Finance Minister Nirmala Sitharaman may present the Budget for the year 2020-21 on February 1. This will be his and Modi 2.0's second budget. Common people, entrepreneurs and analysts of India have high expectations from this budget. Sitharaman is going to present this budget at a time when according to the first estimates released recently, the country's GDP growth is expected to be 5% in the current financial year. We are going to tell you about these five facts, which you should know. This information is very important for you and it can help you understand the activities related to the budget in the coming time.
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The word 'Budget' - Even though everyone mentions the word 'Budget', do you know that the Constitution of India does not even mention 'Budget'. Article 112 of the Constitution of India refers to the 'Annual Financial Statement'. The word budget has its origin in the Latin language word Bulga. Bulga means a leather bag.
The country's first budget - The country's first Union budget after independence was presented on 26 November 1947 by RK Shanmukham Chetty. John Mathai presented the budget of the Republic of India on February 29, 1950, after being declared a Republic on 26 January 1950. P Chidambaram, who was the Finance Minister in the government of The Dream Budget-HD Deve Gowda, had cut the Individual Income Tax and Corporate Tax in the budget of 1997-98. Many economic reforms were made. That is why this budget is still known as the 'Dream Budget'.
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The most frequent budget - The Union Budget was presented 10 times by Morarji Desai, the former Prime Minister and Finance Minister of the country. Senior Congress leader P Chidambaram is second and Pranab Mukherjee third in the case. Chidambaram has 9 times while Mukherjee has presented the Union Budget in Parliament on 8 occasions.
Who presented the most number of times- Pre-Budget Finance Minister Morarji Desai has presented the budget 10 times. After that, P P Chidambaram who has presented 9 budgets, then comes the number of Pranab Mukherjee who has presented the budget 8 times.
Black budget- The 1973-74 budget by the then Finance Minister Yashwantrao B. Chavan is called the Black Budget. Due to huge losses, their budget is called Black Budget.
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