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Union Budget 2022 Latest News: Key facts about the Union Budget that you should know

Finance Minister Nirmala Sitharaman will on February 1 current her fourth straight Union Budget when she presents monetary statements and tax proposals for fiscal yr 2022-23 (April 2022 to March 2023). Here are some finances trivia:-

* INDIA’S FIRST BUDGET: The Budget was first launched in India on April 7, 1860 when Scottish economist and politician James Wilson from East India Company introduced it to the British Crown.

Independent India’s first finances was introduced on November 26, 1947 by the then Finance Minister R Okay Shanmukham Chetty.

* LONGEST BUDGET SPEECH: Sitharaman holds the document for delivering the longest speech when she spoke for two hours and 42 minutes whereas presenting the Union Budget 2020-21 on February 1, 2020. With two pages nonetheless remaining, she needed to lower quick her speech as she felt unwell. She requested the Speaker to contemplate the remaining a part of the speech as learn.

During the course of this speech, she broke her personal document of July 2019 – her maiden Budget – when she had spoken for two hours and 17 minutes.

* MOST WORDS IN BUDGET SPEECH: At 18,650 phrases, Manmohan Singh delivered the longest Budget speech by way of phrases in 1991 beneath the Narasimha Rao authorities.

In 2018, then finance minister Arun Jaitley’s speech with 18,604 phrases was the second longest by way of phrase depend. Jaitley spoke for 1 hour and 49 minutes.

* SHORTEST BUDGET SPEECH: 800 phrases was all that the then finance minister Hirubhai Mulljibhai Patel delivered in 1977.

* MOST NUMBER OF BUDGETS: Former Prime Minister Moraraji Desai holds the document of presenting the most variety of budgets in the historical past of the nation. He had introduced 10 budgets throughout his stint as finance minister throughout 1962-69, adopted by P Chidambaram (9), Pranab Mukherjee (8), Yashwant Sinha (8) and Manmohan Singh (6).

* TIME : Until 1999, the Union Budget was introduced at 5 pm on the final working day of February as per British period observe. Former Finance Minister Yashwant Sinha in 1999 modified the finances presentation timing to 11 am.

Arun Jaitley began presenting the Union Budget on February 1 in 2017, departing from the colonial-era custom of utilizing the final working day of that month.

* LANGUAGE : Until 1955, the Union Budget was introduced in English. However, the Congress-led authorities later determined to print the Budget papers in each Hindi and English.

* PAPERLESS : Covid-19 pandemic turned the Budget for 2021-22 was paperless – a primary in Independent India.

* FIRST WOMAN : In 2019, Sitharaman grew to become the second girl to have introduced the finances after Indira Gandhi, who had introduced the finances for the monetary yr 1970-71.

That yr, Sitharaman did away with the conventional finances briefcase and as a substitute went for a standard ‘bahi-khata’ with the National Emblem to hold the speech and different paperwork.

* RAILWAY BUDGET: Till 2017, railway finances and Union Budget had been introduced individually. After being introduced individually for 92 years, the Railway finances was merged in the Union Budget in 2017 and introduced collectively.

* PRINTING : Till 1950, the finances was printed at Rashtrapati Bhavan until it obtained leaked and the venue of printing needed to be shifted to a press at the Minto Road in New Delhi. In 1980, a authorities press was arrange in the North Block – the seat of the finance ministry.

* ICONIC BUDGETS:

– The Black Budget: The 1973-74 Budget introduced by Yashwantrao B Chavan in the Indira Gandhi authorities was referred to as the Black Budget as the fiscal deficit throughout that yr was Rs 550 crore. It was a time when India was going by acute monetary misery.

– Carrot & Stick Budget: The Union finances introduced by VP Singh for the Congress authorities on February 28, 1986, was the first step in the direction of dismantling licence raj in India. It was referred to as the ‘Carrot and Stick’ finances because it provided each rewards and punishment. It launched MODVAT (Modified Value Added Tax) credit score for decreasing the cascading impact of tax that shoppers needed to pay whereas additionally launching an intense drive in opposition to smugglers, black entrepreneurs, and tax evaders.

– Epochal finances: Manmohan Singh’s landmark 1991 finances beneath the PV Narasimha Rao authorities that ended licence raj and started the period of financial liberalisation, is named ‘Epochal Budget’. Presented at a time when India was on the brink of an financial collapse, it amongst different issues slashed customs responsibility from 220 per cent to 150 per cent and took steps to advertise exports.

– Dream Budget: P Chidambaram in the 1997-98 finances used the Laffer Curve precept to decrease tax charges to extend collections. He slashed most marginal revenue tax fee for people from 40 per cent to 30 per cent and that for home corporations to 35 per cent in addition to unleashing a variety of main tax reforms together with a voluntary disclosure of revenue scheme to get well black cash. Referred to as the ‘Dream Budget’, it additionally slashed customs responsibility to 40 per cent and simplified excise responsibility construction.

– Millennium Budget: Yashwant Sinha’s Millennium Budget in 2000 laid the highway map for the development of India’s Information Technology (IT) trade because it phased out incentives on software program exporters and lowered customs responsibility on 21 gadgets reminiscent of the pc and pc equipment.

– Rollback Budget: Yashwant Sinha’s 2002-03 finances for the NDA authorities headed by Atal Bihari Vajpayee is popularly remembered as the Rollback Budget as a number of proposals in it had been withdrawn or rolled again.

– Once-in-a-Century Budget: Nirmala Sitharaman on February 1, 2021 introduced what she referred to as was ‘once-in-a-century finances’ because it appeared to revive Asia’s third-largest financial system by way of investing in infrastructure and healthcare whereas counting on an aggressive privatisation technique and strong tax collections.

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