Budget 2024: Many changes have taken place in the budget since independence till today, know the story of its transition from bookkeeping to digital in one click.
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budget 2024: The interim budget is to be presented by the Central Government on February 1 before the Lok Sabha elections. There is a lot of discussion regarding this from the business world to the common people. Even after the budget is interim, people have a lot of expectations from the government. In the budget, Finance Minister Nirmala Sitharaman (Finance Minister Nirmala Sitharaman) The expenses before the elections and till the formation of the government, along with concessions, may also include some announcements for the common people. This will be the sixth budget of his tenure. Many major changes have taken place in the general budget since independence. Experiments continued with this from time to time. There was a change from printing the budget to bags and ledgers. Let us know how much the country’s budget has changed since independence.
There was no provision for tax in the first budget
The country’s first budget was presented in November. This budget was presented on 26 November 1947 by the then Finance Minister RK Shanmukham Shetty. Apart from being an excellent lawyer and economist, he was also a politician. He did not make any tax proposal in his first budget. The Pala Budget was made for a period of about seven months from 15 August 1947 to 31 March 1948.
The first Hindi budget was printed in 1955
Before 1955, the budget was published in English by the Central Government following the English tradition. Whereas, the budget of 1955-56 presented under the leadership of the country’s third Finance Minister CD Deshmukh was printed in Hindi for the first time. He was also the first Governor of the Reserve Bank of India. The British made him the governor before leaving India. He held the responsibility of the apex bank from 11 August 1943 to 30 June 1949.
The first black budget came in 1973-74
The first black budget in the history of India was presented in 1973-74. Actually, this budget had a deficit of about Rs 550 crore. While addressing the Parliament, the then Finance Minister Yashwantrao Chavan said in his budget speech that the budget deficit has increased due to the situation arising due to drought in the country and severe shortage of food grains. That is why it is called black budget in Indian budget. Since independence, black budget has been presented only once in the country.
The budget of 1991 was historic
The budget of 1991 was a historic budget for the country. This budget was presented by the then Finance Minister Manmohan Singh. In India it is seen as a liberalization budget. Its most important thing was that in this budget, foreign companies were given free rein to do business in the country. Also, the process of local companies doing business abroad was made easier. The successful outcome of this historic budget is visible even today.
Changed date and time of budget
The then Union Finance Minister Yashwant Sinha changed the timing of presenting the budget. Before 1999, the Finance Budget was presented after 5 pm on the last day of February. Whereas, they changed the time to 11 am. At the same time, after Narendra Modi government came to power at the Centre, the date of the budget was changed. In 2017, the then Finance Minister Arun Jaitley presented the budget in Parliament on 1 February. Since then this same tradition is going on.
Modi government brought the ledger
The documents of the Union Budget were brought to Parliament in leather briefcases or bags for many years before and after independence. However, its color and design kept changing from time to time. But, in the second term of Modi government, Finance Minister Nirmala Sitharaman presented her first budget in the ledger. Which was wrapped in red colored cloth. However, the budget for the year 2021-22 was paperless during the Covid pandemic. The current Finance Minister also has the record of presenting paperless budget in the country.
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