Union Budget 2019: 5 interesting facts that you must know but probably don't!
Union Budget 2019: The first budget of the newly elected Modi government is set to be presented by finance minister Nirmala Sitharaman next month on July 5, a day after the Economic Survey will be released on July 4, 2019.
Union Budget 2019: The first budget of the newly elected Modi government is set to be presented by finance minister Nirmala Sitharaman next month on July 5, a day after the Economic Survey will be released on July 4, 2019. This will be the first time Sitharaman would be presenting the budget and expectations would be high. Earlier this year, interim Budget 2019 was presented by then acting Finance Minister Piyush Goyal. After the presentation, Goyal had hinted at passing on more tax benefits during the full budget. While all eyes would be on key announcements, here are 5 interesting facts about Union Budget that you must know but probably don't:-
India's first Budget
The first Union Budget of independent India was presented on November 26, 1947 by former finance minister RK Shanmukham Chetty. Three years later, John Mathai presented the first budget of the Republic of India February 29, 1950.
Former finance minister Morarji Desai leads the list with a close margin. He had presented 10 budgets, followed by P Chidambaram who presented 9 Budgets and Pranab Mukherjee who has presented 8 budgets in Lok Sabha.
First Woman to table Budget
So far, only one woman finance minister has presented the budget - Indira Gandhi. She took over the Ministry of Finance post Morarji Desai's resignation. However, Nirmala Sitharaman will become the second woman finance minister after Indira Gandhi to present the Union Budget in parliament.
The Black Budget
In 1973-74, the budget was named 'Black Budget' due to a high deficit. It was presented by then finance minister Yashwantrao B Chavan. The total deficit at that time was Rs 550 crore.
The Dream Budget
In 1997, several changes were made to reduce personal income tax and corporate tax and the budget was hailed as the 'Dream Budget'. The government also did away with many surcharges and reduced royalty rates. The Budget was welcomed by people.