Does India Really Need an Annual Budget?

Another budget. As the cloud settles over the annual financial ritual I can't but help wonder why we still need this relic from the past.
We are no longer a planned economy in the true sense of the term, 5-year Plans not withstanding. And policy changes now cannot wait for the annual acrobatics; they need to be announced to catch the fast-changing economic landscape.
So why do we need annual budget? Frankly I don't know.
But there is serious money in celebration of this annual rite -- for the media. Just as our elections are a way for the media to mint money.
Apart from that I see no need for this exercise. But then, when has India shown that it can break away from the burdens of the past?