In this article, we mention the Top 10 Interesting Facts about Indian Budget. The Article 112 of Indian Constitution says the Central Budget of India is the Annual Financial Statement of the Country. The Budget shows the Annual Expenditure of our country. This budget also includes the expenses of various government projects for the common people. So, In this article, we are going to show you the Top 10 Interesting Facts about Indian Budget. So, Let’s start.
Top 10 Interesting Facts about Indian Budget
Origin of the Word Budget
The Origin of the Term Budget derives from the word Bulga. The word Bulga means the Leather Bag. After that, people refer it by a French word i.e. Boogate. Lastly, People calls it by the English Word Budget.
When Does the Budget First Open in India?
James Wilson presents the First Budget of India on 18-02-1860. He is basically known as the Founder of Indian Budget. The Financial Year of India was Started back in 1867. This Fiscal Year Starts from April 1 to March 31.
First Budget of Independent India
RK Shanmukham Chetty presents the first Budget of Independent India. He presents this budget on 26 November 1947. However, John Mathai presents the First Budget of the Republic of India on 28 February 1950. Shanmukham Chetty is the person who uses the term interim for the first time in the Budget of the Year 1948-49.
Printing of Budget
Initially, the Budget Paper was printed in the Rashtrapati Bhawan. However, Due to the paper leak in 1950 authority prints it in a security press near Minto Road. Initially, the Budget was printed in English Language but after 1955, the authority also prints it in the Hindi Language. The Authority adds the Scheme to Expose the Black Money in Budget, for the first time, in the Year 1955.
Confidentiality of Budget
Hey, Let me tell you an Interesting thing here. Do you know? In the Finance Ministry, there is a Ritual to eat Halwa before printing the Budget. After Playing this Ritual and until the Completion of presenting the Budget, not a single person from this community get contact from the outside Person. In fact, this time they don’t contact their family also. Even that to maintain the confidentiality of budget the authority also assembles the Powerful Mobile Jammer in the Premises.
Prime Minister Presents the Budget
In 1958-59, Prime Minister Jawahar Lal Nehru First presents the Budget. Moreover, that time Finance Ministry is under him. After this action, he became the first Prime Minister of India who presents the Budget. After Him, His Daughter Indra Gandhi and further his Grandson Rajiv Gandhi presents the Budget. Both of them are also Prime Ministers of India at the time when they present the Budget.
First Women Finance Minister of India
In 1970, Indra Gandhi Presents the Budget as the First Women Finance Minister of India. That time, she was Prime Minister of India as well the Finance Ministry is also under her. She is the First Women in the history of India who presents the Common Budget.
Highest Budget Presentation Record
Till Now, Morarji Deshai presents the Budget, highest (10 Times). Moreover, He does because he was 6 times the Finance Minister of India and 4 times the Deputy Prime Minister of India. This includes 2 Interim Budget also. He is the only Finance Minister who presents the Budget twice on his Birthday. Let me tell you the Interesting thing, Morarji Deshai Birthday is on 29th February. Former President Pranab Mukherji also presents the Budget 7 times as a Finance Minister.
Budget Presentation Time Changes
Until 2000, According to the English Rituals, the Budgets presentation time was 5 PM. But, In the year 2001, Prime Minister Atal Bihari Vajpayee, change this ritual as changing the Presentation time to 11 am. The Finance Minister, Yashwant Sinha presents the Budget for the First time on 11 am.
Budget Presentation Date Changes
Before 2017, the budget presents in the Last Working days of February. However, From 2017, the authority presents the Budget before the last working days of February, maybe on 1 February.
So, Do let us know in the comment section below, whether or not you like our list of Top 10 Interesting Facts about Indian Budget.
Read also: Top 12 Things to Know About SC-ST Act 1989