The Union Budget of India is considered as the annual budget of the Republic India. According to Article 112 of the Constitution of India, it is referred as the Annual Financial Statement. The Budget is presented by the Finance Minister every year and the bill has to be passed by both the Houses of the Parliament before it comes into effect. Interim Budget is known as a short budget which usually presented prior to general elections by the ruling government.
1. R.K Shanmukham Chetty presented the First Union Budget of Independent India on November 26th, 1947.
2. Generally, the Union Budget of India is presented on the last working day of February.
3. Moraji Desai is the only Finance Minister to present the Union Budget on his Birthday.Desai did it in two different years (1964 & 1968). Interestingly, his birthday was on 29th February.
Moraji Desai presented the Union Budget 10 times, most by any Finance Minister of India.
4. The printing of the Union Budget of India starts with Halwa Ceremony.
5. Jawaharlal Nehru was the first Prime Minister to present the budget in the Parliament.
6. Indira Gandhi is still the only lady to hold the post of the Finance Minister.
7. Indira Gandhi is also the only woman and second Prime Minister to present the Union Budget for 1969-70.
8. Rajiv Gandhi became the third Prime Minister to present the Union Budget after Nehru (his grandfather) and Indira Gandhi (his mother).
9. Pranab Mukherjee was the first Rajya Sabha member to present the Union Budget.
10. Until 1999, Union Budget was announced at 5 pm in the evening. However, in 2001 Yashwanth Sinha then Finance Minister of NDA govt. led by Shri Atal Bihari Vajpayee changed it to 11 am.