From 'Black Budget' to 'Dream Budget', Five Interesting Things To Know

Jun 29 2019 02:39 PM
From 'Black Budget' to 'Dream Budget', Five Interesting Things To Know

New Delhi: The first budget of the Modi government 2.0 will be presented by Union Finance Minister Nirmala Sitharaman on July 5. The Economic Survey will be released on July 4. This will be the first time that Sitharaman will present the budget. After the Modi government returned to power for the second time, the expectations of the people are much higher than that. Earlier this year, Piyush Goyal presented the Interim Budget. During the Budget, Goyal had pointed out that the taxpayer may get some more tax benefits when the full budget is presented. So, we are telling you five interesting things about the Budget.

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The first General Budget for Independent India was presented by former Finance Minister R.K. Shanmukham Chetti on November 26, 1947. Three years later, John Mathai presented the first Budget of the Republic of India on 29th February 1950.

Former Finance Minister Morarji Desai has presented the Budget 10 times (the highest), followed by P Chidambaram, who has presented the Budget nine times, then the number comes from Pranab Mukherjee, who has presented the 8th General Budget.

So far, only one woman Finance Minister Indira Gandhi has presented the General Budget of the country. He took over the additional charge of the Finance Ministry following the resignation of Morarji Desai. However, Nirmala Sitharaman will become the second woman finance minister to present the Union Budget after Indira Gandhi.

The Budget was dubbed the 'Black Budget' in 1973-74 due to high deficits. It was introduced by the then Finance Minister Yashwantrao B. Chavan. At that time, the total deficit was Rs.

In 1997, a number of changes were made to reduce personal income tax and corporate tax and the budget was dubbed the 'Dream Budget'. People welcomed this Budget.

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