The Union Budget of India is considered as the annual budget of the Republic India. According to Article 112 of the Constitution of India, it is referred as the Annual Financial Statement. The Budget is presented by the Finance Minister every year and the bill has to be passed by both the Houses of the Parliament before it comes into effect. Interim Budget is known as a short budget which usually presented prior to general elections by the ruling government.
Arun Jaitley is gearing up to present the Budget for 2016-17. In the mean time presenting you 15 Interesting Facts you should know about Union Budget of India.
1. R.K Shanmukham Chetty presented the First Union Budget of Independent India on November 26th, 1947.
2. Generally, the Union Budget of India is presented on the last working day of February.
3. The printing of the Union Budget of India starts with Halwa Ceremony.
4. Moraji Desai is the only Finance Minister to present the Union Budget on his Birthday.
Desai did it in two different years (1964 & 1968). Interestingly, his birthday was on 29th February.
5. Jawaharlal Nehru was the first Prime Minister to present the budget in the Parliament.
In 1958-59 Nehru (then Prime Minister) kept Finance Ministry with himself.
6. Indira Gandhi is still the only lady to hold the post of the Finance Minister.
7. Indira Gandhi is also the only woman and second Prime Minister to present the Union Budget for 1969-70
Indira Gandhi held many ministries including Minister of External Affairs, Minister of Defence, Minister of Finance, Minister of Home Affairs, Minister of Information & Broadcasting during her tenure as Prime Minister. (1966-1977 & 1980-84).
8. Pranab Mukherjee was the first Rajya Sabha member to present the Union Budget.
9. Rajiv Gandhi became the third Prime Minister to present the Union Budget after Nehru (his grandfather) and Indira Gandhi (his mother).
10. Moraji Desai presented the Union Budget 10 times, most by any Finance Minister of India.
11. Until 1999, Union Budget was announced at 5 pm in the evening. However, in 2001 Yashwanth Sinha then Finance Minister of NDA govt. led by Shri Atal Bihari Vajpayee changed it to 11 am.
From then Budget is being presented at 11 am on the last working day of February.
12. R. Venkataraman and Pranab Mukherjee are the only Finance Minsters who later served as the President of India.
13. Budget is usually presented in a leather brief-case because –
14. India had 26 different Finance Ministers till date.
15. The Union Budget documents are printed at a special printing press situated in the North Block, under a tight security cover.
Almost all the Government publications are printed at the Government press except the Union budget, this is to ensure the security.
Did you know all these facts? Do share your comments below. 🙂
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