Nirmala Sitharaman will present the Union Budget for the fiscal year 2023–2044, which will be completed tomorrow. Before the budget, let us tell you a little story about one of the traditions of the budget presentation that is followed the most religiously.
Have you ever noticed that each year, the finance minister poses in front of the parliament while carrying a briefcase? The “Budget box” is another name for this briefcase. The Middle English word “bowgette,” which came from the French word “bougette,” is the source of the word “budget.”
When it was believed that a briefcase was sufficient to store one’s wealth, this custom of carrying one began in the 18th century. During his annual statement, the Chancellor of the Exchequer, also known as Britain’s budget chief, was initially asked to “open the budget.”
In 1860, William E. Gladstone, who was in charge of the budget at the time, handled his papers in a red suitcase with a gold monogram of the Queen. Since then, it has been given to the subsequent finance ministers. The red Gladstone bag from the UK was “officially” retired in 2010 because it had become so worn out.
Even Indian finance ministers are seen posing with a briefcase and now a red pouch (since 2021). This European legacy has been adopted by India. Even though ministers were seen presenting the budget with a variety of bags, there is no tradition in India of passing on the same briefcase or bag.
