Union Budget: Traditions and Historical Highlights
The first budget after independence was presented by RK Shanmukham Chetty in 1947. Since 2017, it has been presented on February 1st. The practice of presenting the budget at 5 PM was changed to 11 AM from 1999 onwards. The 'Halwa ceremony' marks the beginning of the budget printing process, followed by a 'lock-in' period. This means that officials have no contact with the outside world. Since 2019, a red bag has replaced the briefcase.
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