Were you aware that the term'budget' has its origins from the French expression'bougette,' which translates into'a little bag'? That is the main reason why our respected finance ministers are observed holding a'budget tote' to get photo-op, prior to presenting the budget in the Parliament!
Although this budget is going to be the primary one following the current re-election of the Modi government, it's also going to be the first time for Sitharaman, who'll have the special distinction of becoming the only other female finance minister, following Indira Gandhi to achieve that.
Listed below are a couple other exciting yet lesser known details on Union budgets introduced in India.
- The History of Budget Goes back into the 19thCentury
While India gained freedom from the British regime in the calendar year 1947, it was not the first time once the nation saw its first-ever finance funding. The initial Indian Budget was introduced on February 18, 1869, by Mr. James Wilson, following the East India Company introduced the Concept of this Indian Budget on April 7, 1860
James Wilson was a Scottish economist and politician who had been entrusted by introducing a new tax arrangement and paper money in the nation.
- FromShakespeare into Pickles -- The Budget Presentations Have Lots Of Literary Stone
It's not unusual for finance budget addresses to include funny quips, anecdotes, and testimonials. Moreoverour finance ministers devoting quite several literary stone while still taking us through distinct financial policy changes. By way of instance, in his budget address in 2012, the afterward FM-Pranab Mukherjee quoted mythical 16th-century playwright William Shakespeare's famous lines from'Hamlet' -"I have to be cruel to be kind" to warrant the funding sanctions which were there to guarantee long-term advantages.
Though, Mr. Mukherji was not the initial FM to introduce a new bit of dramatics into his budget address. Madhu Dandavate was among the earliest finance ministers to make use of marginally worked puns to exhibit his particular excise proposals. In his budget address of 1990, he famously quipped,"I suggest to eliminate excise duty on pickles entirely in the expectation that this will give some spice and flavor to my financial plan." Discuss literary flair !
- The GST Produced a Look in the Budget Before 2017
While the Goods and Services Tax (GST) was introduced in India from the then-finance minister Arun Jaitley on 1st July 2017, it was not initially that the nation heard of the period. The theory behind the introduction of GST would be to have a single unified tax regime in the nation.
- The Union Budget was Only Printed in the English Language, Even After Independence
It was the calendar year 1955 the funding was printed in the English language only. Starting from 1955-56; nonetheless, the Indian government chose to print the funding in two languages -- English and Hindi. The movement was taken to create Hindi more mainstream, since the main spoken language throughout the nation.
This occurred because a part of the Union Budget inadvertently got leaked in 1950, although it was being printed from within the Rashtrapati Bhavan.
Since the printing facility was closer to the Finance ministry in New Delhi, it enabled the government to maintain stricter control over the funding records and relevant information.
- The Union Budget was Only Printed in the English Language, Even After Independence
It's true -- although Morarji Desai has the exceptional distinction of presenting the budget a list ten times, there were instances when a finance minister has not introduced the funding once. Mr. HN Bahuguna and Mr. KC Neogy would be the sole two Finance Ministers till date, that didn't pose some Union Budget, even though holding reigns of the finance ministry.
This occurred because these two gentlemen held office for these brief durations, in between two funding tenures they had no chance to present you.
- Two Different Individuals Presented the Interim and Final Budget for 1991-92
After India gained independence, it happened between the calendar year 1991-92 two distinct individuals presented the interim and final funding, respectively. Incidentally, these two finance ministers have been from two different political parties.
Following the elections of 1991; nonetheless, Congress party came into power. Because of this, D. Manmohan Singh presented the final funding of this year. Incidentally, the funding was the first to start the market and promote foreign investments, by reducing export obligation to 50% from 300+% and introducing the idea of service tax.
- The Longest Budget Speech'd 18,650 Words While the Shortest Just had 800
While funding speeches have been proven for a long and dull event, the only given in 1991 from the then-finance minister Dr. Manmohan Singh took things to a completely different level. Quoting renowned author Victor Hugo,'' Dr. Singh's budget address included a whopping 18,650 words. In terms of time required to provide the budget address nonetheless, the maximum time of 2 hours and 13 minutes has been clocked by Jaswant Singh in his 2003 budget demonstration.
Especially, the shortest budget language contained only 800 words, provided by HM Patel in the calendar year 1977, while he introduced the Interim Budget. In regard to time, the charge for the shortest funding address goes to Pranab Mukherji because of his 1982 Budget presentation.
- Morarji Desai Presented the Union Budget on His Birthday Twice, on 29thFebruary
Even though Morarji Desai was an aide that was immaculate, his stints as the Finance Minister of India are no mean feat . Mr. Desai holds the exceptional distinction of presenting 10 Union Budgets in his profession -- the maximum amount of funds introduced with a single minister.
That is not all. Morarji Desai has yet another distinction to his title. In the year 1964 and again in 1968, he introduced the funding to his birthday, i.e., 29th February, making him the sole finance minister to do so.
0 Comments