Toady Our finance Minister Nirmala Sitaraman presented the budget. Let’s know some interesting facts about Indian budget. In last <70 years some events had been registered in history.

Before Independence the first budget was introduced for the first time in India on April 7, 1860, by the East India Company to the British crown, by James Wilson.

The first budget for the union of India was presented on November 26, 1947, by the first Finance Minister RK Shanukham Chetty. But actually it was review of economy and no new taxes were promoted. Nearly half of this [46 percent] or Rs 92,74 crore was allocated for Defence services department.

Till 1955, the budget was presented only in English, however from 1955 -56, the budget documents are printed both in English and Hindi.

JawaharLal Nehru was the first Prime Minister to present the Union Budget in 1958. Other than him, Indira Gandhi and Rajiv Gandhi were the only PMs to have presented the Union Budget in their respective terms.

Morarji Desai, the former Finance Minister of India, has presented the budget a record 10 times. Nirmala Sitaraman is our first woman Finance Minister, Indira Gandhi was the first woman {as a PM} to present our budget for 1970 – 71.

Budget presented in the year 1973-74 was known as the ‘BLACK BUDGET’ due to high Budget deficit of Rs 550 crore at that time, the then FM Yashwantrao B Chavan.

Now comes the budget of 1991, as we all know it totally changed the direction of our country, presented by Manmohan Singh, known as “The Epochal Budget.” India became a free economy.

P Chidambaram 1997-98 budget was termed as “DREAM BUDGET” for lowering tax rates.

The budget presented in the year 2000 by Yashwant Sinha is termed as “THE MILLENIUM BUDGET.” It is said to revolutionised India’s Information Technology {IT} sector. In 2001, NDA Finance Minister, changed the time of budget presentation from 5pm to 11am.

From 2017, the budget has been presented on February {earlier it was March}following the changes introduced by the then Finance Minister Arun Jaitley. Also the Rail Budget was merged with the Union Budget.



 

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