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Union Budget

What is Union Budget ?
According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.
It  is classified into Revenue Budget and Capital Budget.
 Finance Minister Arun Jaitley will present his fifth budget in a row this year on February 1 2018 .
Here are 10 lesser known facts about the history of Union Budget that has been presented by different finance ministers over the years after Independence:
1)    The first budget of India was presented by then Finance Minister RK Shanmukham Chetty on November 26, 1947.

2) The maximum number of 10 budgets have been presented by Morarji Desai.  P Chidambaram is second in place to present eight budgets.

3) Pranab Mukherjee, Yashwant Sinha , YB Chavan and CD Deshmukh have presented seven budgets each in the past.

4) Former Prime Minister Manmohan Singh and the country's fourth finance minister TT Krishnamachari have presented six budgets.

5) Manmohan Singh and Yashwant Sinha have presented five Budgets in a row. Current Finance Minister Arun Jaitley after presenting this year's budget will also join the list.

6) The Union Budget 2018-19 would be the last full budget of the BJP-led NDA government before the 2019 General Elections.

7) In 2017, the Rail Budget, which was presented separately for 92 years, got merged with Union Budget.

8) R Venkatraman and HM Patel presented three budgets each, while Jaswant Singh, VP Singh, C Subramaniam, John Mathai and RK Shanmukham Chetty presented two budgets each.


 9) Jawahar Lal Nehru, Indira Gandhi, Rajiv Gandhi, Charan Singh, ND Tiwari, Madhu Dandwate, SB Chavan and Sachindra Chaurdhuri have presented one budget each.
10 ) Indira Gandhi was the first and only woman finance minister in the history of India.

FUN FACT : The printing of budget every year starts with a "halwa-making ceremony". As a part of the ritual, which has continued for long, "halwa" (an Indian sweet dish) is prepared in a big "kadhai" (cooking pot) and served to the entire staff in the ministry.

 -Ritika Wadhwa

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