Indian Budget – Some Interesting Facts

  • R K Shanmukham Shetty presented independent India’s first budget.
  • Till date, Morarji Desai has had the longest tenure as Finance Minister, 8 years.
  • Moraji Desai was Finance Minister for 5 years under Nehru and 3 under Indira Gandhi.
  • Morarji Desai presented two Budgets on his birthday (February 29) – in 1964 and 1968.
  • C.D. Deshmukh was the first Indian Governor of RBI to have presented the Interim Budget for 1951-52.
  • Jaswant Singh was Finance Minister for 13 days.
  • Initially, budget papers were printed in Rashtrapati Bhavan. In 1950, budget papers were leaked. This changed the printing venue to Minto Road located security press. Since 1980, budget papers are printed in North Block.
  • A week before the budget is presented, the employees of the press stay in ministry and have no means of communicating with the outside world.
  • The Budget process has its roots in the Bombay Plan of 1944. Bombay Plan was authored by John Mathai, GD Birla and JRD Tata.
  • Revenue deficit is excess of revenue expenditure over revenue receipts.
  • Revenue expenditure doesn’t result in capital formation (subsidies, salaries).
  • Revenue receipts is money that Government doesn’t have to return (duties, taxes).
  • The government can borrow from three sources. From the market, small saving deposits and from PSU banks.
  • The Government borrows from the market 3 to 4 times annually Plan Expenditure is the Budget allocation to fulfill 5-yr Plan obligations.
  • Plan Expenditure creates new assets for economy.
  • Total Plan Expenditure in 5 yrs should match allocation for a 5-yr Plan.
  • Total Plan expenditure in 5 years has always been lower than target.
  • The 1991-92 final and interim Budgets were presented by Finance Ministers of two different political parties. While Yashwant Sinha presented the interim budget, the final budget was presented by Manmohan Singh.
  • The 1965-66 budget contained the first disclosure scheme for black money.
  • Jawahar Lal Nehru was the first Prime Minister to present the budget when he held the Finance portfolio in 1958-59.
  • R Venkataraman was the only Finance Minister who later became the President of India.
  • Three interim budgets were presented in the 1990s. While Yashwant Sinha presented the interim Budgets for 1991-92 and 1998-99, Manmohan Singh presented the 1996-97 interim Budget.
  • 1924: Railway finances were separated from general government budget.

 

CLICK HERE for IBPS (PO/MT/Clerical) – Banking Exam Study Materials / Guide / Books.

 

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4 responses to this post.

  1. Posted by velmurugan on March 14, 2012 at 3:03 pm

    When TNPSC call for new Notification ?

    Reply

  2. Posted by A.karthick on March 12, 2012 at 6:43 pm

    Dear sir whether to study old state board books orSamacheer Kalvi books for Tnpsc exams? As some portions of Samacheer Kalvi book are not in Tnpsc syllabus

    Reply

    • Hi Karthick & Friends,
      Both are Important. It is expected, that the new syllabus will come along with upcoming notification.

      Reply

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