Published 10:49 IST, February 1st 2021
Ahead of Union Budget 2021, LS Speaker Birla tweets key details on India's Budget record
As India gears up for the presentation of Union Budget 2021, Lok Sabha Speaker Om Birla has shared key details regarding the yearly financial statement
As India gears up for the presentation of the Union Budget for the year 2021-22, Lok Sabha Speaker Om Birla on Monday shared key details regarding the yearly financial statement.
The Union Budget is set to be presented by Finance Minister Nirmala Sitharaman at 11 am on February 1 and this is the first time the budget will be in digital format. Om Birla informed that the Budget documents can be downloaded from the portal http://indiabudget.gov.in or Union Budget mobile app.
In a series of tweets, the LS Speaker noted the history of Budget sessions presented in India over the years, "From 1947 to 2020, a total of 92 budget speeches were presented in the Lok Sabha. This includes an interim budget, a statement on the economic situation, and tax proposals. Between 1947 and 2016, 86 railway budgets were also presented. Since 2017, the Railway Budget has been presented in the Union Budget."
He further noted that since independence, a total of 26 Finance Ministers have presented the Union Budget in the Parliament. These include three former Prime Ministers Jawaharlal Nehru (1958), Indira Gandhi (1970), and Rajiv Gandhi (1987).
History of Budget presentation in India
The first budget of independent India was presented by the first Finance Minister of the country, RK Shanmukham Chetty on November 26, 1947. He served as the Finance Minister of India from 1947 to 1949, Birla said.
"Article 112 of the Constitution of India facilitates the presentation of the budget. The documents to be presented along with the budget provide information about income, expenditure, revenue receipts, property liabilities, and the status of progress of previous year's budget announcements," he added.
The history of the budget in the country started from 1867, which expanded over time. Since independence, the tradition of budget presentation in Parliament has been continuously enriched. All the parties approve the budget after extensive discussion, which gives a boost to the economic progress of the country, Birla tweeted.
Union Budget 2021
With a history of 161 years, the Indian Union Budget is known to be the largest budget in the world and it is prepared by the concerned department of economic affairs of the Ministry of Finance every year. This year's Union Budget will be extra special because Nirmala Sitharaman has promised a "never before" like Union Bidget.
The government plans to steer the pandemic-battered economy and push growth. While investment in health, medical Research & Development (R&D) and developing greater skills to handle telemedicine is going to be critical, livelihood challenges would have to be seen in a newer canvas with a newer perspective on vocational training and skill development
Updated 10:50 IST, February 1st 2021