Thursday, February 22nd, 2024

The black budget in the history of India, which created havoc in the country


Photo:India TV How much do you know about the black budget in the history of India?

This year’s budget will always be remembered in history. Not because it is the last full budget of the second term of the Modi government. Not even because the government will take some other steps to deal with the Corona epidemic. Rather because this budget will be known for the steps taken to save India from the coming recession in the world. Whether this will indeed be a budget to remember or not, only time will tell. Will record the pages of history, but what has already been recorded, today we will tell you in this story, so let’s start.

Since the first budget of independent India, which was presented on 26 November 1947, there have been many occasions when the provisions of the budget tried to give a new direction to the country. Know some such interesting facts related to the budget.

  1. The first budget of independent India was presented by the then Finance Minister RK Shanmukham Shetty on 26 November 1947.
  2. John Mathai was the second Finance Minister of the country, who presented the budget of 1949-50. It was a historic budget and focused on inflation. Through this budget, the country chose words like Planning Commission and Five Year Plans.
  3. After the year 1955 i.e. from the budget of 1955-56, the documents related to the budget started being prepared in Hindi as well.
  4. In the Union Budget of 1955-56, a plan to unearth black money was launched.
  5. The provision of service tax was made in the Union Budget of the year 1994. This budget was presented by former Prime Minister Manmohan Singh.
  6. The budget of the year 1973-74 is known as the Black Budget of India. This year the country’s budget deficit was Rs 550 crore.
  7. In the year 1982, Finance Minister Pranab Mukherjee presented the budget. He gave the budget speech for 1 hour 35 minutes. After this budget, long budget speech became a trend. Commenting on this, Indira Gandhi had said that the finance minister of the shortest stature gave the longest speech.
  8. Rajiv Gandhi introduced India’s corporate tax for the first time in the budget of 1987.
  9. Such an occasion also came in the history of the budget when the interim and financial budget for the year 1991-92 were presented by different ministers from different parties. Yashwant Sinha presented the interim budget, while Manmohan Singh presented the final budget.
  10. Manmohan Singh put the term of service tax in front of India in his budget of the year 1994.
  11. Yashwant Sinha is known for including the maximum rollback in the Union Budget of 2002.
  12. Yashwant Sinha presented the budget in the year 1991 during the foreign exchange crisis. When he presented the budget in the year 1999, the discussion on Pokhran blast was common in the country. When he presented the budget in the year 2000, the country was grappling with the aftermath of the Kargil war, while in the year 2001, when he presented the budget, the country was worried about the Gujarat earthquake.
  13. Till the year 2000, the budget in India was presented at 5 in the evening, the logic behind this was that when it is 5 in the evening in India, it is 11:30 in the morning in London. Parliamentarians sitting in London’s House of Commons and House of Lords had to listen to India’s speech, so India’s budget was presented at five in the evening.
  14. After a long debate in Parliament, the timing of presenting the budget was changed. In 2001, the then Finance Minister Yashwant Sinha started the tradition of presenting the budget on the first day.
  15. For the first time in 2017, the system of rail budget was abolished. As per tradition, the Railway Budget used to come a day before the General Budget. But from 2017, the railway budget was merged with the general budget.

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