Who Prepares the Budget?
The drafting of the Budget is primarily handled by the Department of Economic Affairs.
The final Budget is created by a team of experts from the @FinMinIndia, Union Ministries, and @NITIAayog. Various stakeholders and economists are consulted.
The drafting of the Budget is primarily handled by the Department of Economic Affairs.
The final Budget is created by a team of experts from the @FinMinIndia, Union Ministries, and @NITIAayog. Various stakeholders and economists are consulted.
Who presented the most Budgets?
▪️Morarji Desai - 10
▪️@PChidambaram_IN - 9
▪️Pranab Mukherjee - 8
▪️@YashwantSinha - 8
▪️Manmohan Singh- 6
▪️TT Krishnamachari – 6
▪️Arun Jaitely- 5
▪️@nsitharaman - 4 (including 2023)
▪️Morarji Desai - 10
▪️@PChidambaram_IN - 9
▪️Pranab Mukherjee - 8
▪️@YashwantSinha - 8
▪️Manmohan Singh- 6
▪️TT Krishnamachari – 6
▪️Arun Jaitely- 5
▪️@nsitharaman - 4 (including 2023)
PM Presented Budgets instead of the Finance Minister
Pandit Nehru, Indira Gandhi, and Rajiv Gandhi were Prime Ministers who presented the budget when the Finance Minister resigned in 1958, 1970, and 1987-1988 respectively for TT Krishnamachari, Morarji Desai, and V P Singh.
Pandit Nehru, Indira Gandhi, and Rajiv Gandhi were Prime Ministers who presented the budget when the Finance Minister resigned in 1958, 1970, and 1987-1988 respectively for TT Krishnamachari, Morarji Desai, and V P Singh.
Halwa Ceremony
Indian tradition of eating sweet before starting good work is also followed in budget presentations.
A ceremony called the 'Halwa' ceremony is held before budget is presented. This marks printing of the budget and celebrated by GOI officials involved in creation.
Indian tradition of eating sweet before starting good work is also followed in budget presentations.
A ceremony called the 'Halwa' ceremony is held before budget is presented. This marks printing of the budget and celebrated by GOI officials involved in creation.
Union Budget Speeches
The shortest - By HM Patel in 1977, consisting of only 800 words😉
The longest (by words) - Presented by Dr. Manmohan Singh in 1991, which contained 18,650 words.
The longest (by duration) - By @nsitharaman in 2020, lasting 2 hours and 42 minutes
The shortest - By HM Patel in 1977, consisting of only 800 words😉
The longest (by words) - Presented by Dr. Manmohan Singh in 1991, which contained 18,650 words.
The longest (by duration) - By @nsitharaman in 2020, lasting 2 hours and 42 minutes
Iconic Budgets-
👉 Black Budget
The budget earned this nickname due to its large fiscal deficit of Rs 550 crore, the highest at that time.
This deficit was the result of increased costs from the 1971 war, the Arab oil embargo, and a poor monsoon season 1973-74 by Y B Chavan.
👉 Black Budget
The budget earned this nickname due to its large fiscal deficit of Rs 550 crore, the highest at that time.
This deficit was the result of increased costs from the 1971 war, the Arab oil embargo, and a poor monsoon season 1973-74 by Y B Chavan.
👉The Carrot and Stick Budget
In 1986, Budget by VP Singh marked the beginning of India's transition away from the license raj system
Was known as the "Carrot and Stick" budget because it provided both rewards and penalties. Introduced the MODVAT (Modified Value Added Tax)
In 1986, Budget by VP Singh marked the beginning of India's transition away from the license raj system
Was known as the "Carrot and Stick" budget because it provided both rewards and penalties. Introduced the MODVAT (Modified Value Added Tax)
👉Epochal Budget
1991 Budget, by Manmohan Singh, is widely regarded as a seminal moment in India's economic history. It liberalized the Indian economy & opened it up to foreign competition and investment, also cutting indirect taxes and dismantling the license and quota system.
1991 Budget, by Manmohan Singh, is widely regarded as a seminal moment in India's economic history. It liberalized the Indian economy & opened it up to foreign competition and investment, also cutting indirect taxes and dismantling the license and quota system.
👉Dream Budget
@PChidambaram_IN 1997 Budget, known as Dream Budget, made significant strides in reducing personal and corporate tax rates, providing a major boost to Indian economy.
Reduced MMIR-
Individuals from 40 to 30 %
Companies to 35 %
Tax reforms
Customs duty to 40 %
@PChidambaram_IN 1997 Budget, known as Dream Budget, made significant strides in reducing personal and corporate tax rates, providing a major boost to Indian economy.
Reduced MMIR-
Individuals from 40 to 30 %
Companies to 35 %
Tax reforms
Customs duty to 40 %
👉Millenium Budget
@YashwantSinha 's Millennial Budget in 2000 was a turning point for the IT sector in India, as it opened the industry up to global competition and sparked a revolution in the sector.
This budget was considered a game changer for the IT sector.
@YashwantSinha 's Millennial Budget in 2000 was a turning point for the IT sector in India, as it opened the industry up to global competition and sparked a revolution in the sector.
This budget was considered a game changer for the IT sector.
👉 Paperless Budget
Due to Covid 19, the 2021 budget was presented digitally, and no paper was used.
This is a historic movement because it was the first time in Indian history that the concept of a paperless budget came into existence promoting @_DigitalIndia
Due to Covid 19, the 2021 budget was presented digitally, and no paper was used.
This is a historic movement because it was the first time in Indian history that the concept of a paperless budget came into existence promoting @_DigitalIndia
End of thread.
How many of these facts did you know about?
If you think of any more such lesser-known facts missed out do mention them in the comments.
How many of these facts did you know about?
If you think of any more such lesser-known facts missed out do mention them in the comments.
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