ï®â€†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.
ï®â€†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.
ï®â€†The employees printing the Budget papers are kept in complete isolation (quarantine) in the Finance Ministry for one week before the Budget
ï®â€†Finance Minister presents the annual Union Budget in the Parliament usually on the last working day of February
ï®â€†The Budget is the most extensive account of 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.
ï®â€†The ministry of finance, planning commission, administrative ministries and the comptroller and auditor general are the main players in the declaration of the Union Budget.
ï®â€†Budget was first introduced in India on April 7, 1860 from East-India Company to British crown
ï®â€†The first finance member, who presented the Budget in India, was James Wilson on April 7, 1860
ï®â€†The precedent for the convention of the budget speech started at 5pm was set by Sir Basil Blackett in 1924. According to him, this was done to give some relief to officials who worked all night to present a financial statement.
ï®â€†After Independence, India’s first finance minister RK Shanmukham Chetty, presented the first budget at 5 pm on November 26, 1947. But actually, it was a review of the economy and no new taxes were proposed as the budget day for 1948-49 was just 95 days away. And from then onwards, an interim budget meant a budget for a short period of time.
ï®â€†Independent India’s first budget spanned a period of just 7-1/2 months from August 15, 1947 to March 31, 1948
ï®â€†The word “Interim Budget” was for the first time introduced by RK Shanmukham Chetty in his budget speech for 1948-49. From then onwards an interim budget began to mean a budget for a short period
ï®â€†The first Budget of the Republic of India was presented by John Mathai on February 28, 1950
ï®â€†Planning Commission came into existence while presenting the budget for 1950-51, the first budget for the Republic of India
ï®â€†CD Deshmukh, the first Indian Governor of the Reserve Bank of India as well as the Finance Minister, presented an interim budget for 1951-52
ï®â€†Budget papers began to be prepared in Hindi also from 1955-56
ï®â€†Jawaharlal Lal Nehru was the first prime minister to present the budget when he held the union finance minister portfolio in 1958-59
ï®â€†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.
ï®â€†Indira Gandhi was the only woman finance minister who took over the Finance portfolio from 1970 to 1971
ï®â€†VP 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
ï®â€†Until year 2000, the Union Budget was announced at 5 pm on the last working day of February. Yashwant Sinha began the new timing of budget speech by presenting the budget from 2001 at 11:00 am
ï®â€†Till 2016 budget was presented on the last working day of February, but the present Finance Minister Arun Jaitley changed that tradition in 2017, the budget was presented on February 1
ï®â€†The ‘halwa ceremony’ happens every year, 10 days before the budget where the ministry staff treat themselves with halwa and get ready for the budget
ï®â€†After the ‘halwa’ ceremony, the officials of the ministry remain in the North Block. The budget related work is performed in full secrecy. The traditional significance is that a sweet should be eaten before the beginning of an important work
ï®â€†In 2016, for the first time in 92 years, the general budget and the railway budget were clubbed and presented as one and this tradition is to continue now
