Union Budget 2021 will be presented by Finance Minister Nirmala Sitharaman at 11:00 am on February 1 in the parliament. Here are some of the Key facts about Union Budget
1) The first union budget of free India was presented by First Finance minister RK Shanmukham Chetty under the government of first prime minister of Free India Jawahar Lal Nehru on 26 November 1947
2) Union Budget is always presented in paper form due to security issues. Did you know Uttrakhand was the first state to present the union budget in digital format.
3) Did you the reason to call Budget a Union Budget? India is a union of different states governed by the central government. In our Constitution centre is called as Union so the budget is know as Union Budget.
4) Every one must have seen the red leather briefcase carried by our finance ministers. This was first carried by William Ewart Gladstone, the then Chancellor of the Exchequer in Great Britain. As it had lots of files and documents, so he carried them in briefcase to the parliament. It is also called “Budget Box”
5) First time during Union Budget 2019, Finance Minister Nirmala Sitharaman does away with the Budget briefcase and carried a red folder which the officials termed it “Bahi Khata” to keep up with Indian tradition
6) The union Budget 2021 will be the third budget to be presented by the NDA let Prime Minister Narendra Modi 2.0 government.
7) What is Union Budget? In simple terms, Budget is a estimate of expenditure and income for the defined period. Its a list of revenue and expenditure by the government for the coming financial year. It is presented every year before the start of the financial year by the finance minister.
8) Nirmala Sitharaman is the first full time woman finance minister of India. Before this the then PM Indira Gandhi was the first woman to present budget in 1970 after Morarji Desai’s resignation as finance minister.
9) Before 1999, the union budget was presented at 5pm on the last working day of February month. Former finance minister Yashwant Sinha changed it and present the union budget 1999 at 11am. Again during Budget 2017, the then Finance minister Arun Jaitley presented the budget on February 1 at 11 am and is still continued till now.
10) Did you know that railway budget was presented separately before the union budget till 2016. During Budget 2017 it was merged with the Union Budget