Give a brief description about govt budget and mention in which year 1st budget was introduced by whom.
Answers
government budget is an annual financial statement presenting the revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation. The budget is also known as the Annual Financial Statement of the country. This document estimates the anticipated government revenues and government expenditures for the ensuing (current) financial year.[1] For example, only certain types of revenue may be imposed and collected. Property tax is frequently the basis for municipal and county revenues, while sales tax and/or income tax are the basis for state revenues, and income tax and corporate tax are the basis for national revenues.
India's First “Union Budget” Introduced By Pre-independence F. M. James Wilson on 7 April 1860 and After independence, India's 1st Finance Minister R.K. Shanmukham Chetty, presented the 1st budget on 26th November, 1947.
Independent India's first ever Budget was presented by RK Shanmukham Chetty, the finance minister of the free country, on November 26, 1947. A poverty-stricken country that India was at that time, the Budget as expected focused on food grain production, civil expenditure and defence.