Budget 2022: 17 Lesser Known Facts About Union Budget

New Delhi: Finance Minister Nirmala Sitharaman will present her fourth straight Union Budget on February 1 when she presents financial statements and tax proposals for the financial year 2022-23 (April 2022 to March 2023).

Here are some budget trivia:-

1. India’s first budgetThe budget was first presented in India on April 7, 1860, when it was presented to the British Crown by James Wilson, a Scottish economist and statesman of the East India Company. The first budget of independent India was presented on 26 November 1947 by the then Finance Minister RK Shanmukham Chetty.

2. Longest Budget Speech: While presenting the Union Budget 2020-21 on February 1, 2020, Sitharaman holds the record for the longest speech of 2 hours 42 minutes. With two pages still left, he had to shorten his speech due to feeling unwell. He asked the Speaker to consider the remainder of the speech as read. During this speech, he broke his own record of July 2019 – his first budget – when he spoke for 2 hours 17 minutes.

3. Most words in the budget speech: Manmohan Singh gave the longest budget speech at 18,650 words in 1991 under the Narasimha Rao government. In 2018, the then Finance Minister Arun Jaitley’s speech with 18,604 words was the second longest speech in terms of word count. Jaitley spoke for 1 hour 49 minutes.

4. shortest budget speechIn 800 words, the then Finance Minister Hirubhai Muljibhai Patel had said in 1977.

5. Maximum number of budgets: The record of presenting the highest budget in the history of the country is in the name of former Prime Minister Moraraji Desai. He presented 10 budgets during his tenure as finance minister during 1962–69, followed by P Chidambaram (9), Pranab Mukherjee (8), Yashwant Sinha (8) and Manmohan Singh (6).

6. time: Till 1999, the Union Budget was presented at 5 pm on the last working day of February as per British rule. In 1999, former Finance Minister Yashwant Sinha changed the budget presentation time to 11 am.

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

7. Language: HindiThe Union Budget was presented in English till 1955. However, the Congress-led government later decided to print the budget papers in both Hindi and English.

8. paperless: The Covid-19 pandemic made the 2021-22 budget paperless – a first in independent India.

9. first ladyIn 2019, Sitharaman became the second woman to present the budget after Indira Gandhi, who presented the budget for the financial year 1970-71.

That year, Sitharaman ditched the traditional budget briefcase and instead used a traditional ‘Bahi-Khata’ with the national emblem to carry speeches and other documents.

10. Railway Budget: Till 2017, the Railway Budget and the Union Budget were presented separately. After being presented separately for 92 years, in 2017 the Railway Budget was presented together with the Union Budget.

1 1 Printing: Until 1950, the budget was printed at Rashtrapati Bhavan until leaks and the printing site had to be shifted to a press at Minto Road in New Delhi. In 1980, a government press was established in North Block – the seat of the Ministry of Finance.

Prestigious Budget:

12. Black Budget: The 1973-74 budget presented by Yashwantrao B Chavan in the Indira Gandhi government was called a black budget because the fiscal deficit during that year was Rs 550 crore. This was at a time when India was going through an acute financial crisis.

13. Carrot and Stick Budget: The Union Budget presented by VP Singh to the Congress government on 28 February 1986 was the first step towards ending the License Raj in India. It was called the ‘carrot and stick’ budget because it offered both rewards and punishments. It introduced the MODVAT (Revised Value Added Tax) credit to reduce the cascading effect of the tax that consumers had to pay, launching an intense campaign against smugglers, black marketers and tax evaders.

14. Dream Budget: In the 1997-98 budget, P Chidambaram used the Laffer Curve principle to reduce tax rates to increase collections. He lowered the maximum marginal income tax rate from 40 per cent to 30 per cent for individuals and 35 per cent for domestic companies, besides introducing several major tax reforms including the voluntary disclosure of income scheme to recover black money. Referred to as the ‘Dream Budget’, it reduced customs duty to 40 per cent and simplified the excise duty structure.

15. Millennium BudgetYashwant Sinha’s 2000 Millennium Budget laid out the road map for the development of India’s information technology (IT) industry as it eliminated incentives on software exporters and reduced customs duties on 21 items such as computers and computer accessories.

16. rollback budgetYashwant Sinha’s 2002-03 budget for the NDA government led by Atal Bihari Vajpayee is popularly remembered as the rollback budget as it included several proposals that were withdrawn or withdrawn. Read also: 17 stocks Rakesh Jhunjhunwala, Ashish Kacholia, Dolly Khanna, Vijay Kedia added in Q3; Expecting bumper returns?

17. once in a century budget: Nirmala Sitharaman on February 1, 2021 presented what she called the ‘one-in-a-century budget’ as it seeks to build Asia’s third largest budget through investments in infrastructure and healthcare, relying on an aggressive privatization strategy and strong tax collections. The biggest economy was seen to be revived. , Read also: Budget 2022: Increase in budgetary allocation, emphasis on digital health, and capacity building required for the healthcare sector

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