Saturday, October 1, 2022

Interesting Fact About Budget Of India

Interesting Fact About Budget Of India – The Budget of India will be presented in the Parliament by the Finance Minister in March. The common man keeps high expectations regarding the budget that what will be the cost and what will be expensive in this budget, whether there will be exemption in income tax or not. India is a very big country, whose budget preparation is not a small matter, but still, the officers and employees who prepare the budget perform this task very well. By the way, the thinking of the ruling party regarding the budget is how to fulfill the promises made to the common man during the elections. Today we are going to tell you some interesting things related to the budget that you hardly know. Let’s know about them

Interesting facts related to the general budget of India

1-Budget is derived from a French word ‘bougat’ which means leather bag. As per tradition, even today, the Indian Finance Minister carries the budget papers in a leather briefcase.

2-India’s first budget was presented on 7 April 1960, which was presented to the Queen of Britain by Finance Member James Wilson. The Council of India acted as an adviser to the Viceroy.

3- Rail transport is a very important part of the Indian economy, that is why till the last 92 years, the rail budget was presented separately from the general budget, but last year the NDA government merged the railway budget with the general budget. It is no longer offered separately.

4- The first budget of independent India was given by R.K. Shanmukham Chetty on 26 November 1947. This day is also celebrated as Constitution Day because some important provisions of the Constitution came into force on this day, whereas on 26 January 1950, the entire Constitution came into force. No new tax was imposed in this first budget.

5- The Finance Minister presents the budget, but while the Prime Minister, Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi presented the budget.

A total of 86 budgets were presented in independent India till the year 2016-17.

7-Out of the 25 finance ministers in the country so far, 11 have been such ministers who have a degree in law. The current Finance Minister Arun Jaitley is also included in this list.

8- At the time of presenting the budget in Parliament, the Finance Minister first reads some papers. The pudding ceremony is performed before the printing of these papers starts. The interesting thing about this pudding ceremony is that the finance minister himself prepares this pudding. Which is distributed among all the officers who prepare the budget.

9-The day on which the budget will be presented, all these things are decided by the President. The entire budget is divided into two parts, in which the first part is the economic survey and the second part is related to tax issues.

10- The Finance Minister who presented the highest budget in India is Morarji Desai, who has presented the country’s budget about 10 times. Along with this, he presented the budget twice on February 29, his birthday.

After the establishment of the Indian Republic, the first budget was presented by Jan Mathai on 28 February 1950.

In this budget of 12-28 February 1950, the establishment of the Planning Commission was described.

13-CD Deshmukh was the first governor of the Reserve Bank as well as being the Finance Minister.

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