The first Union budget of independent India
March 14, 2012
The first Union budget of independent India was presented by R. K. Shanmukham Chetty, a Tamilian, on November 26, 1947. This was more of a review of the then Indian economy as the Budget day for 1948-49 was just 95 days away
In 1948-49, Chetty began his Budget speech referring to his earlier presentation as an interim budget. From then onwards, an interim budget began to mean a budget for a short period
The record for the most Budgets presented by any Finance Minister is held by Morarji Desai who presented the Budget ten times - eight annual Budgets and two Interim Budgets. Current Union Minister of Home Affairs, P Chidambaram, comes a close second having presented the Union Budget seven times till date
Indira Gandhi is the only woman to hold the post of the finance minister
Pranab Mukherjee is the first Rajya Sabha member to hold the Finance portfolio and has previously presented the annual budgets for 1982-83, 1983-84 and 1984-85
C.D. Deshmukh was the first Indian Governor of the Reserve Bank of India to present a Budget in parliament
The first Vote-on-Account or Interim Budget was presented in 1952-53 and so far 11 such Budgets have been presented with the last one in 2009. Six times, it has been presented by a new government in power while the rest have been presented by the outgoing governments before pre or forced elections
Shri Yashwant Sinha presented the interim budget for 1991-92, followed by Manmohan Singh who presented the final budget for 1991-92 in July 1991. This was the first occasion when the interim and final budgets were presented by two ministers of two different political parties
Budget papers first began to be prepared in Hindi from 1955-56
In 2001, the Union Budget was announced at 11 am, moving away from its 50-year traditional history of always being announced at 5 pm Indian Standard Time
In 1948-49, Chetty began his Budget speech referring to his earlier presentation as an interim budget. From then onwards, an interim budget began to mean a budget for a short period
The record for the most Budgets presented by any Finance Minister is held by Morarji Desai who presented the Budget ten times - eight annual Budgets and two Interim Budgets. Current Union Minister of Home Affairs, P Chidambaram, comes a close second having presented the Union Budget seven times till date
Indira Gandhi is the only woman to hold the post of the finance minister
Pranab Mukherjee is the first Rajya Sabha member to hold the Finance portfolio and has previously presented the annual budgets for 1982-83, 1983-84 and 1984-85
C.D. Deshmukh was the first Indian Governor of the Reserve Bank of India to present a Budget in parliament
The first Vote-on-Account or Interim Budget was presented in 1952-53 and so far 11 such Budgets have been presented with the last one in 2009. Six times, it has been presented by a new government in power while the rest have been presented by the outgoing governments before pre or forced elections
Shri Yashwant Sinha presented the interim budget for 1991-92, followed by Manmohan Singh who presented the final budget for 1991-92 in July 1991. This was the first occasion when the interim and final budgets were presented by two ministers of two different political parties
Budget papers first began to be prepared in Hindi from 1955-56
In 2001, the Union Budget was announced at 11 am, moving away from its 50-year traditional history of always being announced at 5 pm Indian Standard Time
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