All you Need know about India Budget – Facts, History

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We listed a few Important things related to India Budget.  Find First woman finance minister, the finance ministers who became prime minister, voluntary disclosure scheme, Bonus scheme, Dream and Black Budget & many more.

1) Who, When was the first India Budget tabled?

ANS:- On 26th November 1947, Sir RK Shanukham Chetty (first finance minister of India) tabled the first-ever India Budget after Independence.

2) Who, When was the first colonial India Budget tabled?

ANS:- On 7th April 1860, James Wilson (then finance minister) tabled the first colonial
India budget.

3) Who tabled maximum number of Budgets?

ANS:- Morarji Desai, who is also a former prime minister on India has tabled the maximum number of Budgets between 1959 and 1964. Total 11 (10 Full Budgets + 1 Interim Budget).

Finance Minister   No of Times
Chidambaram    9
Pranab Mukherjee 8
Yashwant Sinha 7
Yashwantrao Chavan   7
CD Deshmukh 7
Manmohan Singh  6
TT Krishnamachari  6

4) Who is the First Woman Finance Minister of India?

ANS:- Indira Gandhi is the first woman Finance minister of India for one year (1970 – 1971) while serving as a prime minister. Nirmala Sitaraman (Incumbent) would be the first woman full-time finance minister of India.

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5) From Which Finance Minister Budget presentation shifted from post-market hour affair to 11 AM?

ANS:- Yashwant Sinha, finance minister of first NDA Government has shifted the practice of budget presentation from post-market hour affair to 11 am of the last working day of February month.

6) When was the Railway Budget merged into main India Budget?

ANS:- In 2017, the Narendra Modi government has changed the 92 years old practice of presenting the railway budget as a separately. The government also shifted the Budget date from last to the first working day of February.

7) Where is the India Budget is printed?

ANS:- Initially, the India Budget used to be printed at Rashtrapati Bhawan. Later, shifted to Minto road in New Delhi and finally, now it is being printed at North Block, Where the finance ministry office is situated. To prevent leakage of India Budget, the finance ministry staff who prints the Union Budget are not allowed to leave the north block until the presentation of the budget in the parliament.

8) When is Halwa ceremony is celebrated?

ANS:- Halwa Ceremony is celebrated with a sweet dish just before the presentation of India Budget in the parliament and served to the staff of the finance ministry involved in the printing of union budget.

9) What is the Black Budget?

ANS:- The 1973-74 Union India Budget is known as Black Budget. Because of the budget deficit – RS. 550 crore. Yashwantrao Chavan was the Finance Minister of India during this period.

10) What is Dream Budget?

ANS:- The 1997-98 Union India Budget is known as Dream Budget. Because of the initiation of major reforms, relaxation of Personal Income and corporate tax. This India Budget was tabled by P.Chidambaram (then Finance Minister).

11) who are the finance ministers to become the prime minister of India?

ANS:- Four Finance Minister until now became the prime minister of India. They are Morraji Desai, V.P Singh, Charan Singh, and Manmohan Singh.

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12) Which finance ministers didn’t present the Union Indian Budget?

ANS:- KC Neogy and HN Bahuguna have been the only two Finance Ministers of India, who didn’t present India Budget because they served office for short duration and had no occasion to present.

13) What is the Voluntary Disclosure Scheme?

ANS:- The 1965-66 India Budget introduced countries first ever scheme to deal with black money and tax daggers. This scheme offered a window to deposit people’s unaccounted wealth with RBI on which tax was deducted.

14) Which India Budget is known for Highest income tax rate?

ANS:- The Union India Budget for 1962-63 is known as Substantially raised the income tax rate to the highest-ever. It was 72.5% excluding the announced surcharges.

15) In which India Budget Bonus Scheme introduced?

ANS:- The 1975-76 Union India Budget introduced Bounce Scheme to encourage government employees not to withdraw money so frequently from their respective provident fund accounts by taking special measures to incentivise people to save more money.

16) Which Union India Budget proposed separate tax-exempt slabs for married & unmarried persons?

ANS:- The Union India Budget 1955-56 proposed this separate tax-exemption slabs for married & unmarried persons as part of a policy to create a suitable scheme for family allowances.

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