The word “Budget” was derived from the Middle English word “bowgette”, which came from Middle French “bougette—meaning a leather bag. The Indian budget is presented in Parliament on a date fixed by the President. The Budget speech of the finance minister is normally has two parts. Part A deals with general economic survey of the country while Part B relates to taxation proposals. Finance Minister presents the annual Union Budget in the Parliament generally on the last working day of February. The Budget is the most extensive account of the Government finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It includes the revenue budget and the capital budget. It also comprises estimates for the next fiscal year called budgeted estimates. The Ministry of Finance, Planning Commission, Administrative Ministries and the Comptroller & Auditor General are the main players in the declaration of the Union Budget. First Indian Budget The Budget was first introduced in India on 7th April, 1860 from East-India Company to British Crown. The first Indian Budget was presented by James Wilson on February 18, 1869. Mr Wilson was the Finance Member of the India Council that advised the Indian Viceroy.
Posted on: Sun, 09 Jun 2013 16:47:30 +0000
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