Budget : Interesting Facts

Source : Zeenews

Zee Research Group has compiled a list of lesser known Budget facts. The list goes as follows:

– The word Budget was derived from the Middle English bowgette, which came from Middle French bougette, which in turn is a diminutive of bouge, meaning a leather bag.

– Indian budget is presented in Parliament on a date fixed by the President. The Budget speech of the finance minister is usually divided in two parts. Part A deals with general economic survey of the country while Part B relates to taxation proposals.

– The employees printing the Budget papers are kept in complete isolation (quarantine) in the Finance Ministry for one week before the Budget.

– Finance Minister presents the annual Union Budget in the Parliament usually on the last working day of February.

– The Budget is the most extensive account of the Government finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. It also contains estimates for the next fiscal year called budgeted estimates.

– Budget was first introduced in India on 7th April, 1860 from East-India Company to British Crown.

– The first Finance Member, who presented the Budget in India, was James Wilson on 7th April, 1860.

– After Independence, India’s first Finance Minister R.K. Shanmukham Chetty, presented the first Budget at 5 pm on 26th November, 1947.

– Independent India’s First Budget spanned a period of just 7-1/2 months from August 15, 1947 to March 31, 1948.

– The word “Interim Budget” was for the first time introduced by R.K. Shanmukham Chetty in his budget speech for 1948-49. From then onwards an interim budget began to mean a budget for a short period.

– The first Budget of the Republic of India was presented by John Mathai on February 28, 1950.

– Budget papers began to be prepared in Hindi also from 1955-56.

– Morarji Desai has presented the maximum number of budgets so far- ten. They included five annual and one interim budget in the second tenure when he was both Finance Minister and Deputy Prime Minister.

– The 1965-66 budgets contained the first disclosure scheme for black money.

– Budget of 1973-74 is known for ‘Black Budget’ in India. During this year budget deficit in 1973-74 was Rs 550 crore.

– Morarji Desai was the only Finance Minister to present two budgets on his birthday – in 1964 and 1968 on February 29.

– Indira Gandhi was only woman Finance Minister who took over the Finance portfolio from 1970 to 1971.

– V.P. Singh as finance minister dwelt excessively on concessions for poor. In his 1986 budget he proposed railway porters, bank loans with a subsidy for rickshaw pullers, cobblers and setting up of a small industries development bank, an accident insurance scheme for municipal sweepers.

– Jawaharlal Lal Nehru, Indira and Rajiv Gandhi have presented the budget while serving as the Prime Minister of India.

– Manmohan Singh during his speech for the 1992-93 Budget, said, “It is said that child is the father of the man, but some of our taxpayers have converted children into tax shelters for their fathers.”

– Yashwant Sinha began the new timing of budget speech by presenting the budget from 2001 at 11:00 am.

– Schemes like National Rural Health Mission, Gender Budget and NREGA were announced first time in budget of 2005-06.

– Pranab Mukherjee presented the budget for 2012-13 on March, 16 2012. He has now joined the league of P Chidambaram, Yashwant Sinha, Y B Chavan and C D Deshmukh who have presented 7 full budgets each.

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