After Independence, India’s first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November, 1947.
Who introduced first budget in India?
Finance minister RK Shanmukham Chetty presented the first budget of Independent India. Total expenditure under the budget was earmarked at Rs 197.39 crore, out of which approximately Rs 92.74 crore (or 46 percent) was allocated for Defence Services. For the first time, Finance minister R.K.
When was the first budget of India?
The first union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.
Who is the father of Indian economy?
P. V. Narasimha Rao was part of Vande Matram movement in the late 1930s in the Hyderabad state.
Where is budget introduced in India every year?
India. The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the very first day of February by the Finance Minister of India in Parliament.
Who coined the term budget?
The word ‘budget’ has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents — which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister — were carried in a brown briefcase, a legacy passed on by the British.
Who introduced system of budget?
Notes: The system of budget was introduced in India during the viceroyalty of Lord Canning.
When was the first budget presented in India after independence?
The first budget of free India was presented by the then Finance Minister, R.K. Shanmukham Chetty, on 26 November 1947.
Who is Father of Hindi?
Bharatendu Harishchandra wrote in many languages including Hindi, Punjabi, Bengali and Marwari. Regarded as the ‘Father of Modern Hindi Literature and Hindi Theatre’, Bharatendu Harishchandra died around 132 years ago, on January 6, 1885.
Who is the mother of economics?
Amartya Sen has been called the Mother Teresa of Economics for his work on famine, human development, welfare economics, the underlying mechanisms of poverty, gender inequality, and political liberalism.
Who was the first prime minister of India?
Jawaharlal Nehru, was 58 when he started the long innings of 17 years as free India’s first Prime Minister.
Who prepares the budget in India?
The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. Further Reading: Union Budget 2021 – 22.
What was the budget in 2010?
Naxal-affected areas to encourage “misguided elements” to eschew violence and join the mainstream. Gross tax receipts pegged at ₹7,46,656 crore for 2010-11, non-tax revenues at ₹1,48,118 crore. Total expenditure pegged at ₹11.8 lakh crore, an increase of 8.6%. Fiscal deficit at 5.5%.
What day is budget day?
When is the Budget? The Budget speech will be delivered on Wednesday 27 October.