Budget briefcase trivia 2
1. The original Gladstone bag has become so shabby that it was officially retired from British service in 2010
2. On Budget day, the Indian Finance Minister poses with the Budget briefcase outside the Parliament. In Britain, the Chancellor of the Exchequer poses with his suitcase in front of 11 Downing Street before the Budget speech
3. India’s first Finance Minister RN Shanmukham Chetty carried a leather portfolio to present the first Budget in 1947
4. From 1970 onwards, Indian finance ministers started carrying a hardbound briefcase. Unlike Britain, its shape and colours vary
Budget Glossary 2
Revised Estimates: Mid-year estimates based on six months’ actual trends that take into account likely expenditure and receipts for the balance six months
Indirect taxes: Are imposed on goods and services and are paid by consumers when they buy these services. For example: excise duty, customs duty, etc.
Direct taxes: Paid directly by individuals and corporations. For example, income tax, corporate tax, etc.
Capital expenditure: Spending to create assets such as highways, buildings, and dams as well as loans given by the Centre to the states.
Revenue expenditure: Expenditure that does not create any asset, such as subsidies and interest payments.
Ahead of the Budget presentation, Nifty PSU Bank index is trading flat as the index constituents are trading mixed. Among other expectations, analysts are estimating a Rs 35,000-40,000 crore Budget allocation towards bank recapitalisation.