10 interesting things related to the budget
1. The first budget of independent India was presented by Finance Minister RK Shanmukham Chetty on 26 November 1947. The first budget of the Republic of India was presented by John Mathai on 28 February 1950.
2. According to the data available on the Department of Economic Affairs website dea.gov.in, the first budget of independent India was for a period of seven and a half months from 15 August 1947 to 31 March 1948.3. Chetty used the word Interim for the first time in the 1948–49 budget. Since then, the term ‘interim’ started to be used for short-term budgets.
4. In India, the financial year that started from April 1 to March 31 began in 1867. Earlier, the financial year was from May 1 to April 30.
5. Indira Gandhi introduced the Union Budget in 1970 as the first woman Finance Minister of India. She was the Prime Minister of the country at that time. He was also in charge of the Finance Ministry.
6. In the first budget of independent India, the budget revenue was targeted at Rs 171.15 crore and the expenditure was Rs 197.29 crore.
7. Till 2000, according to English tradition, the budget was presented at 5 pm. In 2001, the NDA government led by Atal Bihari Vajpayee broke this tradition. Now at 11 am, the tradition of presenting the budget in Parliament was started.
8. Former Prime Minister of the country Morarji Desai presented the budget 10 times at most. He was Finance Minister 6 times and Deputy Prime Minister 4 times.
9. Before the year 2017, the budget was presented on the last working day of the month of February. From the year 2017, it started being introduced on 1 February or the first working day of February.
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10. Earlier, railway and union budgets were presented separately. From the budget of 2017, the Modi government at the center made another experiment by adjusting the railway budget in the general budget. The tradition of presenting the two together was started in 2017.