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Posted on Dec 01, 11:00AM | UNI
President Pranab Mukherjee today said there was phenomenal change in financial responsbility of the government and the executive.
Addressing the Diamond Jubilee Celebrations of the Tamil Nadu Assembly here, Mr Mukherjee said the size of first budget presented by the then Union Finance Minister R K Shanmukham Chetty in 1947 was Rs 293 crore with the revenue expenditure being Rs 171 crore and the balance deficit financing.
"The last Budget I presented as Finance Minister, it was worth Rs 12 lakh crore.
"The time to discuss and debate on the demand for grants and passing the finance bill of this size needs more time.
The present time is inadequate." Citing an another example, he said the 12th five year plan outlay to be approved by the National Development Council (NDC), which consists of Chief Ministers of all states, the gross budgetary support was expected to be to the tune of Rs 85 lakh crore.