Budget Trivia: Here Are FAQs About India's Finance Bill Ahead of Nirmala Sitharaman's Union Budget 2020 Presentation

New Delhi, January 31: Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget of the PM Narendra Modi-led Central government on February 1, 2020. This would be the second time for Sitharaman after July 5, 2019, when she would be reading out the Budget in Parliament. However, this is the first full-time Union Budget that she is going to present. With economic crisis, slow GDP growth, unemployment, high inflation rate and liquidity crunch pushing country’s development backwards, this year’s budget is going to be crucial. Union Budget 2020: Hopeful of OSH Code Passage in Parliament This Budget Session, Says Labour Minister Santosh Gangwar.

According to several reports making the rounds, the Union Finance Ministry is mulling a rejig in the income tax slabs and at the same time looking for options to ease foreign direct investments to boost growth. Sources in the Union Finance Ministry also point that this time, the Union Ministry would consider raising the fund allocation for sectors like defence, railways, education, health, MSME, and others in the upcoming budget. However, speculations are on the rise that there might be a hike in cess on imports/exports to boost "Make in India" initiative. Union Budget 2020: What is Economic Survey? Where to Watch it Live & How to Download Narendra Modi Govt's Report Card on January 31.

Here Are Some of The Frequently Asked Questions About Union Budget:

When was the first Budget of independent India presented?

The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947. While presenting the Budget, Chetty had said, “"I rise to present the first Budget of a free and independent India. This occasion may well be considered an historical one and I count it a rare privilege that it has fallen to me to be the Finance Minister to present this Budget."

How Much Money Was Allocated in The first Budget of independent India?

A total of Rs 171.15 crore was allocated for the development of the country in the First Union Budget. After Independence, India's fiscal deficit was estimated at Rs 26.24 crore. In the first budget, the total expenditure for the year was estimated at Rs 197.29 crore.

What does Annual Budget of a country signifies?

According to Article 112 of the Indian Constitution, the Union Budget is also referred to as the annual financial statement. It is a statement of the estimated receipts and expenditure of the government for that particular year. The printing of budget documents starts roughly a week ahead of presenting in the Parliament with a customary 'Halwa ceremony'. Budget 2020: From Nirmala Sitharaman to Arun Jaitley and Jaswant Singh, 5 Longest Budget Speeches by Indian Finance Ministers.

Which was the most famous Budget?

Morarji Ranchhodji Desai's budget’s in 1968 is known as People's Budget. It simplified the assessment of goods by introducing the system of self-assessment for all manufacturers. This Budget also abolished 'spouse allowance'. Budget presented by the then Finance Minister Manmohan Singh in 1991, is also considered as one of the famous budgets. In this budget, the Narasimha Rao government open the Indian markets for foreign players. The country slashed import licensing and promoted exports.

Who Presented Highest Number of Budgets?

Morarji Desai presented the highest number of 10 budgets, followed by P Chidambaram with nine budgets. Meanwhile, Pranab Mukherjee and Manmohan Singh presented eight and six budgets each.

Meanwhile, a day before the Budget, the Economic Survey is presented in Parliament. The Economic Survey is a detailed report card of the government economic performance throughout the year. It is prepared by Chief Economic Advisor (CEA) and released after Finance Minister's approval. Days before the 2020 union budget, reports also surfaced that the government is mulling increasing the tax slab of five percent from Rs 2.5 lakh to Rs seven lakh. However some economists believe that there is no possibility of making such announcement.

(The above story first appeared on LatestLY on Jan 31, 2020 01:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).