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7 Interesting Facts About The Union Budget

02-08-2022 |

Have you ever wondered what the word ‘budget’ means in the term Union Budget? While we understand a budget as an estimate of income and expenses over a fixed time, the word ‘budget’ derives its name from the French word ‘bougette’, which means ‘a small bag’.

 

If you ever look at the pre-budget pictures of our finance ministers, you will see them holding a small ‘budget briefcase’ before the introduction of the budget in the parliament. However, this tradition was broken by Finance Minister Nirmala Sitharaman in 2019 when she carried a Bahi-Khata instead of a briefcase. In India, the Union Budget is announced on February 01st.



Facts About the Union Budget

Interesting, isn’t it? Here are some more interesting facts about the India Union Budget.

 

  • The history of budget

    In India, the history of budget dates back to 1860 when the East India Company introduced the concept of the Indian Budget. Subsequently, in 1869, the Liberal politician and economist James Wilson presented the first-ever India Finance Budget. He was also entrusted with introducing paper currency in India and a new tax structure.

    After independence, Indian Finance Minister RK Shanukham Chetty presented the first budget of Independent India in November 1947. Subsequently, in 1950, Finance Minister John Mathai presented the first budget of the Republic of India.

 

  • GST@ was first proposed in 2000


    Finance Minister Arun Jaitley introduced the Goods and Services Tax (GST@) in India in 2017. However, this was not the first time GST@ was featured in the Union Budget presentation. In 2000, the Atal Bihari Vajpayee government first proposed the implementation of a GST@ regime. Also, in 2006, Finance Minister P Chidambaram, under the UPA II regime, also spoke about the implementation of GST in the Budget.

 

  • The Union Budget was printed in English and Hindi from 1955

    Until 1955, the Union Budget was printed only in the English language. However, in 1955, the Indian government decided to start printing it in English and Hindi. This was done since Hindi was one of the most widely spoken languages in the country.

    Also, initially, budget papers were printed in the Rashtrapati Bhavan. However, in 1950, a section of the Union Budget was leaked while being printed. Initially, security was tightened, and the printing process was shifted to Minto Road, New Delhi. Subsequently, in 1980, the printing process was shifted to the government press at the North Block of the Secretariat Building.

  • Some unique records by Finance Ministers

    Finance Minister Morarji Desai has the distinction of presenting the budget 10 times during his political career. On the other hand, Finance Ministers Mr KC Neogy and Mr HN Bahuguna are the only FMs to have never presented a Union Budget despite being finance ministers. This was because Mr Bahuguna was the Finance Minister of the country during 1979-80 only for 5.5 months. Also, Mr Neogy, the Second Finance Minister of Independent India, held office only for 35 days.

 

  • The Interim and Final Budget presentations were made by two different Finance Ministers in 1991-92

    Usually, the Finance Minister announces the Union Budget in February every year, detailing the income and expenses for the next financial year. However, there are times when the government presents an interim budget for various reasons. This is technically like a Union Budget but is valid for a short period.

    In 1991-92, Finance Minister Yashwant Sinha presented the Interim Budget. However, after the General Elections in 1991, Congress came into power, and Manmohan Singh was appointed the Finance Minister. He presented the Final Budget for the same FY.

  • Longest and Shortest budget speeches

    Union Budget speeches are known to be monotonous and long. In 1991, Dr Manmohan Singh gave a speech of around 18650 words. He quoted the celebrated writer Victor Hugo in his speech.

    The shortest Budget speech was given by Finance Minister HM Patel in 1977 while presenting the Interim Budget. His speech consisted of 800 words only. The record for the longest Budget speech in India is held by the current Finance Minister, Nirmala Sitharaman. She spoke for 2 hours and 42 minutes while presenting the Union Budget for 2020-21.

 

  • The only Finance Minister to have presented the Union Budget on his birthday twice

    Former Finance Minister Morarji Desai is the only FM to have presented the Union Budget on his birthday twice – 1964 and 1968. His birthday, February 29th, coincided with the Budget presentation date.

 

The Union Budget includes a range of announcements across industries. This includes the life insurance sector too. When you buy a Tata AIA Life Insurance Policy, you get insurance coverage and tax* benefits under Section 80C of the Income Tax* Act, 1961. Every year, during the Budget presentation, taxpayers look forward to announcements that help them save taxes more efficiently.



Conclusion


Every year, individuals and businesses look forward to the budget presentation to look at the impact on their lives and money. These were some interesting facts about the Union Budget in India.

 

L&C/Advt/2022/Jul/1751

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A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), Tata AIA Life Insurance is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Frequently Asked Questions

Why is the Union Budget so important?

The Union Budget is designed to boost the economic growth of the country along with social justice. Some important elements of the Union Budget are:

 

  • Optimum resource allocation
  • Reducing poverty and boosting employment opportunities
  • Taxes* and subsidies to reduce income disparity
  • Manage healthy inflation rates
  • Manage the tax* structure

What are the main features of the latest Indian Union Budget?

Here are the salient features of the Union Budget 2022-23:

 

  • Focused on all-inclusive growth and welfare
  • Promotion of development enabled by technology and climate action
  • Strengthening the infrastructure via various schemes
  • Offering more fiscal space to individual states
  • Supporting the agriculture and allied sectors
  • Offering support to MSMEs, etc.

Disclaimers

  •  Insurance cover is available under the product.
  •  The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • @All Premiums, Charges, and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium, charges or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.

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