How did it start? The name ‘Budget’ is also attached to the briefcase. The British Parliament is considered the mother of all parliamentary traditions, so the ‘Budget’ is no exception. In fact, in 1733, when the British Prime Minister and Finance Minister (Chancellor of the Exchequer) Robert Walpole came to Parliament to present an account of the country’s financial condition, he brought his speech and related documents in a leather bag. A leather bag is called a buzette in French. That’s why this tradition first came to be called budget and later on budget. When the Finance Minister reached the House carrying documents in a leather bag to present the annual account, the MP would say – ‘Open the budget, see what is in it’. Or ‘Now Finance Minister open your budget.’ Thus the ‘budget’ The nomenclature got stronger year after year. The British extended this tradition to India as well, which continues even today. After independence India when the primary finance minister RK Shanmukham Chetty presented the allow for the first time on 26 January 1947, he reached Parliament with a leather bag.
The color changed many times over the years, the size of this bag remained almost the same. However, its color has changed several times. When former Prime Minister Manmohan Singh presented the transformative budget in 1991, he had arrived with a black bag.