Jawaharlal Nehru was the first Prime Minister to present the union budget when he simultaneously held the post of finance minister in 1958-1959.

The Union Budget of India is presented on the first day of February by the Finance minister of India in parliament. The union budget is also referred to as the annual financial statement in the article 112 of the Constitution of India. It is also termed as the annual budget of the Republic of India. Till 2016 the budget was presented on the last day of February but after 2016 it was decided that the budget will be presented on the first day of February so that it could be materialized before the commencement of the next financial year from April.