Till 2016, the Union Budget was presented on the last working day of February.
Union Budget, the most comprehensive report of government's finances, consolidates revenues from all sources and outlays for all activities. It is prepared by the budget division in the Ministry of Finance after consulting with other ministries. The interim Budget 2019 is scheduled to be presented by the government on February 1, 2019. An interim budget covers a smaller period of time, usually few months. This Budget is the last before the general election due by May.
Here are 10 interesting facts that you must know about Union Budget:
- The first Union Budget of independent India was presented on November 26, 1947 by former finance minister RK Shanmukham Chetty.
- On February 29 in 1964 and 1968, Morarji Desai became the only finance minister to present the Union budget on his birthday.
- The highest number of budget presentations has been made by former finance minister Morarji Desai. He presented 10 union budgets.
- Indira Gandhi, the former Prime Minister of India, took over the Ministry of Finance after Morarji Desai's resignation. She is the only woman finance minister of India till date.
- The Union Budget 1997-98, presented by the Finance Minister P Chidambaram, was termed as "Dream Budget" as a number of economic reforms were done.
- Until the year 1999, the Union Budget was announced at 5 pm on the last working day of February.
- Former finance minister Yashwant Sinha changed the budget presentation ritual by announcing the 1999 Union Budget at 11 am.
- Till 2016, the Union Budget was presented on the last working day of February.
- Finance Minister Arun Jaitley changed that tradition in 2017 when the Union Budget was presented on February 1.
- Till 2016, the railway budget was presented a few days before the Union budget. In 2017, however, the railway budget was presented along with the Union Budget, breaking a 92-year-old practice.
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