Union Budget Trivias

Terms To Know : Check out our store of Budget Vocabulary

Game Changers

  • In 1991, Manmohan Singh made it into India's economic history books when he presented his Budget Speech in Parliament. In a move that was as unexpected as it was daring, he opened Indian markets to foreign direct investment (FDI) and effectively put an end to the erstwhile License Raj in the backdrop of a foreign exchange crisis. Over the consecutive four years, he diligently opened up the Indian economy, liberalized trade and encouraged foreign investors to explore Indian opportunities. He is also credited with bringing down the levels of import duties from their then lofty levels of 300 plus percent to 50 per cent, thereby effectively ending monopolies and encouraging a more competitive market economy, benefitting the Indian consumer. He is also credited with first introducing service tax as part of Budgetary reform

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The Union Budget Code - What you need to know

  • The Union Budget is an estimate of revenues and expenditures of the Government during any financial year

  • Every February, the Budget is presented for the ensuing financial year replete with relevant statistics for the preceding years, the actual figures for the current year and planned estimates for the following year. The Budget is usually preceded by the tabling of the Railway Budget and the Economic Survey every year

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First Amongst Them All

  • The first Union budget of independent India was presented by R. K. Shanmukham Chetty, a Tamilian, on November 26, 1947. This was more of a review of the then Indian economy as the Budget day for 1948-49 was just 95 days away

  • In 1948-49, Chetty began his Budget speech referring to his earlier presentation as an interim budget. From then onwards, an interim budget began to mean a budget for a short period

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A Budgeted History -

  • The Union Budget of India is referred to as the annual Financial Statement in Article 112 of the Constitution of India and is the annual budget of the Republic of India

  • It is to be presented each year on the last working day of February by the Finance Minister of India in Parliament and has to be passed by the House before it can come into effect on April 1, the start of India's financial year

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