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Here are some interesting facts about the history of Budget

Updated : July 05, 2019 07:56 PM IST

The Union Budget 2019-20 will be the first budget of the newly elected Modi government and will be presented by Finance Minister Nirmala Sitharaman on July 5, 2019.

From corporates and businessmen to the working class and the common man, everyone waits in anticipation for the Union Budget to be revealed hoping there are provisions made that can benefit them.

Here are some interesting facts about the history of the budget:

  • The budget is known to allocate nearly 25% of the income tax collected by the centre to the development of roads and railways

  • For every rupee earned, the government spends 37 paise on interest and over 7.5% of the government’s revenues come from dividends

  • The allocation to pension and benefits is as much as 55% of the government’s annual capex and the excise collection is still about 40% of the amount collected as GST.

  • Merely 1 paise of each rupee collected as tax is spent on centrally-sponsored schemes.

  • The government spends less than 50% of the indirect tax collections (through GST) on centrally-sponsored schemes like the PM Kisan Yojana.

  • The former Finance Minister Morarji Desai holds the record for presenting the most number of budgets—a record 10—closely followed by P Chidambaram and Pranab Mukherjee

  • Nirmala Sitharaman will be the 1st full-time female finance minister to table the Union Budget in 72 years of Independent India

This is a partnered post.
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