Chief Economic Advisor K. Subramanian said that it was a departure from "slavery of western tradition". The red cloth symbolises the 'bahi khaata' traditionally used in every Indian business set-up to maintain accounts.

Sitharaman was seen carrying the red cloth wrapped budget papers that was neatly bound with the auspicious yellow and red ribbon. The Lion Capital shone brightly on top of the bahi khaata, as the first-time Finance Minister walked out of the North Block.

Until now all former Finance Ministers have carried their Budget Document in a hardbound leather briefcase that takes after the parallel British custom -- much like many of India's laws and Parliamentary practices.

Even Piyush Goyal, who presented the Interim Budget in February had carried a briefcase of colour and size of his choice and posed for the iconic photograph outside Finance Ministry and then Parliament building.

She will be present the first budget of Modi2.0 at 11 am today.