Budget – Some interesting facts
- Article 112 of the Constitution of India mandates that a financial statement of receipts and expenditures of the Union Government has to be presented before both the Houses of Parliament every financial year. This takes the form of the Union Budget, which is usually declared on the last day of February and is formally known as the ‘Annual Financial Statement’ of the Government.
- On November 26, 1947, R.K. Shanmukham Chetty presented the first Budget of Independent India. It was actually an interim Budget.
- Since 1955-56, Budget papers have been prepared in Hindi too.
- Morarji Desai presented the maximum number of budgets so far – ten, two of them (1964 and 1968) on his birthday, February 29.
- In 1970, Indira Gandhi, the then PrimeMinister, took over the Finance portfolio as well. So far, she has been the only woman to have held this office, and presented the Budget.
- Rajiv Gandhi presented the Budget for 1987-88. He was the third Prime Minister to present a budget after his mother and grandfather.
- In the first Budget of Independent India, the total expenditure was Rs. 193 crore.
- In 1921, the East India Railway Committee (chaired by Sir William Acworth, hence also known as the Acworth Committee) pointed out the need for unified management of the entire railway system. On the recommendations of this committee and ratification of the resolution for separation in 1924, the government took over the actual management of all the railways, and also separated the railway finances from the general governmental finances.
- Atal Bihari Vajpayee was Prime Minister also held additional charge of Ministry of Railways.
- Manmohan Singh was Prime Minister also held additional charge of Ministry of Railways.