World First Budget: Finance Minister Nirmala Sitharaman will present the country’s Union Budget on 1 February 2025. His budget speech will start in the Lok Sabha at 11 am. This will be the eighth budget speech of Nirmala Sitharaman as Finance Minister. Its preparations are going on loudly. Recently, after the pudding ceremony in the Finance Ministry, the lock-in process of the budget was also started. It is possible that the budget has been finalized.
Like every time, this time also the middle class of the country has a big hope from the budget and they are expecting great relief in the growing inflation. What announcements will be held in the budget, it will be known only after the budget speech of the Finance Minister. We will tell you about the first budget of the world here. Where was the first budget presented in the world, where did this word come from and what was the process of preparing this budget? Let’s know
This country presented the first budget
The term budget was from the Latin word ‘Bulga’. In the French language it was also called Bugate. When this word was used in English, it became a boget, which later came to be called the budget. Now come to your main question. When it comes to presenting the budget in the world, the name of England comes first. It started from here. According to the information, for the first time in 1760, the budget was started to present the budget at the beginning of each financial. It is from here that the budget reached other countries and it started being introduced by the governments.
When was the first budget introduced in India
The budget in India started long before independence. After the 1857 rebellion at the time of the British rule, the British called a big economist James Wilson to India to improve the country’s financial system. He presented India’s first Union Budget on 7 April 1860. At the same time, after the independence of the country, the then Finance Minister RK Shanmugam Chetty presented the first budget of independent India on 26 November 1947.
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