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When was India's 1st Budget presented?

Last updated on: July 02, 2004 07:24 IST
UNION BUDGET 

When was India's 1st Budget presented?
On July 8, 2004, Finance Minister P Chidambaram will present the Union Budget for fiscal 2004-05. Take the Rediff Business Quiz and find out how much you know about India's budgets.

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1. When was India's 1st Budget presented?
a) November 26, 1947
b) February 29, 1948
c) February 28, 1950

Wrong! Try again.
Wrong! The correct answer is November 26, 1947.
R K Shanmukhan Chetty served as the finance minister in Jawaharlal Nehru's Cabinet between 1947-49. On November 26, 1947 Chetty presented the first Budget of independent India. Actually, it was a review of the economy and no new taxes were proposed as the Budget day for 1948-49 was just 95 days away. Chetty resigned in 1949 due to differences with Pandit Nehru.
Correct!
R K Shanmukhan Chetty served as the finance minister in Jawaharlal Nehru's Cabinet between 1947-49. On November 26, 1947 Chetty presented the first Budget of independent India. Actually, it was a review of the economy and no new taxes were proposed as the Budget day for 1948-49 was just 95 days away. Chetty resigned in 1949 due to differences with Pandit Nehru.

2. Which two Indian finance ministers have presented 5 budgets in a row?
a) Pranab Mukherjee / P Chidambaram
b) Yashwant Sinha / Manmohan Singh
c) Morarji Desai / Yashwant Sinha

Wrong! Try again..
Wrong! The correct answer is Yashwant Sinha / Manmohan Singh .
The first time he took over the office of the finance minister, Yashwant Sinha's government was pulled down before he could present a proper Budget and instead had to present an interim budget for 1991-92. He was appointed Union finance minister for the second time in 1998, when the Bharatiya Janata Party was voted to power.
In the election held in May 1991, the Congress returned to power and Manmohan Singh became the finance minister. He presented the final budget for 1991-92 in July 1991. This was the first occasion when the interim and final budgets were presented by two ministers of two different political parties. Consequent to the capital markets scam and UTI meltdown, Sinha was removed from the finance ministry and Jaswant Singh became India's finance minister in July, 2002.
Correct!
The first time he took over the office of the finance minister, Yashwant Sinha's government was pulled down before he could present a proper Budget and instead had to present an interim budget for 1991-92. He was appointed Union finance minister for the second time in 1998, when the Bharatiya Janata Party was voted to power.
In the election held in May 1991, the Congress returned to power and Manmohan Singh became the finance minister. He presented the final budget for 1991-92 in July 1991. This was the first occasion when the interim and final budgets were presented by two ministers of two different political parties. Consequent to the capital markets scam and UTI meltdown, Sinha was removed from the finance ministry and Jaswant Singh became India's finance minister in July, 2002.

3. Which finance minister has presented a Budget on his birthday?
a) Yashwant Sinha
b) Morarji Desai
c) Jawaharlal Nehru

Wrong! Try again..
Wrong! The correct answer is Morarji Desai.
Morarji Desai, was twice the finance minister of India -- 1959-64 and 1967-70. In 1964 and 1968 -- both leap years -- Desai presented the Budget on February 29, his birthday. Morarji also has the distinction of presenting the maximum number of Budgets -- 10 -- a record that stands even today. He presented five annual and one interim Budget during his first stint, and three final and one interim in his second term.
Correct!
Morarji Desai, was twice the finance minister of India -- 1959-64 and 1967-70. In 1964 and 1968 -- both leap years -- Desai presented the Budget on February 29, his birthday. Morarji also has the distinction of presenting the maximum number of Budgets -- 10 -- a record that stands even today. He presented five annual and one interim Budget during his first stint, and three final and one interim in his second term.

4.Which finance minister went on to become the President of India?
a) Sarvepalli Radhakrishnan
b) Giani Zail Singh
c) R Venkataraman

Wrong! Try again..
Wrong! The correct answer is R Venkataraman .
R Venkataraman was India's finance minister from 1980-82 in the Cabinet of Mrs. Indira Gandhi. He served as President from 1987-1992.
Correct!
R Venkataraman was India's finance minister from 1980-82 in the Cabinet of Mrs. Indira Gandhi. He served as President from 1987-1992.

5. How many finance ministers later went on to become the Prime Ministers of India?
a) 4
b) 3
c) 2

Wrong! Try again..
Wrong! The correct answer is 4.
Morarji Desai, was twice the finance minister of India -- 1959-64 and 1967-70. He served as the prime minister from 1977 to 1979. Chaudhary Charan Singh became the prime minister in late 1979, having held the finance portfolio earlier the same year. V P Singh was finance minister from 1985 to 1987 and prime minister from 1989 to 1990. India's first prime minister (1947-64) Pt. Jawaharlal Nehru had also held the finance portfolio from 1958 to 1959. Indira Gandhi too held the finance portfolio from 1970 to 1971 while she was still the prime minister. Her tenure as PM was from 1966 to 1977 and again from 1980 to 1984. India's new prime minister Manmohan Singh also was the finance minister in the PV Narasimha Rao government.
Correct!
Morarji Desai, was twice the finance minister of India -- 1959-64 and 1967-70. He served as the prime minister from 1977 to 1979. Chaudhary Charan Singh became the prime minister in late 1979, having held the finance portfolio earlier the same year. V P Singh was finance minister from 1985 to 1987 and prime minister from 1989 to 1990. India's first prime minister (1947-64) Pt. Jawaharlal Nehru had also held the finance portfolio from 1958 to 1959. Indira Gandhi too held the finance portfolio from 1970 to 1971 while she was still the prime minister. Her tenure as PM was from 1966 to 1977 and again from 1980 to 1984. India's new prime minister Manmohan Singh also was the finance minister in the PV Narasimha Rao government.

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Compiled by: Rediff Business Desk