Interesting Facts to know about the union budget

Union Finance Minister Nirmala Sitharaman will present the budget 2021 on 1st February 2021 at 11 AM. Ahead of the budget representation, the country waits for some consumer-friendly announcements. Here are some interesting facts about the budget, to know about the union budget.

10 Interesting Facts about the Budget

💰 Budget- The word budget is derived from ‘brunette’ which means small beg in french.

💰 First Budget- The First Indian Budget, was presented by James Wilson, a Scottish economist & politician.

💰 First Independent Budget- The First Independent Budget of India, was presented by RK Shanmukhan Chetty on November 2, 1947.

💰 2nd Women- FM Smt. Nirmala Sitharaman is the second woman to have presented a budget. The first was Indira Gandhi in 1970.

💰 Budget Timing- Till the year 2000, the budget was presented at 5PM on the last working day if February. It was only in 2000 that FM Yashwant Sinha changed the practice and budget began to introduced at 11AM.

💰 Longest Speech Ever- The longest budget speech was delivered by the FM Arun Jaitley in 2014, it was two and a half hours long and include a 5-minute break.

💰 Black Budget- Budget of 1973-74 is known as the ‘Black Budget’ in India. During the year, the budget deficit was Rs. 550 Crore.

💰 GST Introduction- Goods and Service Tax made its debut in the budget speech of P. Chidambaram on February 28, 2006. The idea of having a single unified tax regime was first, suggested by P. Chidambaram under the UPA-II regime.

💰 Budget Language- Until 1955, the union budget was presented in English. After that year, the congress-led government decided to print the budget in both English and Hindi.

💰 Single Budget- Railway and Union Budget was presented separately till 2017 after which they merged into a single presentation.

Also Read-

🎯 10 Important Deadlines for 1st Quarter of 2021

🎯 Banks will remain shut on these days in 2021

The above are the 10 interesting facts about the Indian Budget, if you also have one please share with us by commenting on this article. Thanks

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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