Representative image showing Union Budget.
Credit: iStock Photo
Ahead of the 2024 Lok Sabha elections, Finance Minister Nirmala Sitharaman will introduce the interim budget on February 1.
A 'Mini Budget' is a special-occasion budgetary proposal. It is also called a ‘Mini Budget’ when an interim budget has already been presented in an election year by the outgoing government and the new government presents another in the same year.
The first Mini Budget in the India's history was presented on November 30, 1956.
Who presented the first Mini Budget
India's fourth Finance Minister, T T Krishnamachari presented the first Mini Budget in former Prime Minister Jawaharlal Nehru's government.
Preceded by C D Deshmukh, Krishnamachari, in a 5000-word long speech through finance bills, announced new taxation proposals in a special-occasion budgetary proposal aimed at dealing with an economy plagued with rising inflation and dipping forex reserves.
However, in Februrary 1958, he had to resign after the one-man Justice Chagla Commission found him guilty of corruption.
Nehru stepped in after his resignation to take over the Finance portfolio and in the absence of a finance minister; Nehru went on to present the Budget of 1958-59.
Krishnamachari was back as the Finance Minister less than a decade later and the second Mini Budget was also presented by him in August 1965.
During his tenure, Krishnamachari presented a total of six budgets, two of which were Mini Budgets.