SSC CPO 2025 PYQ — Question 89

Correct Answer – The financial year runs from April to March.

Explanation:

• Duration: In India, the Union Budget is presented for a financial year, which begins on April 1st and concludes on March 31st of the following year.
• Constitutional Provision: Under Article 112 of the Indian Constitution, it is referred to as the 'Annual Financial Statement.'
• Presentation: According to current tradition, it is presented in Parliament by the Finance Minister on February 1st each year, to ensure that the legislative process is completed before the commencement of the new financial year.

Key Facts About the Budget:

• Merger of the Railway Budget: Since 2017, the Railway Budget has been merged with the main Union Budget.
• Types of Budget: It comprises both the Revenue Budget and the Capital Budget.
• Halwa Ceremony: This traditional ritual is performed within the Ministry of Finance before the printing process of the Budget begins.

Important Questions for Upcoming Examinations:

• Question: Who presented the first budget of independent India?
• Answer: R.K. Shanmukham Chetty (1947).
• Question: When was the date for presenting the Budget changed from February 28th to February 1st?
• Answer: In 2017.
• Question: Who is the Finance Minister in India who has presented the Budget the highest number of times (10 times)?
• Answer: Morarji Desai.