10 Interesting Facts about Budgets

10 Interesting Facts about Budgets. 

Interesting facts about budget 

1- Budget was introduced for the first time in India on April 7 1860 by the East India Company to the British Crown.

2- The First budget for the Union of India was presented on November 26 1947, by the finance minister RK shanukham Chetty.

3- Morarji Desai the former finance minister of India, has presented the budget a record 10 times.

4- Indira Gandhi was the first woman to present the budget for 1970-71.

5- Budget presented in the year 1973-74 was known as the 'black budget' due to high budget deficit of rupees 500 Crore at that time presented by Yashwantrao B Chavon.

6- Budget presented by Manmohan Singh in 1991 known as 'the Epochal budget'.

7- P Chidambaram's 1997-98 budget was termed as "Dream budget" for lowering tax rates.

8- Budget presented in the year 2000 by Yashwant Sinha is termed as "the millennium Budget" for revision Revolutionized India's Information Technology (IT) sector.

9- 2001, NDA finance minister Yashwant Sinha changed the time of budget presented from 5 p.m. To 11 a.m.

10- From 2017 the budget has been presented on February 1st following the changes introduced by the finance minister Arun Jaitley. 

From 2017 also the rail budget was merged with Union budget.