Live budget updates for India 2019: Finance Minister Nirmala Sitharaman will present one of the most important budgets for Modi 2.0, as it will serve as a guide for future reforms and policies during the next five years of the Modi government…
Today 05/07/2019 will be the Union budget, it has many expectation, assumption, and people are waiting for gifts from Narendra Modi too.
Here I am not going to bore you will the information related to budget as everyone does it, even you can search those on the internet you’ll a lot of information, but I want to let you know some interesting things occur in Budget.
Interesting Facts of Budget
1. The first Union budget of India took place in 1947, it was an interim budget presented by RK Shanukham Chetty who was the First Finance Minister of India. But the budget failed due to the wrong planning, the expenses were more than the profits.
2. Indira Gandhi was the only women finance mister who held the budget till the date, but now another woman Finance Minister Nirmala Sitharaman is presenting the budget, she becomes the second women.
3. Morarji Desai has the record of presenting the largest number of financial budgets, he presented 10 times, followed by P Chidambaram who presented it 9 times and the former president Pranab Mukherjee who presented it 8 times.
4. Do you know that before every Union budget of India, there will be a ‘Halwa Celebration’ Yes it’s true, before printing the copies of the budget, the finance minister and the staff who work for preparing the budget, they participate and share some Halwa Sweet.
5. After the start of the budget preparation, there is a restriction for the staff that no one should contact their home or anyone till the budget is presented, the staff should eat, sleep, and prepare the budget in the office itself, only top-level officers will have the permission to go home.
6. The 1998-99 budget was adopted without debate because there was a constitutional crisis in which the IK Gujral government was on the verge of dissolution. A special session of parliament was called to adopt the budget.
7. After Independence also we followed the presenting budget in the evening session because in England it will be morning, and to show respect for Queen Elizabeth. After many budgets held Finance Minister Yashwant Sinha has changed the traditional timings at 5:00 p.m. to 11:00 a.m. in 1999.
8. In 2016, the railway budget was associated with the general budget for the first time in 92 years.
Also read: Economic Planning of India
9. Finance Minister Arun Jaitley gave the longest speech on the budget in 2014. It lasted two and a half hours and included a five-minute break.
10. The Indian president sets the date for the presentation of the budget and before the budget on the same day, the Finance Minister will take permission from the President to present the Budget.