USNMix Report: The interim budget presented 14 times since independence,
know what was special?
know what was special?
Budget 2019: There will be 15th chance in the country, when the interim budget will be presented. Earlier, 14 interim budgets have been introduced in the country.
The 2019 Lok Sabha elections are going to come and before that the biggest issue of discussion is the budget. Whatever the budget of political 2017 for the 2019 budget, there is also the same number of people who will get the gift in the election year. The Modi government has clarified that this budget will be interim and due to Arun Jaitley’s illness, Finance Minister Piyush Goyal will present the budget. One thing that is clearly coming out of the sources of news so far is that there will be enough for the middle class and the farmers in this budget. There will be 15th chance in the country, when the interim budget will be presented. Earlier, 14 interim budgets have been introduced in the country.
What is the interim budget?
The interim budget is presented in two circumstances. First, either the government does not have the time to present the full budget. Second, or the Lok Sabha elections will be held immediately. This budget, the interim budget will be because the government has to go to the polls two months later. In both circumstances, the government allows the expenditure for the remaining months of the new business year from Parliament.
1. The last interim budget was presented on February 17, 2014. Finance Minister P Chidambaram took over as Finance Minister after Pranab Mukherjee was elected President. In this interim budget, P Chidambaram reduced the excise duty on capital goods, auto mobile and some products.
2. After completion of the first term of the UPA government, Finance Minister Pranab Mukherjee presented the interim budget in 2008-09. No big announcement was made in this budget. He had said that according to the constitution, the new government will make a policy of tax and expenditure for the year 2009-10.
3. In 2004-05, the interim budget presented by Finance Minister Jaswant Singh on completion of the term of the Atal Bihari government. In this budget, he changed the stamp duty structure. Provided relief package for tea and sugar companies and added dearness allowance with basic pay. Also, the scope of some schemes was extended so that more people would be benefitted.
4. While Finance Minister in the Atal Bihari Vajpayee Government, Yashwant Sinha presented an interim budget in 1998-99.
5. In 1991-92, Dr. Manmohan Singh presented the interim budget because elections were held immediately. It was Manmohan’s only interim budget.
6. There were general elections to be held in 1990, Chandrashekhar’s government had fallen. After this, Finance Minister Yashwant Sinha had to present the interim budget of 1991. Yashwant Sinha started with an interim budget.
7. In 1980-81, R. Venkataraman presented the interim budget. It is said that he gave his budget speech as a political speech and criticized the economic policies of the Janata government for maximum time.
8. The interim budget of 1977 was historic. This was the only such interim budget, which was presented by former diplomatic and finance secretary Haribhai M Patil. He also gave the smallest speeches of the history of the budget.
9. In 1971-72, an interim budget was presented by YB Chavan. It was not very special, it was just mentioning the current situation of the economy and how the new tax system would be needed in the coming budget.
10. Morarji Desai presented two interim budgets in the country. First introduced in 1962-63 and second in 1967-68. When he presented the interim budget for the first time, then the Prime Minister of Jawaharlal Nehru, while presenting the second budget, he was both finance minister and deputy prime minister in the Indira Gandhi government. Both of his budgets are considered special for different reasons.
11. The third interim budget was presented in 1957-58 by T. T. Krishnamachari before the general elections. In this budget they emphasized on the lack of foreign currency and adequate resources to finalize the second Five Year Plan.
12. The second final budget was presented by CD Deshmukh, who appeared a day before the Lok Sabha election in 1952-53. Income tax exemption limit increased on personal tax in this budget.
13. The first interim budget was presented on November 26, 1947 and it was presented by RK Shanmukham Chetty. This budget was for the calculation of expenses after independence which was for about seven and a half months. The period of this budget was August 15, 1947, to March 31, 1948.
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