Interesting Facts About Indian Budget – Free PDF Download

• Budget was introduced for the first time in India on April 7, 1860,by the East India Company to the British Crown.

• The first budget for the union of India was presented on November 26, 1947, by the first finance minister RK Shanukham Chetty.
• But actually, it was a review of the economy and no new taxes were proposed.
• Nearly half of this (46 per cent) or Rs 92.74 crore was allocated for defence services
• Till 1955, the Budget was presented only in English. However from 1955-56, the Budget documents are printed both in English and Hindi.

• Jawaharlal Nehru was the first prime minister to present the Union Budget in 1958-59.
• Other than him, Indira Gandhi and Rajiv Gandhi were the only PMs to have presented the Union Budget in their respective terms.

• Morarji Desai, the former Finance Minister of India, has presented the budget a record 10 times.
• Indira Gandhi was the first woman to present the Budget for 1970-71.
• Budget presented in the year 1973-74 was known as the ‘Black Budget’ due to high budget deficit of Rs 550 crore at that time.

• Budget presented by Manmohan Singh in 1991 known as ‘The Epochal Budget’.

• P CHIDAMBARAM’S 1997-98 BUDGET WAS TERMED AS DREAM BUDGET FOR LOWERING TAX RATES.

• The budget presented in the year 2000 by Yashwant Sinha is termed as ‘The Millenium Budget’.
• It is said to have revolutionised India’s Information Technology (IT) sector.

• In 2001, NDA Finance Minister Yashwant Sinha changed the time of budget presentation from 5 pm to 11 am.
• From 2017, the budget has been presented on February 1 following the changes introduced by the then finance minister Arun Jaitley.

• Also the rail budget was merged with the Union Budget.
• Nehru introduced the ‘gift’ tax in 1958-59 Budget to make tax evasion more difficult
• The word infrastructure wasn’t talked about for the first 30 years. It became a topic of discussion only in the 1990s.
• Goods and Services Tax made its debut in the Budget speech of P Chidambaram on February 28, 2006.

Q) In India, deficit financing is used for raising resources for?

1.  Economic development
2.  Redemption of public debt
3.  Adjusting the balance of  payments
4.  Reducing the foreign debt

Budget 2021 – 2022 | Free PDF

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