Union Budget 2022: History, significance; all you need to know
After the presentation of the Economic Survey 2021-22, all eyes are now on Union Finance Minister Nirmala Sitharaman who will present her fourth budget on February 1.
Last year, FM Sitharaman presented the Budget in a paperless manner for the first time, arriving at the presentation with a tablet instead of the traditional 'bahi-khata.' This year too, the Finance Minister will table the paperless budget.
Here's the history, significance and some trivia about the Union Budget of India.
Significance of Union Budget
The overall objective of the Union Budget is to achieve our country's quick and balanced economic growth while also ensuring social justice and equality.
The key objectives that highlight the importance of the Union Budget in India are to ensure efficient allocation of resources, reduce unemployment and poverty level, reduce wealth and income disparities, keep a check on prices and change the tax structure.
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History of Union Budget
The Budget of India was first introduced on April 7, 1860, when Scottish economist and politician James Wilson of the East India Company tabled it to the British Crown.
The first Budget of independent India was presented by the first Finance Minister RK Shanmukham Chetty on November 26, 1947.
Longest and shortest Budget speech
Current Finance Minister Nirmala Sitharaman holds the record for delivering the longest speech, speaking for 2 hours and 42 minutes while presenting the Union Budget 2020-21 on February 1, 2020.
With two pages still left, Sitharaman had to cut short her speech as she felt unwell. She urged the Speaker to consider the rest of her speech as read.
During this speech, she broke her own record of 2 hours and 17 minutes, which she set in July 2019 during her first Budget.
In 1977, Hirubhai Mulljibhai Patel, the then-finance minister gave the shortest Budget speech with just 800 words.
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-PTC News
