The Government of India will present the Union Budget on 1 February 2025. This will be the first full budget of the third term of the Modi government, from which the general public, especially the middle class, women, and taxpayers have high expectations. This budget will not only decide the direction of economic policies, but can also present many important decisions affecting the living standards of the people.
On this occasion, let us know about the important budget records and historical traditions from the first budget of independent India till now.
First budget after independence
The first budget of independent India was presented on 26 November 1947. This budget will be given by the first Finance Minister of the country. R. Of. Shanmukham Chetty Presented.
- In this budget, the first outline of the country’s revenue and expenditure was prepared.
- It was created keeping in mind the economic challenges and priorities of that time.
first budget before independence
The first budget in India was presented in 1860.
- British economist James Wilson Prepared by.
- The budget of that time was prepared only in English and was made according to the needs of the British rule.
Finance Minister who presented the budget the most number of times
Former Prime Minister holds the record for presenting the budget the most number of times in India. Morarji Desai Is the name of.
- He presented the Union Budget 10 times.
- after them P. Chidambaram 9 more times Former President Pranab Mukherjee Presented the budget 8 times.
- Finance Minister Nirmala Sitharaman Till now she has presented the budget 7 times. His budget to be presented on 1 February 2025 eighth budget will be.
longest budget speech
finance minister Nirmala Sitharaman Gave the longest budget speech on 1 February 2020.
- this speech 2 hours 42 minutes Lasted till.
- The speech started at 11 am and continued till 1:40 pm.
- However, due to ill health, she could not complete her speech and two pages remained unread.
historical tradition of budget
Presenting the budget every year in India is not only a part of economic policy, but also Country’s priorities and development plans It is also a medium to show.
- Impact on public and industry,
- The proposals made by the Finance Minister in the budget speech impact every section of the society.
- these policies Basic amenities, tax rates, subsidiesAnd government schemes Through which they influence the lives of the general public.
- determination of economic direction,
- The budget prepares a roadmap for the country’s economy.
- In this Government expenditure, revenue collectionAnd new plans Declaration is included.
What are the expectations from Budget 2025?
This is the first full budget of the third term of the Modi government, from which the public has some big expectations:
- Relief for middle class and taxpayers,
- Possibility of change in income tax slab or increase in rebate.
- Additional discounts may be available on home loans and education loans.
- Schemes for women and youth,
- New self-employment programs for women.
- Special provisions to promote startups and jobs.
- Agriculture and Rural Development,
- New announcements to increase farmers’ income and strengthen rural infrastructure.
Budget: Mirror of the economy
The Union Budget is not just a financial document, it is a reflection of the country’s economic priorities and social commitments.
- It shows how the government will collect revenue and where it will spend it.
- In every budget, attention is paid to those areas which play an important role in the development of the country.
