When and how did the Indian budget start

When and how did the Indian budget start

The Indian budget has a long history that dates back to the British colonial era in India. The practice of presenting a budget speech in Parliament by the finance minister, outlining the government’s financial position and plans for the coming year, was introduced by James Wilson, the first finance member of the British Indian government, in 1860.

In independent India, the tradition continued, and the budget has since been an important event in the country’s financial calendar. The Union Budget, which is presented annually by the finance minister in Parliament, outlines the government’s revenue and expenditure for the next financial year. The budget is prepared by the Ministry of Finance and presented to Parliament in February or March of each year.

The Indian budget has evolved significantly since its inception in the 19th century. In the early years, the focus was mainly on revenue collection and controlling expenditures. Over the years, the budget has become more comprehensive and reflects the government’s plans for economic growth and development. The budget now includes measures to promote agriculture, industry, infrastructure development, social sector expenditure, and measures to control inflation, among other things.

When and how did the Indian budget start

In recent years, the Indian government has focused on simplifying the tax system and improving the ease of doing business. The introduction of the Goods and Services Tax (GST) in 2017 was a major step in this direction. The government has also been pushing for digitalization of the economy, and the budget often includes measures to promote digital payments and encourage the adoption of technology in various sectors.

In conclusion, the Indian budget has come a long way since its inception in the 19th century. It has evolved to become a comprehensive document that reflects the government’s plans for the economy and outlines its revenue and expenditure for the next financial year. The budget has become an important event in the country’s financial calendar and is closely watched by investors, businesses, and the general public.

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  • March 3, 2023 at 2:12 pm
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