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Budget 2021: Key facts to know about Union Budget

Budget 2021: Key facts to know about Union Budget

Budget 2021: Key facts to know about Union Budget
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By Anshul  Jan 31, 2021 1:40:12 PM IST (Updated)

Here's a brief insight into the history of union budgets in India.

Union finance minister Nirmala Sitharaman will present Union Budget 2021 at 11:00 am on February 1. This will be the third budget of the Modi 2.0 government.

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Here's a brief insight into the history of union budgets in India:
  1. Finance minister RK Shanmukham Chetty presented the first budget of independent India, under the government of the country's first Prime Minister Jawahar Lal Nehru. This budget was meant for the period ending March 31, 1948.
  2. Chetty called this budget a historic one as it was the first budget of free India.
  3. The first budget of independent India reviewed the economy. No proposals were made in this budget, according to government data.
  4. It had targeted budget revenue of Rs 171.15 crore. The fiscal deficit was estimated at Rs 26.24 crore at that time. The total expenditure for the year was estimated at Rs 197.29 crore. Out of the total expenditure, Rs 92.74 crore was kept on account of defense services.
  5. Indira Gandhi is the first woman who presented budget in independent India in 1970. She took over the ministry of finance after Morarji Desai's resignation. Finance minister Nirmala Sitharaman in 2019 became the second woman in the history of independent India to present the budget.
  6. Until the year 1999, the union budget was announced at 5:00 pm on the last working day of February, a practice inherited from the British era. Former finance minister Yashwant Sinha changed the budget presentation ritual by announcing the 1999 Union Budget at 11 am.
  7. Till 2016, the union budget was presented on the last working day of February.
  8. Finance minister Arun Jaitley changed that ritual in 2017 when the union budget was presented on February 1.
  9. The railway budget merged with the union budget in 2017. Till 2016, the railway budget was presented a few days before the union budget.
  10. Click here to Catch all the action and updates in our Budget 2021 Live blog.
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