Union Budget 2023: Where did the word budget come from? Who presented the first budget in the country – Union Budget 2023 Know all the interesting facts about Indian Union Budget 2023

Union Budget 2023: What is the history of the word budget? Know where the words come from.

New Delhi : Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) He will present the Union Budget on February 1, 2023. This will be the last full budget of the second term of the Modi government. General elections are being held in the country next year in 2024. of the Lok Sabha elections (Lok Sabha Elections) This budget is going to be important in the background. Financial year to the Central Government under Article 112 of the Constitution of India (financial year) Before starting the budget has to be submitted.

The Union Budget is a document that reviews the revenue and expenditure of any year. Financial years begin on 1 April every year and end on 31 March of the following year. The tradition of presenting the budget by the central government in the country started in the 19th century.

Budget is derived from the French word ‘Bougette’. It means small bag, bag. The country’s first budget was presented during the British rule. It is organized by the Scottish economist and politician James Wilson. He presented this budget on behalf of the East India Company to the Queen of Britain.

The first budget of India was presented to the British Crown on 7 April 1860. In the first 30 years of the Union Budget, words like infrastructure were not included in it. The term budget originated in the early 20th century.

The first budget of independent India was presented on 16 November 1947. The country’s first finance minister R.K. K. Shanmukh Chetty presented this budget. Of course, this was a review of the Indian economy. There was no financial provision for all the sectors like today.

new work

No new tax was announced in the country’s first budget. In this budget, 46 percent i.e. about Rs 92.74 crore was reserved for the expenditure on defense services. At that time there was a war going on with Pakistan over Kashmir.

The concept of India’s budget was proposed by Professor Prashant Chandra Mahalanobis. He formulated the concept of the budget of independent India. He was an Indian scientist and statistician. He was also a member of the Planning Commission of India.

In 1950, even before it was presented in the Lok Sabha, the Union Budget of the country was broken. Since then the printing of the budget started from a press on Minto Road near Rashtrapati Bhavan. Then in 1980, the budget was printed from the government press in North Block.

Earlier all the budget documents were printed in English only. These letters were published in both English and Hindi languages ​​in 1955-56. Union Finance Minister Nirmala Sitharaman presented the digital budget for the first time. This budget was presented during Corona.

read this also

For more Business updates, Click here.

Leave a Comment