The Indian budget is an annual financial statement presented by the Finance Minister of India in Parliament, outlining the government's expenditures and revenues for the upcoming financial year.
Traditionally, the Indian budget was presented on the last day of February and was a document that contained only financial details and tax proposals. However, in recent years, the budget has evolved into a broader policy statement that lays out the government's priorities and plans for the year ahead.
In recent years, the Indian budget has focused on boosting economic growth, creating jobs, and improving the standard of living for citizens. This has been done through measures such as reducing corporate tax rates, increasing public spending on infrastructure, and providing subsidies and tax incentives for specific sectors such as agriculture and housing.
The Indian Budget is a crucial document that outlines the government's financial plan for the upcoming fiscal year. It is a comprehensive report that encompasses the government's revenue and expenditure projections and helps in determining the allocation of resources. Over the years, the Indian Budget has gone through several changes and has become an integral part of the Indian economy. In this article, we take a look at some interesting facts about the Indian Budget.
The First Union Budget of Independent India was presented by R.K. Shanmukham Chetty on 26 November 1947. This was a crucial document as India was transitioning from a British colony to an independent nation and the budget was instrumental in laying the foundation of a strong Indian economy.
Before India's independence, the first Indian Budget was presented by James Wilson on February 18, 1869. This was an important milestone in the history of the Indian Budget as it was the first time that India's financial plan was presented to the public.
Moraraji Desai holds the record for presenting the maximum number of budgets as finance minister. He presented 10 budgets between 1962 and 1969.
A surprising fact about the Indian Budget is that until 1955, it used to be published only in English. This limited the accessibility of the document to a select few who were proficient in the English language. However, since then, the budget has been made available in several regional languages, making it accessible to a larger section of the population.
In 1970, Indira Gandhi made history by becoming the first woman to present a budget. She took over the finance portfolio after the resignation of Moraraji Desai. This was a significant event as it marked the entry of women into the male-dominated world of finance.
The budget of 1991, presented by Manmohan Singh, marked the beginning of economic liberalization in India. This was a landmark moment as the government started to undertake reforms aimed at liberalizing the economy and attracting foreign investment. The reforms, coupled with the subsequent liberalization, helped transform the Indian economy and put it on the path of sustained growth.
Until 2000, the budget used to be presented at 5 pm on the last working day of February. In 2001, the time was changed to 11 am to make the presentation more accessible to the public.
In 2017, the financial budget and the rail budget were merged, and the date of the presentation was changed to February 1. This change aimed to bring the two budgets under one roof and to ensure a more coordinated and efficient allocation of resources.
In 2021, Nirmala Sitharaman presented the first "Paperless Budget." This was a major milestone as it marked the transition from traditional paper-based budgets to a more digital and environmentally-friendly format.
GST, one of the biggest reforms in India's indirect tax structure, was introduced by P. Chidambaram in the Budget on 28 February 2006. The introduction of GST was a crucial step towards simplifying the tax system and making it more transparent.
The longest Budget Speech record is held by Nirmala Sitaraman, who delivered a speech lasting 2 hours and 42 minutes in 2020. This speech was the longest in the history of the Indian Budget and marked a significant moment in the country's financial history.
In conclusion, the Indian Budget is a crucial document that outlines the government's financial plan for the upcoming fiscal year. It is a comprehensive report that encompasses the government's revenue and expenditure projections and helps in determining the allocation of resources. The Indian Budget has come a long way since its inception and has undergone several changes over the years. It remains an integral part of the Indian economy and continues to play a crucial role in shaping the country's financial future.
Here are Some Facts of Indian budget: