Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, having already presented an Interim Budget ahead of the Lok Sabha elections. In light of the upcoming Budget, we take a look at some trivia.
India's first Mini Budget
A 'Mini Budget' is a special-occasion budgetary proposal. It is also called a ‘Mini Budget’ when an interim budget has already been presented in an election year by the outgoing government and the new government presents another in the same year.
The first Mini Budget in the India's history was presented on November 30, 1956.
Who presented the first Mini Budget
India's fourth Finance Minister, T T Krishnamachari presented the first Mini Budget in former Prime Minister Jawaharlal Nehru's government.
Preceded by C D Deshmukh, Krishnamachari, in a 5000-word long speech through finance bills, announced new taxation proposals in a special-occasion budgetary proposal aimed at dealing with an economy plagued with rising inflation and dipping forex reserves.
However, in Februrary 1958, he had to resign after the one-man Justice Chagla Commission found him guilty of corruption.
Nehru stepped in after his resignation to take over the Finance portfolio and in the absence of a finance minister; Nehru went on to present the Budget of 1958-59.
Krishnamachari was back as the Finance Minister less than a decade later and the second Mini Budget was also presented by him in August 1965.
During his tenure, Krishnamachari presented a total of six budgets, two of which were Mini Budgets.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.