<p><strong>New Delhi:</strong> The Union Budget for the 2021-22 fiscal year is set to release on February 1. It will be especially significant to see what the union government plans to do to bring the country&rsquo;s economy back on track after the Coronavirus pandemic hit an already serious economic situation. <strong>ALSO READ |<span style="color: #e03e2d;"><a style="color: #e03e2d;" href="https://ift.tt/3paLl5x"> Union Budget 2021: What Are The Three Types Of Govt Budgets? Here&rsquo;s All About It</a></span><br /></strong></p> <p><strong>What Is A Budget?</strong></p> <p>The union budget is an annual financial statement that provides details of the estimated expenditure and expected revenues for the government in the forthcoming financial year which&nbsp;begins in April and ends in March.</p> <p>On an annual basis, Finance Minister presents the budget prepared by the concerned department of economic affairs.</p> <p><strong>Interesting Facts Related To India&rsquo;s Union Budget:</strong></p> <ol> <li>The first-ever Indian budget was presented by James Wilson, a Scottish economist and politician in 1860.</li> <li>The first budget of independent India was presented by RK Shanmukhan Chetty on November 26, 1947.</li> <li>Jawaharlal Nehru was the first Prime Minister to present the budget. He briefly held the post of Finance Minister in 1958-59.</li> <li>The government budget was once leaked! Until 1950, the Union Budget was printed at the Rashtrapati Bhavan when it got leaked. After the leak, the venue was moved to a government press on Minto Road in Delhi. Then a government press was set up in the North Block in the year 1980.</li> <li>Until 1955, the union budget was presented in English. After that year, the Congress-led government decided to print the budget in both Hindi and English.</li> <li>Moraji Desai presented the maximum number of budgets (10) between 1962-69 during his tenure as the finance minister.</li> <li>The 1973-74 budget is known as the &lsquo;Black Budget&rsquo; in India. In that period, the budget deficit reached Rs 550 crore.</li> <li>In 2001, the time for presenting the budget was changed to 11 am by then Finance Minister Yashwant Sinha. Until 2000, the budget was presented at 5 pm on the last working day of February.</li> <li>Arun Jaitley set the record of delivering the longest budget speech as his address was 2.5 hours long in 2014.</li> <li>On July 5, 2019, Nirmala Sitharaman became the second woman finance minister to presented the budget, the first being former PM Indira Gandhi who did it back in 1970-71 as the Union Finance Minister.</li> </ol> <p>The Budget session of Parliament this year will begin on January 29 and Union Finance Minister Nirmala Sitharaman is slated to present the Union Budget on February 1.&nbsp;</p>

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