Yes! It is Budget time.
Over the years, governments have changed, so have promises, but what hasn't is the fact that public reaction to the ‘Budget' will be varied.
So, for Budget 2016, we chose to go to the masses, to understand whether they know enough about this annual event happening on the last day of February every year. (With exceptions of course! Hint: Interim Budgets)
Before that, here are a few, quick interesting facts about the Indian Budget:
So, if you noticed, we told you when this 'annual event' happens every year (hope you noticed), but do you have any idea when it comes into effect after being approved by Parliament?
Any guesses? No, it's not when you get your annual bonuses, but rather on April 1, exactly one month after its introduction in Parliament.
Okay, now moving on to a much more 'serious' question. Who presents the Budget in Parliament? No, it is not the RBI Governor, just because he signs on your currency notes, it is the Finance Minister of India.
But the RBI Governor has presented the Budget in Parliament. The first year was 1951-52 when C D Deshmukh presented the Interim Budget for that year.
However, according to Indian tradition, drawing parallels to Goddess Lakshmi, women are considered to bring wealth and prosperity wherever they set foot. So, how is it that India never had a woman Finance Minister?
The truth is India did have a woman Finance Minister, and it was none other than the Iron Lady of India Indira Gandhi, who headed the finance ministry from 1971-72.
Now, can you name three Finance Ministers who became Prime Ministers of India? Well, here are four - V P Singh, Jawaharlal Nehru, Indira Gandhi, and Manmohan Singh.
Manmohan Singh was also credited for opening up the Indian economy in the 1992-93 Budget, trying to change India's socialist economy to a more capitalistic one, dismantling the age-old Licence Raj.
While we leave you with another fun fact about the Budget, we hope you enjoy some good hearty reactions on people's thoughts about this event.
Fact: Till 2000, the Union Budget was announced at 5 pm on the last working day of the month of February. This was a practice inherited from the British era. Their Parliament would pass the Budget at noon, which was 5.30 pm in India.
The time was changed to 11 am under Atal Bihari Vajpayee.
May the Budget be with you!
Camera Person: Rukmangada Raja
Video Editor: Anand
To get all the information about the budget, check out your.st/unionbudget2016
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