10 Interesting Facts About Indian Union Budget .

Dr. Virendra Tatake 

1) The first budget of independent India was presented on 26th November 1947. Of course, in that budget, instead of proposing any new tax, the emphasis was on reviewing the economy of India . Considering the overall situation at that time, this first budget had the highest allocation for the defense sector.

2) In the first few years, the budget was printed only in English but from the year 1955-56, along with English, printing was also started in Hindi and this method has been followed ever since.

3) From the year 1950, printing of budget started in the printing press located at Minto Road, New Delhi. However, after the increase in the scope  of the budget, the printing of the budget was started from the year 1980 at the Government Printing Press at North-block, New Delhi. The purpose behind this was to keep all the information in the budget confidential.

4) The late Indira Gandhi was the first woman Finance Minister of the country. She presented the budget for the year 1970-71. Incumbent Finance Minister Nirmala Sitharaman is the second woman Finance Minister to present her fourth consecutive budget this year. The late Morarji Desai had presented the budget  for   ten times which is considered as the record for any finance minister  .

5) The budget presented by the former Prime Minister of India, Dr. Manmohan Singh as the Finance Minister in the year 1991 was  hailed as a guideline to lead the country towards globalization, privatization and liberalization. Also, the budget presented by the then Finance Minister Yashwant Singh in the year 2000 was known as Millennium Budget. This budget revolutionized the Indian information technology sector.

6) From the year 1999, the budget was presented in the Parliament at eleven o'clock in the morning. Earlier, the budget was presented at 5 pm. When the budget is presented in Parliament, its reactions  are immediately felt in the stock market. Therefore, most of the time on the day of the budget, there is a big fall or big jump in the stock market. Of course, sometimes the stock market even gives a 'cold welcome' to the budget.

7) The speech made by the Union Finance Minister while presenting the budget is also a subject of great discussion. The speech of the then Finance Minister Arun Jaitley in the year 2014, when he presented the budget, is considered to be the longest speech ever made by the Finance Minister during the budget.

8) From the year 2017, the railway budget was presented along with the main budget. Earlier, the railway budget was presented separately.

9) In the year 2019, Finance Minister Nirmala Sitharaman started the genuine Indian concept called 'Bahi Khata' by stopping  the suitcase used in presenting the budget.

10) The year 2021, i.e. last year, for the first time the budget was presented in paperless i.e. digital format.

-Dr.Virendra Tatake

( The Author is associated as Director at Indira Global Business School )

 

Success Story of an Indian-Origin CEO getting highest pay package .

-Dr. Virendra Tatake

What can be the highest pay package  that a CEO of a company can have?  One crore rupees?  Ten crore rupees?  One hundred crore rupees?  One thousand crore rupees?  Ten thousand crore rupees? ...... Your guess is wrong! 

There is a person  whose annual pay package  is  Rs. Seventeen Thousand Five Hundred Crore !  And it is more important to us that the person is of Indian origin .  The highest paid person in the world is Jagdeep Singh!  Jagdeep Singh is the CEO of Quantum-Scape.  

He has now been added to the list of people of Indian descent who hold top positions in many companies around the world.E

A native of India, Jagdeep Singh holds a degree in Computer Engineering from the University of Maryland.  He then completed a master's degree in engineering from Stanford University and an MBA from the University of California.  

After completing his education, he held positions of responsibility in various companies as well as participated in many companies.  In the year 2010, a company called Quantum-Scape was formed under his initiative.  This company is working in the field of battery production of electric cars.  The use of electric cars, considered the 'car of the future', has increased worldwide in the last few years.  Governments in various countries are also promoting the use of electric cars to curb pollution.  The company was set up keeping in mind that there is a huge scope for research in this field.  The company is researching ways to extend the life of lithium batteries used in electric cars, and to find better, cheaper, and more durable alternatives.  The company's motto is to revolutionize the field by surprisingly increasing the battery capacity of electric cars.

Notably, Volkswagen, an automobile company, and Bill Gates, an IT giant, have investments in the company.

Jagdeep Singh has been instrumental in the progress of the Quantum-Scape company so far.  Many have raised eyebrows after receiving such a huge package, but the management of the company, while explaining the role behind it, said that we always set very difficult goals and we are constantly encouraging the people concerned to achieve them.  Jagdeep Singh's big package is considered to be a part of that incentive.  The pay hike was also approved at the company's recent annual general meeting of shareholders.

Of course, Jagdeep Singh will have to prove himself in the years to come. Let’s  wish Jagdeep Singh and his team all the best for the revolutionary work that will benefit all electric car manufacturers around the world.

Blog by:

Dr. Virendra Tatake

Director

Indira Global Business School, Pune. 

Email-

director@indiragbs.edu.in