The Countdown to Union Budget 2014: Must Known Facts of Union Budget

Budget announcement day is around the corner. Be it common people or corporate bigwigs, expectations are high from all places, everybody has their own expectation and interpretation of the most promised ‘achchhe din’. Amid all this GetDistributors.com presents few interesting facts about the Union Budget.

arun-jaitley_625x300_51403511342

Facts we should know:

  • This will be the 84th Union Budget to be presented in Independent India.
  • The Annual Financial Statement usually known as Union Budget keeps the account of the Government’s finances for the fiscal year that runs from 1st April to 31st March.
  • According to Article 112 of the Indian Constitution, the Union Budget is a statement of the estimated gross receipts and expenditures of the Government for a particular year.
  • It is presented on the last working day of February each year by the Finance Minister in Parliament. But, during the elections, an Interim Budget is passed to be in effect till the next Government comes to power and brings out its Budget.
  • Budget papers were first prepared in Hindi in 1955-56. Pranab Mukherjee, P Chidambaram, Yashwant Sinha, Y B Chavan and C D Deshmukh have presented seven budgets each, while Manmohan Singh and T T Krishnamachari, have presented six budgets each.
  • The Union Budget of India for 2013–2014 was presented by P. Chidambaram on 28 February 2013. The Interim Union Budget for 2014–2015 was presented on February 17, 2014.
  • Former Finance Minister Morarji Desai presented the budget ten times, the most by any.
  • The Union Budget of India for 2013–2014 was presented by P. Chidambaram on 28 February 2013. The Interim Union Budget for 2014–2015 was presented on February 17, 2014.
  • Budget of 1973-74 is known for ‘Black Budget’ in India. During this year budget deficit in 1973-74 was Rs 550 crore.
  • Pranab Mukherjee, the first Rajya Sabha member to hold the Finance portfolio, presented the annual budgets for 1982-83, 1983–84 and 1984-85.
  • The employees printing the Budget papers are kept in complete isolation in the Finance Ministry for one week before the Budget.

About the Author:

Post a Comment


8 + = 12

banner ad