Union Budget 2026: Briefcases, Bahi Khatas and Blue Sheets — Lesser-Known Traditions Behind India’s Annual Financial Statement

The Union Budget for 2026–27 will be presented in Parliament on February 1, 2026, with Finance Minister Nirmala Sitharaman set to deliver her ninth consecutive Budget speech. As policymakers, economists, and citizens await key announcements that will shape the coming financial year, the annual exercise also brings attention to the rich institutional history and traditions that have evolved around India’s Budget-making process.

Beyond figures and fiscal priorities, the Union Budget reflects decades of procedural changes, symbolic practices, and administrative customs. From shifts in timing to the guarded preparation process inside North Block, the Budget’s journey offers several lesser-known insights into how India’s most important financial document is crafted and presented.

From Colonial Timings to Indian Work Hours

For decades after Independence, the Union Budget was presented at 5 pm on the last working day of February. This timing was a colonial legacy, aligned with the working hours of officials in the United Kingdom, who once oversaw India’s financial affairs.

The practice changed in 1999, when then Finance Minister Yashwant Sinha advanced the presentation to 11 am, allowing Indian policymakers and markets to respond to Budget proposals within the same working day. This shift marked a symbolic and practical move away from colonial-era conventions.

Another significant change came in 2017, when the Budget date was moved from the end of February to February 1. The adjustment was aimed at ensuring that Budget approvals and allocations could be finalised well before the new financial year begins on April 1, enabling smoother implementation of government programmes.

The Evolution from Briefcase to Bahi Khata

For more than seven decades, the Union Budget documents were carried to Parliament in a red briefcase, echoing a tradition followed in several other countries. The image became an enduring symbol of Budget Day.

In 2019, this convention changed when Finance Minister Nirmala Sitharaman replaced the briefcase with a bahi khata, a traditional ledger commonly used by Indian accountants and traders. The move was widely seen as an effort to reflect indigenous practices while retaining the ceremonial importance of Budget presentation.

During the COVID-19 pandemic in 2021, the Budget went largely paperless for the first time, with documents presented in digital form. Even then, the bahi khata design was retained to carry a tablet, blending tradition with technology.

Budget Speeches: Long, Short, and Historic

Union Budget speeches have varied significantly in length over the years. The longest Budget speech by duration was delivered by Nirmala Sitharaman in 2020, lasting two hours and forty-two minutes, before she concluded due to physical exhaustion.

In terms of word count, the record belongs to former Finance Minister Manmohan Singh, whose landmark 1991 Budget speech, delivered during a period of economic crisis and reform, ran to over 18,000 words.

At the other end of the spectrum, the shortest Budget speech was delivered by Morarji Desai in 1977, consisting of roughly 800 words, reflecting a more concise parliamentary style of the time.

The Halwa Ceremony and the ‘Lock-In’ Tradition

One of the most distinctive rituals associated with the Union Budget is the halwa ceremony, held at the Budget Press in North Block days before the presentation. During the ceremony, the Finance Minister stirs and serves halwa, a traditional Indian dessert, to officials involved in Budget preparation as a gesture of appreciation.

The event also marks the beginning of the “lock-in” period, during which officials working on the Budget remain isolated from the outside world. Communication with family members and the media is restricted to maintain confidentiality until the Budget is presented in Parliament.

The Secretive ‘Blue Sheet’

Among the most closely guarded documents in North Block is the so-called “blue sheet”. Traditionally colour-coded in blue, this internal document provides a concise overview of all key Budget calculations and projections.

The blue sheet serves as a quick reference guide to the extensive financial statement and is treated with extreme confidentiality. Its finalisation signals that the Budget is complete and triggers the formal lock-in process. Even the Finance Minister is not permitted to remove this document from the premises.

Awaiting Budget Day 2026

The Union Budget 2026–27 will be unveiled against a backdrop of global economic uncertainty, domestic growth expectations, and demands across sectors. While public attention will focus on tax proposals, spending priorities, and fiscal targets, the enduring traditions behind the Budget continue to highlight the complexity and discipline involved in preparing India’s most consequential policy document.

As Parliament convenes on February 1, the Budget will once again combine numbers with history, marking another chapter in the evolution of India’s economic governance.