Budget 2022: some history and facts about budget

Budget 2022: some history and facts about budget

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Budget 2022: some history and facts about budget

Finance Minister Nirmala Sitharaman is going to present her fourth straight Union Budget on February 1 with financial statements and tax proposals for fiscal year 2022-23 (April 2022 to March 2023).

Here are some interesting points of budget:

The Budget was first introduced in India on April 7, 1860. First budget was introduced by Scottish economist and politician James Wilson who is from the East India Company delivered it to the British Crown.

Independent India’s first budget was presented on November 26, 1947 by the then Finance Minister RK Shanmukham Chetty.

Sitharaman bears the record for presenting the longest speech when she spoke for 2 hours and 42 minutes while presenting the Union Budget 2020-21 on February 1, 2020.

MOST WORDS IN BUDGET SPEECH:

Manmohan Singh delivered the longest Budget speech in terms of words in 1991 at 18,650 words under the Narasimha Rao government.

SHORTEST BUDGET SPEECH:

Only 800 words budget was introduced by then finance minister Hirubhai Mulljibhai Patel in 1977.

MOST NUMBER OF BUDGETS:

Former Prime Minister Moraraji Desai bears the record of presenting the most number of budgets in the history of the country. He had introduced 10 budgets during his stint as finance minister during 1962-69, followed by P Chidambaram (9), Pranab Mukherjee (8), Yashwant Sinha (8) and Manmohan Singh (6).

TIME of presentation:

The Union Budget was introduced at 5 pm on the last working day of February as per British-era practice but former Finance Minister Yashwant Sinha in 1999 had changed the budget presentation timing to 11 am.

Arun Jaitley started presenting the Union Budget on February 1 in 2017, departing from the colonial-era tradition of using the last working day of that month.

LANGUAGE:

The Union Budget was presented in English until 1955. However, the Congress-led government later decided to print the Budget papers in both Hindi and English.

PAPERLESS:

Covid-19 pandemic has inspired the Budget for 2021-22 paperless which was a first in Independent India.

FIRST WOMAN:

In 2019, Sitharaman became the second woman who has introduced the budget after Indira Gandhi, who had presented the budget for the financial year 1970-71.

That year, Sitharaman had changed the tradition of ‘budget briefcase’ into the traditional ‘bahi-khata’ with the National Emblem to contain the speech and other documents.

RAILWAY BUDGET:

The railway budget and Union Budget was presented separately till 2017. After being presented separately for 92 years, the railway budget was merged into the Union Budget in 2017 and introduced together.

Once-in-a-Century Budget:

Previous year’s budget which was presented by Nirmala Sitharaman on February 1, 2021 was considered as ‘once-in-a-century budget’ as it looked to accelerate Asia’s third-largest economy via investing in infrastructure and healthcare while depending on an aggressive privatisation strategy and robust tax collections.

Question & Answer:

Q1. For which financial year Nirmala Sitharaman is going to present Budget 2022?

Ans. 2022-2023

Q2. Which numbered budget will be presented by Nirmala Sitharaman this year?

Ans. Fourth

Q3. In which year and by whom the first budget of Independent India was presented?

Ans. On 26th November, 1947 by then FM RK Shanmukham Chetty

Q4.In which year Railway budget was merged into Union budget?

Ans. 2017

Q5. Who recorded the number of time to present the Union Budget till date?

Ans. Moraraji Desai (10 budgets have been presented by him)

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