Union Budget 2023-2024

What Is the Union Budget?

In India the Union Budget is the Annual Financial Statement or the statement of the estimated expenditure and receipt of the Indian Government in each financial year is known as the Union Budget.

History Of Union Budget In India

The Union Budget of India is also referred to as the Annual Financial Statement in Article 112 of the Indian constitution. The Government presents union budget on the Ist day of February so that it could be materialised before the starting of the new financial year.

Until the 2016 financial year Union Budget was presented on the last working days of February by the Finance Minister.

Read also – What Is Budgeting & Zero Base Budget?

First In Union Budget In India

The first Union Budget was presented 160 years ago in 1860 by James Wilson a Scottish Economist. The first Union Budget of Independent India was presented on 26 Nov. 1947 by R.K Shanmukham Chetty.

Pandit Jawaharlal Nehru was the 1st PM who presented the first Union Budget In 1958-59.

Union Budget 2023-24

Union Finance Minister Smt. Nirmala Sitharamam on February 01, 2023 at 11am presented the Union Budget 2023-24 in parliament. This Union Budget is the last Budget of P.M Narendra Modi 2.0 before general elections 2024. 2023-24 Union Budget also the first Budget of the “Amrit Kaal”.

Union Budget 2023-24 aims to build on the foundation of the previous Financial year Budget and blueprint for India at 100.

Read alsoWhat Is Budgetary Control?

Key Points Of Union Budget 2023-24

PM Garib Kalyan Yojana

Finance Minister Nirmala Sitharaman announced that the centre has implemented PM Garib Kalyan Ann Yojana from January 1, 2023 to until Dec. 2023 a scheme to supply free food grain to all Antyodaya and priority households for one year.

Pradhan Mantri Kaushal Vikas Yojana 4.0

PMKVY 4.0 will be launched by the Government for enhancing youths for job opportunities by improving skills.

Read alsoPradhan Mantri Kaushal Vikas Yojana Scheme In India ?

Centre Of Excellence For Artificial Intelligence (AI)

Finance Minister Nirmala Sitharaman announced that the Indian Government will establish a centre of Excellence for Artificial Intelligence (AI) to conduct research and development on AI based Practices in Agriculture, Pharma and Education Sectors.

Skill India International Centres

Thirty (30) Skill India Centre in different states in India will be established for job opportunities for the youth generation globally. The Centres are established along with Unified Skill India Digital Platform.

What is the revenue and fiscal deficit in the Union Budget presented by R.K Shanmukham Chetty in 1947?

Total revenues stood at ₹171.15 crore, and the fiscal deficit was ₹24.59 crore in union Budget in 1947.

Who was the 1st PM presented the first Union Budget In 1958-59?

Pandit Jawaharlal Nehru was the 1st PM who presented the first Union Budget In 1958-59.

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