for the coming year. While the content of the budget garners much attention, the ceremony itself is steeped in traditions and interesting practices that are less widely known. Here are some fascinating facts about the budget ceremony in India that highlight its unique blend of tradition, protocol, and modernity.

1. The Briefcase Tradition One of the most iconic images associated with the Indian budget is the finance minister carrying a briefcase. This practice, which originated during British rule, symbolises the presentation of financial documents. The briefcase often carries the printed budget documents and is a nod to the "Gladstone box" used in the United Kingdom. This tradition has continued over the years, with finance ministers often seen holding the budget briefcase before presenting the budget in Parliament. Interestingly, in 2019, Finance Minister Nirmala Sitharaman replaced the traditional briefcase with a 'bahi-khata' (a traditional Indian ledger), symbolising a departure from colonial practices and embracing Indian heritage.

2. Budget Printing Process The budget printing process is a highly confidential and secure operation. The printing of budget documents begins about a week before the budget presentation. The entire team involved in the printing process is kept in complete isolation within the North Block, the building that houses the Ministry of Finance. This seclusion is to prevent any leaks of the budget details before the official presentation. The staff, including officials and printers, are not allowed to leave the premises or communicate with the outside world until the finance minister presents the budget in Parliament.

3. Halwa Ceremony The budget process officially kicks off with the 'Halwa Ceremony'. This is a unique tradition where halwa, a popular Indian sweet dish, is prepared in a large quantity and distributed among the staff of the finance ministry. The ceremony is a morale booster and a good luck charm for the team that will be working tirelessly on the budget documents. It signifies the beginning of the printing process and ensures the budget is 'sweet' and successful. The Halwa Ceremony is held in the ministry’s basement press, and it's a tradition that brings a sense of camaraderie and festivity to the otherwise intense process.

4. The Speech Length The budget speech delivered by the finance minister can vary significantly in length. Some speeches have been concise, while others have been notably lengthy. For instance, the budget speech by Manmohan Singh in 1991, which introduced major economic reforms, was one of the shortest at about 90 minutes. On the other hand, Nirmala Sitharaman's 2020 budget speech was the longest in history, lasting over two hours and forty minutes. The length of the speech often reflects the complexity and detail of the financial plans being proposed.

5. Budget Presentation Time Traditionally, the budget was presented at 5 PM on the last working day of February, a practice inherited from the British era. This timing was convenient for British officials who could receive the budget news during their working hours in London. However, in 1999, the then Finance Minister Yashwant Sinha changed the presentation time to 11 AM to align with the Indian workday and make the process more transparent and accessible to the Indian public. This change was aimed at ensuring that the budget was more closely followed and understood by Indian citizens.

6. Economic Survey Precursor A day before the budget presentation, the Economic Survey of India is released. This document reviews the developments in the Indian economy over the past year, summarises the performance on major development programs, and highlights the policy initiatives of the government. It serves as a precursor to the budget and provides valuable insights into the economic context within which the budget is framed. The Economic Survey is authored by the Chief Economic Adviser and is an essential document for understanding the economic policies and priorities of the government.

7. Union Budget Digitization In a move towards modernity and sustainability, the Union Budget 2021-22 was the first to be completely paperless. This initiative was partly driven by the COVID-19 pandemic, which necessitated a shift to digital platforms. All budget documents were made available online, and members of Parliament received digital copies on specially designed tablets. This shift not only reduced the environmental impact but also made the budget more accessible and transparent to the public.

8. Presentation in Two Parts The budget speech is traditionally divided into two parts. The first part deals with the general economic survey and policy proposals, while the second part focuses on taxation and financial regulations. This division helps in structuring the speech in a manner that first addresses the overall economic context and then delves into specific financial measures. It ensures that the audience gets a comprehensive understanding of both the broader economic goals and the detailed financial strategies of the government.

9. Red Cloth Wrapping Before the advent of the briefcase, budget documents were traditionally wrapped in a red cloth. This practice was followed during the pre-independence era and continued for some years post-independence. The red cloth symbolises the official and confidential nature of the documents. Over time, the briefcase replaced the red cloth, aligning with modern practices while maintaining the formality of the presentation.

10. Stock Market Reactions The budget announcement day is a highly anticipated event in the stock markets. The financial measures and economic policies announced in the budget can have significant impacts on market sentiment. Investors keenly follow the budget speech for any policy changes that might affect various sectors and industries. Positive measures can lead to bullish trends, while unfavourable announcements can result in market corrections. The stock market's reaction to the budget is a barometer of its perceived effectiveness and impact on the economy.

Conclusion The Union Budget of India is much more than a financial statement; it is a ceremonial event rich with traditions and protocols that have evolved over time. From the iconic briefcase and the Halwa Ceremony to the digitisation of budget documents, each aspect of the budget presentation has its unique significance. Understanding these lesser-known facts adds a layer of appreciation for the meticulous planning and cultural heritage embedded in the budget ceremony. As we look forward to future budgets, these traditions remind us of the blend of history and modernity that defines India’s economic planning.