Budget presentation- What has changed over the years

I vaguely remember my dad coming early from office in the 1990s, to listen to the budget presentation, note down the key tax changes. I would not know what all the fuss was about, until later. But I do remember clearly the silence at home, while he was glued to the TV. In the years to come, he continued pursuing the budget announcements with the same intent, but he would not hold his breath anymore, as more and more TV channels, newspapers and later the digital media ensured quick reporting and diverse opinions. Now he just waits for the key points and insights delivered to his mobile.  

Over the years, traditions surrounding budget presentation have also changed. Let us look at some of them.  

1. From British-era briefcase to Indian ledger (and tablet) 

Earlier tradition: 

• For decades after independence (and during British rule), Finance Ministers carried the Budget documents in a leather briefcase, a practice inherited from British budget customs (linked to the Gladstone Box).  

Shift in 2019: 

• Finance Minister Nirmala Sitharaman replaced the briefcase with a bahi-khata — a traditional Indian accounting ledger. This was widely seen as a symbolic move to break away from colonial trappings and embrace Indian cultural identity.  

Further change in 2021: 

• The Budget moved to a paperless format due largely to digital adoption and the COVID-19 pandemic. Sitharaman presented the Budget using a digital tablet, housed in a bahi-khata-style cover — blending tradition with technology.  

2. Timing and scheduling traditions 

Colonial timing: 

• Historically, the Budget was presented at 5 pm, intended to coincide with morning in the United Kingdom.  

Change in 2001: 

• The time was changed to 11 am by then-FM Yashwant Sinha, reflecting India’s own schedule preferences rather than colonial patterns.  

Date shift: 

• Until the mid-2010s, the Budget was traditionally presented on the last working day of February. Since 2017, it has mostly been held on February 1 (or nearest working day) to allow Parliament time for approval before the new fiscal year.  

3. Halwa ceremony and lock-in practices 

Old halwa tradition: 

• The halwa ceremony — where the Finance Minister and officials prepare and share sweet halwa — has been part of the pre-budget ritual for decades, intended to mark the start of the confidential budget lock-in period. Officials involved in printing and final preparation stay inside North Block to ensure secrecy.  

Changes in recent years: 

• With the advent of paperless budgets, the need for extensive printing and long lock-in durations has reduced. This has shortened the traditional isolation period for staff compared with earlier years when printing massive volumes of paper documents was required.  

COVID-19 effects: 

• During the pandemic, some aspects of the halwa ceremony were scaled down or adapted due to health and safety concerns, though the underlying ritual was retained.  

4. Digital and administrative modernization 

Digital budget App: 

• Beyond just the tablet use, India introduced digital access to Budget documents via mobile apps and online platforms, allowing MPs and the public to access documents without physical copies — a significant shift from decades past.  

Reduced printing: 

• The volume of printed Budget documents has shrunk considerably, especially since 2021, reflecting broader government moves towards sustainability and digital governance.  

Marking a departure from yet another tradition, Budget would be presented on a Sunday this year, for the first time since 2000. Let us briefly look at how Nifty has been affected by budget presentations over the last few years.  

2026’s figures are as of 28 January 2026 

Source: Geojit Research, Bloomberg 

Historically, the pre-budget week for the Nifty50 has been muted to slightly weak, budget day itself is typically rangebound, and the week that follows often sees a drift. During the same period last year, however, the Nifty50 broke this pattern with a 2.9% pre-budget rally, the strongest in the past 15 years. Looking at the last 15 years data, weekend adjacent budgets have shown thinner liquidity (budget day volume ~85% of the prior day vs ~128% on weekdays), a weaker budget day on average (–0.66% vs +0.45%), and a slightly worse one week drift (–1.53% vs –1.39%). This weekend analogy suggests that trading activity could be lower, even though we lack Sunday observations specifically. Either way, traders are likely to go in assuming continuity of policies and incremental reforms. However, this also raises the potential for positive surprises, especially as we are presently on a downtrend.