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Today, we’re taking a break from our usual market analysis to delve into the fascinating history of the Union Budget in India. Join us as we explore some lesser-known facts, trivia, and surprising moments that have shaped this annual financial event. To simplify this year’s Budget and decode its impact on your life, your investment portfolio, and all that you do, we bring you #BudgetSimpleHai!
Listen to our special podcast series on this Union Budget 2024. We bring insights, stories, explainers, stock recommendations, and much more on our podcast Markets Daily.
This year, the Union Budget has shifted its usual February slot to July. But why the change? Well, 2024 was an election year. To ensure a smooth transition for the newly elected Government, an Interim Budget was presented in February, outlining broad spending plans. Now, with the Government settled, we’re gearing up for the full Union Budget in July, which will delve deeper into economic policies and spending allocations for the upcoming fiscal year.
Did you know the tradition of presenting a budget in India dates back a whopping 164 years? That’s right! In 1860, under British rule, a Scottish economist named James Wilson presented the first-ever budget in India. Fast forward to 1947, when independent India witnessed its first budget presented by R.K. Shanmukham Chetty, the then Finance Minister. Since then, the Union Budget has become a pivotal point in the Indian financial year, outlining the Government's plans for spending and revenue generation.
Did you know that up until 1999, the budget was always presented at 5 pm? This was done to ensure the budget papers could be tabled in the British Parliament simultaneously!
What was the first item ever taxed in independent India? It was salt!
The tradition of presenting the budget on the last working day of February shifted to February 1st in 2017. This change was made to ensure smoother parliamentary approvals before the new financial year begins in April.
While the historical perspective is fascinating, the upcoming Union Budget 2024 is the one that truly impacts our present and future. As investors, staying informed about potential changes in taxation, Government spending plans, and sectoral allocations is crucial for making informed investment decisions.
Throughout the week leading up to the budget, Bajaj Broking’s team of experts will be providing in-depth analysis of potential budget announcements and how they might affect specific sectors and the broader market. We’ll be breaking down the key points, giving you insights into what to watch out for, and how you can position your investments. Don’t forget to tune in to our podcasts and visit our website for comprehensive pre-budget and post-budget insights! Kyunki – Bajaj Broking ke saath #BudgetSimpleHai
Thanks for joining us on this special Union Budget edition of Markets Daily. Remember, Bajaj Broking empowers you to invest smarter with market analysis, expert insights, and educational resources. Stay tuned for more updates, and as always, happy investing!
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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