Budget 2024: 10 facts about the Union Budget you should know  

Union Finance Minister Nirmala Sitharaman is scheduled to current the funds for the fiscal yr 2024-25 on February 1.

The conventional pre-budget ‘halwa’ ceremony, a symbolic occasion marking the starting of the ultimate stage of preparations for the Interim Union Budget 2024, occurred on January 24 in New Delhi. The ceremony initiates a ‘lock-in’ interval for officers concerned in funds preparation, making certain confidentiality till the funds is formally offered in the Lok Sabha on February 1.

This funds is taken into account ‘interim’ as the authorities is going through a normal election in April-May, making it the ultimate funds of the Narendra Modi authorities’s second time period.

Here are 10 facts about the Union Budget:

1. The Union Budget contains two elements: the Annual Financial Statement and the Demand for Grants, outlining authorities income and estimated expenditures, respectively.
2. India’s first-ever funds was offered on April 7, 1860, by Scottish economist James Wilson from the East India Company. It launched earnings tax, a big income supply right this moment.
3. After India’s independence, the first funds was offered on November 26, 1947, by R Okay Shanmukham Chetty, the finance minister at the time.
4. Finance Minister Nirmala Sitharaman holds the document for the longest funds speech, talking for 2 hours and 42 minutes throughout the Union Budget for 2020-21.
5. Manmohan Singh delivered the longest funds speech by way of phrases, utilizing 18,604 phrases in 1991, throughout the Narasimha Rao authorities.
6. The shortest funds speech was offered by Hirubhai Mulljibhai Patel in 1977, with simply 800 phrases.
7. Former Prime Minister Moraraji Desai submitted the most funds proposals in India’s historical past, presenting 10 budgets throughout his tenure as finance minister.
8. The Union Budget was offered at 5 pm on the final working day of February till 1999, when Yashwant Sinha modified the timing to 11 am.
9. Till 1955, the Union Budget was offered solely in English, however the Congress authorities determined to print it in each Hindi and English.
10. Due to the COVID-19 epidemic, the funds for 2021-22 was totally digital, marking a primary for unbiased India.

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