Budget 2023:Some interesting facts about the Union budget.

The union budget is the most anticipated event that takes place every 1st of Feb each year. It gives an overview of the government’s financial plans, and economic and social priorities.

Finance minister Nirmala Sitharaman will be announcing the union budget on February 1 2023.

Here are some facts about our budget system:

India’s first ever budget was presented by RK Shanmukham Chetty on November 26,1947.
The union budget is made up of annual financial statements and demands for grants.
The budget also includes a mid-year review that has the information of how the government’s performance has been so far.

4.Indira Ghandhi was the first woman to deliver the union budget in the year 1970 and Nirmala Sitharam being the second woman.

The budget for 1973-1974 was referred to as black budget; it was delivered by Yashwanth B Chavan. It gets its name because of the deficit of 550 crore and the plan to nationalise coal mines and general insurance companies.

6.The union budget was presented in english Up until 1955, when the decision was made to deliver in both English and Hindi.

In 1924, the British were the first to propose a railway budget and a union budget. Until 2016, this was presented separately. Following this, Arun Jaitley, the former Finance Minister, proposed combining both budgets into one, and in 2017, our very first joint union budget was presented by Arun Jaitley. .
Manmohan singh delivered the union budget for the year 1991-1992 the budget came to be known as theEpochal budget as the budget severely altered India. The budget ushered In economic liberalisation.

9.Arun Jaitley shifted the date of the budget presentation to February 1st in 2017.

The budget was initially printed in the Rashtrapati Bhavan due to the budget breach; the printing was then shifted to Minto Road, New Delhi.
The budget was initially brought in through a briefcase but in the year 2019 Nirmala Sitharaman replaced it by Bahi Khata that has the national anthem written on it.
Once the budget is presented it is followed by voting and discussion in lok Sabha.