New Delhi: Finance Minister Arun Jaitley will present the NDA government's full-year Budget 2015-16, which everyone, including investors and industries, expect to kick in the investment cycle in the country. During a meeting at the Parliamentary Consultative Committee, Jaitley said that the global environment is ripe for India as an increasing number of investors are showing interest in the market. He added that the investments in infrastructure, manufacturing, and agriculture sector will take precedence in Budget over other segments. Certainly a lot will be riding on the Union Budget 2015 for heralding “Acche Din” as promised by the Bharatiya Janata Party (BJP) during the Lok Sabha elections last year. Below are some interesting facts about the Budget that should fuel your curiosity about the Budget.
The origin of the word budget was from the Middle English bowgette, which came from Middle French bougette, meaning bouge, or a leather bag.
The Budget speech of the finance minister is usually divided in two parts. Part A deals with general economic survey of the country while Part B relates to taxation proposals.
Budget was first introduced in India on April 7, 1860 from East-India Company to British Crown
The first Finance Member, who presented the Budget in India, was James Wilson on April 7, 1860
After Independence, India's first Finance Minister R.K. Shanmukham Chetty, presented the first Budget at 5 pm on November 26, 1947
Independent India's First Budget spanned a period of just 7-1/2 months from August 15, 1947 to March 31, 1948
The nation's first Budget was presented by John Mathai on February 28, 1950
Budget papers began to be prepared in Hindi also from 1955-56
Jawaharlal Lal Nehru was the first prime minister to present the budget when he held the union finance minister portfolio in 1958-59
Morarji Desai has presented the maximum number of budgets so far- ten. They included five annual and one interim budget in the second tenure when he was both Finance Minister and Deputy Prime Minister
Morarji Desai presented annual budgets for each year from 1959-60 to 1963-64 and the interim budget for 1962-63. The annual budgets for three years between 1967-68 and 1969-70 and the interim budget for 1967-68 were also presented by Morarji Desai
The 1965-66 budgets contained the first disclosure scheme for black money
Budget of 1973-74 is known for ‘Black Budget' in India. During this year budget deficit in 1973-74 was Rs 550 crore
Indira Gandhi was the only woman Finance Minister who took over the Finance portfolio from 1970 to 1971
V.P. Singh as finance minister dwelt excessively on concessions for poor. In his 1986 budget, he proposed railway porters, bank loans with a subsidy for rickshaw pullers, cobblers and setting up of a small industries development bank, an accident insurance scheme for municipal sweepers
R Venkataraman is the only finance minister of India who later also served as the President of India from 1987-92
Corporate tax (today is known as Minimum Alternate Tax) was first introduced by Rajiv Gandhi in 1987 Budget
The employees printing the Budget papers are kept in complete isolation (quarantine) in the Finance Ministry for one week before the Budget
Finance Minister presents the annual Union Budget in the Parliament usually on the last working day of February
The Ministry of Finance, Planning Commission, Administrative Ministries and the Comptroller & Auditor General are the main players in the declaration of the Union Budget