Those who have been tracking
annual budgets in India over the years would agree that any given news report of a budget is
incomplete if it is not accompanied by a photograph of the smiling & confident finance minister
flashing a red or brown briefcase usually made of leather. When the economy is cheerful, they
extend this tradition by sparing several minutes posing for photo-ops before entering the
Parliament to present the budget. This has been the tradition followed by
Indian Finance Ministers ever since
the first Govt of India was formed under Nehru.
The word Budget is derived from Middle English word (BOWGETTE) which come from BOUGETTE which means a leather bag in French.
How did India develop this
tradition? The simple & straightforward answer to it is that it was derived from the tradition followed in
Great Britain for the past 150 years. After Independence in 1947, India adopted several practices and
systems from the British, and this tradition of posing with a red, leather briefcase before
presenting the budget, is also a tradition adopted from them.
In Great Britain, it is
popularly called “Budget
box” which is actually an obsession among the ministers. On the day of the
budget, as soon as the Chancellor
of the Exchequer (Finance Minister) of the British Govt steps out of
his house, he proudly flashes the budget box to an army of cameramen, signalling
his journey to the parliament to present it.
The earliest usage of the budget box dates back to around 1860,
when William Ewart Gladstone was the Chancellor of the Exchequer in Great
Britain. He was
notorious for presenting very long budget speeches which lasted 5 to 6 hours!!
Since such long budget speeches required lots of files & documents, he felt
the need of a box to organize and carry them to the parliament (House of
commons). A meticulously designed leather box (briefcase) called the “Budget
Box” was presented to him by the Queen for this purpose, and the same budget
box has been presented to successive chancellors, who in
turn have been continuing this tradition of proudly posing and flashing it
during budgets for more than a century.
Recently, it was decided to
retire this 1860 budget box into a museum and it replaced with a shiny, new,
fresh red leather budget box.
In India, the “budget-box” or
“budget-briefcase” is not revered as much as it is done by the Brits and hence successive ministers
have been using different briefcases over the years. However, the tradition of proudly flashing
the leather briefcase for photographers has been followed religiously every year in India. Not just
in India, but even in most of the nations which were part of British colonies, have adopted this
tradition of proudly flashing a leather briefcase on the day of budget.