Union Finance Minister Nirmala Sitharaman is set to present the budget for FY 2024-25 on February 1, marking the final annual financial statement of the Narendra Modi government's second term. Let's take a trip down memory lane and explore some fascinating facts about the Union Budget that has shaped India's financial landscape.
#Budget #UnionBudget #Budget2024 #InterimBudget2024 #SectorExpectations #FinanceMinister #BudgetInsights #EconomicOutlook #PolicyDemands #NirmalaSitharaman #KeySectors #FinancialForecast #GovernmentPriorities #EconomicGrowth #BudgetAnalysis #IndustryExpectations #FiscalPolicies #NationalDevelopment #FinancialPlanning #EconomicProspects #BudgetTalks #StrategicAllocations #PolicyImplications
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#Budget #UnionBudget #Budget2024 #InterimBudget2024 #SectorExpectations #FinanceMinister #BudgetInsights #EconomicOutlook #PolicyDemands #NirmalaSitharaman #KeySectors #FinancialForecast #GovernmentPriorities #EconomicGrowth #BudgetAnalysis #IndustryExpectations #FiscalPolicies #NationalDevelopment #FinancialPlanning #EconomicProspects #BudgetTalks #StrategicAllocations #PolicyImplications
~HT.292~GR.125~PR.151~ED.194~
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NewsTranscript
00:00 Union Finance Minister Nirmala Sitharaman is set to present the budget for financial
00:18 year 2024-25 on February 1st, marking the final annual financial statement of the Narendra
00:25 Modi government's second term. Let's take a trip down memory lane and explore some fascinating
00:34 facts about the union budget that has shaped India's financial landscape. Did you know
00:43 that the term infrastructure was introduced in the budget in the 1990s after the first
00:48 30 years without it? The union budget has come a long way since its inception with the
00:54 first budget presented on 7 April 1860 by Scottish economist and politician James Wilson
01:00 during the colonial era. Fast forward to independent India and the first union budget was presented
01:10 on 26 November 1947 with R K Shanmukham Shetty at the helm. Interestingly, this budget was
01:17 a review of the Indian economy with no new taxes proposed. A whopping 46% of the budget
01:23 that is 92.74 crore rupees was allocated for the Defence Services Department. Moving forward
01:34 in time, the budget faced a unique challenge in 1950 when it was leaked. As a response,
01:40 the government shifted the printing location from Rashtrapati Bhavan to Delhi's Minto Road
01:44 and later in 1980 to a government press in Delhi's North Block. The union budget took
01:53 another significant turn in 1955-56 when Hindi was introduced and since then, budget documents
02:00 have been printed in both English and Hindi. Breaking away from the tradition of finance
02:09 ministers presenting the budget, former Prime Minister Jawaharlal Nehru became the first
02:13 Prime Minister to present the union budget for the fiscal year 1958-59. Following him,
02:20 Indira Gandhi and Rajiv Gandhi were the only other Prime Ministers to present the budget
02:24 during their respective administrations. Speaking of trailblazing women, former Prime Minister
02:33 Indira Gandhi made history as the first woman to present the union budget for the fiscal
02:37 year 1970-71. In 1973-74, the budget earned the moniker 'Black Budget' as Finance
02:48 Minister Yashwantrao B. Chavan presented it with a high budget deficit of Rs. 550 crore.
02:55 It was the highest until that time following the Indo-Pak war of 1971. The budget of 1991-92
03:06 presented by Finance Minister Manmohan Singh is remembered as the 'Ipakal Budget' as
03:10 it marked the economic liberalisation of the nation, changing India forever. Moving on
03:16 ahead, the dream budget of 1997-98 was presented by Finance Minister P. Jitambaram, proposing
03:24 lower tax slabs for personal and corporate taxes. In the year 2000-2001, Finance Minister
03:34 Yashwant Sinha unveiled the Millennium Budget, revolutionising India's IT sector. In 2017,
03:44 under the leadership of Finance Minister Arun Jaitley, significant changes were introduced.
03:49 The Rail Budget was merged with the Union Budget and the budget presentation date was
03:52 shifted to 1 February. Jawaharlal Nehru made a notable addition to the budget in 1958-59
04:02 with the introduction of the Gift Tax to counter tax evasion. Fast forward to 2006 and Goods
04:12 and Services Tax or GST was introduced by Finance Minister P. Jitambaram, laying the
04:17 foundation for a comprehensive indirect tax system. Nirmala Siddharaman, our current Finance
04:26 Minister, made headlines in 2020 for delivering the longest budget speech, clocking in at
04:32 2 hours and 42 minutes. Breaking new ground, the budget for the fiscal year 2021-22 was
04:41 the first in independent India's history to go completely paperless. In 2019, Nirmala
04:51 Siddharaman became the second woman after Indira Gandhi to present the Union Budget.
04:55 She holds the distinction of being the first full-time woman Finance Minister of India.
05:00 That was some of the interesting facts about Union Budget in India's history. If you like
05:04 this video, subscribe to One India News. Thank you for watching.
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