OVERVIEW OF INDIAN UNION BUDGET
OVERVIEW OF INDIAN UNION BUDGET
The first Indian Budget was presented by Mr James Wilson on February 18, 1869 after Indian Budget was introduced on April 7, 1860 by the East India Company.
• The first Budget of Independent India was presented by the then Finance Minister, Mr RK Shanmukham Chetty on November 26, 1947.
• Till 1955, Budget was only printed in English language. However, from 1955-56, budget started getting printed in both languages, Hindi and English.
• In the British Era, the Budget used to be presented at 5 PM. This practice was discontinued in the year 2001 by presenting the Budget at 11 AM.
• Until 2017, the ritual was to present the Budget on the last working day of the February. From last 2 years, Budget is now presented on the first working day of the February.
• Mr KC Neogy and Mr HN Bahuguna were the only two Finance Ministers who did not present any Indian Budget.
• The record of presenting maximum number of Budgets is held by Shri Morarji Desai for presenting 10 Budgets.
• For the first time in 92 years, Union Budget of 2017 merged the Union Budget with the Rail Budget, which was usually presented separately.
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