Question Bank - Banking & Financial Services

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Who became the first Finance Minister to present a combined railway and general budget in the year 2017?

A.
Narendra Modi
B.
Arun Jaitley
C.
Suresh Prabu
D.
Manmohan Singh

Solution:

The correct answer is Arun Jaitley. India was the only country in the world where the Railway Budget was presented separately from the Union Budget. In 2017, Arun Jaitley became the first Finance Minister to present a combined Union Budget in the Parliament. In 2017, the Central Government had merged the Railway Budget with the Union Budget, thus ending a practice that had started in 1924 when the country was under British rule. The British era practice of separately presenting the Union Budget and the Railway Budget was done away after a recommendation via a white paper from a NITI Aayog committee, whose members included Bibek Debroy and Kishore Desai. Additional InformationThe present Finance Minister of India is Nirmala Sithraman. The chairman of NITI Aayog is Narendra Modi. The CEO of NITI Aayog is Amitabh Kant. NITI Aayog was founded on 1 January 2015.

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