Union Budget: In India, to present the fiscal year and the budget, the union finance minister gathers facts and presents them to the members of parliament. Every year a few rules are changing and updating. Union Budget 2024 has interesting updates related to finance and how to improve the nation’s condition for betterment
Union Budget: DefinitionÂ
It is a financial report of the central government for the next upcoming years. Also known as an annual financial report under Article 112 of the Constitution of India
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The federal budget statement of the government provides the estimated revenues and expenditures in detail for a specified year. Which is in 2 parts Capital Budget and Revenue Budget
Union Budget: First Indian Budget to Be Made?
The first Indian Budget was presented on April 7, 1860, by Scottish economist James Wilson from the East India Company. RK Shanmukham Chetty presented independent India’s first Budget on November 26, 1947.
Union Budget: First Ever Woman To Present?
Former Prime Minister Indira Gandhi was known to be the first woman to present the Indian Union Budget for the years 1970-71 back then. The Indian government was not fully formed nor holding more members, yet Indira Gandhi ruled as Finance Minister.
She took office right after Finance Minister Moraji Desai in 1970. Gandhi served as Prime Minister during this period with the title of First Woman Finance Minister, but she only held the position for a short period until Yashwantrao Chavan took over her finance portfolio in March 1971. It started with India’s first Prime Minister Jawaharlal Nehru reading out the Union Budget in 1948 after TT Krishnamachari was convicted of corruption charges. Nirmala Sithraman is considered now a full-time Finance Minister.
Union Budget 2024: The Finance Ministers Who Presented the Budget and OverviewÂ
Finance ministers and their overview of the presentation of the budget
- Finance Minister Nirmala Sitaram is scheduled to present the Union Budget for the next financial year on February 1.
- With Lok Sabha elections coming up in 2024, Chief Minister Sitharaman plans to present only his 2024-2025 interim budget.
- Since Narendra Modi-led National Democratic Alliance (NDA) came to power in the year 2019, the senior BJP leader, who holds the plum finance portfolio, has so far presented five budgets till nowÂ
- The 64-year-old also holds the record for the longest budget speech, delivering speeches of two hours and 42 hours while announcing the Union Budget for the 2020-21 financial year. 2020-21, February 1, 2020.
- As Sitharaman Now With the incumbent finance minister set to submit her sixth budget, industry experts and the public are wondering whether she will set a new record for most budget submissions.
- This record belongs to Morarji Desai, the first non-Congress Prime Minister of independent India. To recall, Desai has presented the Union Budget 10 times. Morarji held the financial portfolio during the governments of Jawaharlal Nehru and Indira Gandhi. He also held the position briefly when he became Prime Minister.
- And those who wonder if Sitharaman will come in second place are completely wrong. The list mainly consists of the following members in the parliament Mr. P. Chidambaram (9 persons), Mr. Pranab Mukherjee (8 persons), Mr. Yashwant Sinha (8 persons), Mr. Y. B. Chawan and Mr. C. D. Deshmukh (7 persons each). They include influential figures such as Manmohan Singh (6 people) and financial experts.
- But on February 1, Sitharaman will repeat the performance of former Prime Minister Manmohan Singh, who tabled six budgets.
- Her sixth budget will make her the finance minister who will deliver most of the budget for the BJP. She currently holds the record (5) with the late Arun Jaitley.
- On February 1, a little piece of history awaits Sitharaman for the budget presented so far, ailing to the rate of success for Sitharaman.
Union Budget 2024: Why Did the Date Change?
Interim Bidget 2024 Lates Updates: Officially only 9 days left for the fiscal year 2024-25 budget until it is submitted to Congress. The current Finance Minister is scheduled to deliver the budget speech officially on Feb 1st. The budget proposal is to be considered and presented at the end of February a few years back.
However, current scenarios say the NDA government( Narendra Modi )Â has postponed the tradition completely of presenting the budget from Feb 28 to Feb 1.
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Union Budget 2024: Major Declarations Could Be Issued In The Interim Budget
