Union Budget: A Historical Overview

According to the Union Budget, Article 112 of the Indian ConstitutionServes as the financial blueprint of the government, outlining the estimated revenues and expenditures for the financial year. From 1st April to 31st March. This comprehensive financial statement is divided into revenue budget and capital budget.

Major changes in the 2017-18 budget

2017-18 union budget An important moment was marked by shifting the date of presentation to the first day of February by integrating the Railway Budget with the Union Budget.

historical development

The first budget of India was presented by Finance Minister James Wilson on April 7, 1860 during British colonial rule. After independence, the first Union Budget was presented by Finance Minister Sir RK Shanmugham Chetty on November 26, 1947, amidst the challenges of partition.

Printing and Privacy

Extreme secrecy is maintained to protect budget documents from leaks, which could have a devastating impact. The blue sheet containing important data is so confidential that even the Finance Minister cannot keep it with himself. The Halwa ceremony marking the beginning of budget document printing is a notable tradition.

lesser known facts

  • The Railway Budget was presented separately for 92 years until it was merged into the Union Budget in 2017.
  • Indira Gandhi, the only woman Prime Minister and Finance Minister, presented the budget.
  • The 1997–98 budget was called the “Dream Budget” for its economic reform roadmap.
  • The budget of 1973–74 was termed the “Black Budget” due to its significant deficit of Rs 550 crore.

Budgets that shape India’s future

The 1991–92 Budget, led by Finance Minister Dr. Manmohan Singh, initiated economic reforms that opened India to foreign investment. The 1997–98 budget presented by P. Chidambaram was significant for income tax rate cuts and relaxation in customs duties. By Yashwant Sinha The “Millennium Budget” of 2000–01 catalysed India’s technological transformation.

Important questions related to exam

1. When was the first budget of India presented?

    • A) 1947
    • B) 1860
    • c) 1950
    • D) 1980

2. What is the important change in the Union Budget 2017-18?

    • A) Changing the date of presentation
    • B) Consolidation of Railway Budget
    • C) both A and B
    • D) none of the above

3. Who presented the Union Budget 1991-92 leading to economic reforms?

    • A) P.Chidambaram
    • B) Yashwant Sinha
    • C) Dr. Manmohan Singh
    • D) Indira Gandhi

4. Which event marks the beginning of printing of budget documents?

    • A) Budget Day
    • B) Republic Day
    • c) Independence Day
    • D) Halwa Ceremony

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