The Union Budget, as per Article 112 of the Indian Constitution, serves as the financial blueprint of the government, outlining estimated revenue and expenditure for the fiscal year spanning April 1 to March 31. This comprehensive financial statement is divided into the revenue budget and capital budget.
The 2017-18 Union Budget marked a pivotal moment by shifting the presentation date to the first day of February, integrating the Railway Budget with the Union Budget.
India’s inaugural budget was presented on April 7, 1860, during British colonial rule, by Finance Minister James Wilson. Post-independence, the first Union Budget was introduced on November 26, 1947, by Finance Minister Sir R.K. Shanmugham Chetty amid the challenges of partition.
Budget documents are treated with utmost secrecy to avoid leaks that could have catastrophic effects. The Blue Sheet, containing crucial data, is so confidential that even the Finance Minister cannot retain it. The Halwa Ceremony, marking the start of budget document printing, is a notable tradition.
The 1991-92 Budget under Finance Minister Dr. Manmohan Singh ushered in economic reforms, opening India to foreign investment. The 1997-98 Budget, presented by P. Chidambaram, was pivotal for income tax rate reductions and customs duty easing. The 2000-01 “Millennium Budget” by Yashwant Sinha catalyzed India’s tech transformation.
1. When was India’s first budget presented?
2. What marked a significant change in the 2017-18 Union Budget?
3. Who presented the Union Budget of 1991-92, leading to economic reforms?
4. What event signifies the start of printing budget documents?
Kindly share your responses in the comment section!!
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