Budget 2024: It is interesting to know that India has witnessed 77 regular Budgets and 14 interim Budgets till now.
Budget 2024: The Budget for 2024-25 is all set to be presented by Union Finance Minister Nirmala Sitharaman on July 23. Interestingly, this would be the first in the new BJP-led NDA government. It should be noted that the Budget is a detailed statement of the Centre’s finances, including revenues and expenditures.
It is interesting to know that India has witnessed 77 regular Budgets and 14 interim Budgets till now and in all, a total of 91 Union Budgets were placed in Parliament to date and this year will be the 92nd Union Budget.
Union Budget of India: 9 Interesting Facts
- The first Budget of India was presented on April 7, 1860 by James Wilson, the finance member of the Indian Council. He was the founder of The Economist newspaper.
- The first budget was presented when India was under British colonial rule at the time and this budget was a response to the financial difficulties faced by the British administration in India after the Revolt of 1857 (Sepoy Mutiny).
- After India gained independence, the first Union Budget was presented on November 26, 1947, by RK Shanmukham Chetty, the first Finance Minister of independent India.
- The first budget of Independent India focused on stabilising the economy, rebuilding the country, and laying the foundation for future growth.
- The first budget of free India was then presented at 5 PM unlike now when it is presented at 11 AM.
- In his budget speech, Shanmukham Chetty said, “I rise to present the first budget of a free and independent India. This occasion may well be considered as a historical one, and I count it as a rare privilege that it has fallen to me to be the finance minister to present this Budget.”
- The first budget targeted budget revenue of Rs 171.15 crore and the total expenditure for that year was estimated at Rs 197.29 crore.
- Later, the Union Budget was presented by Finance Ministers like P Chidambaram, Yashwant Sinha, Jaswant Singh and Arun Jaitley.
- Union Finance Minister Nirmala Sitharaman has been presenting the budget since 2019.
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