GK
INDIAN POLITICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Lok Sabha
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The Rajya Sabha
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Joint session of the Parliament
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Meeting of the Union Cabinet
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Detailed explanation-1: -Hint: The Budget or financial statement is presented annually in the Lok Sabha. Article 112 of the Indian constitution envisages laying down the annual financial statement in the parliament. On that day a ‘Budget Speech’ was read out in the Lok Sabha.
Detailed explanation-2: -The General Budget is presented in Lok Sabha by the Minister of Finance, who makes a speech introducing the Budget and it is only in the concluding part of the speech that the proposals for fresh taxation or for variations in the existing taxes are disclosed.
Detailed explanation-3: -The first Union Budget of India post-Independence was presented on November 26, 1947, just three months after India got independence from the British Empire. The nation’s first Union Budget was delivered by RK Shanmukham Chetty, the then finance minister.