Chaos in stock market after budget, investors lost Rs 10 lakh crore

Share Market Crashes: After the budget announcement, a big decline is being seen in the stock market. While the Sensex is seeing a decline of one and a half percent. On the other hand, Nifty is seen trading with a decline of 1 percent during the trading session. According to experts, further decline can be seen in the stock market. The stock of the country's largest company Reliance Industries is seeing a decline of more than 2 percent. On the other hand, SBI is seeing a decline of about two percent and L&T shares are seeing a decline of more than 4 percent.

Big decline in Sensex and Nifty

After the budget announcement, both the major indexes of the stock market, Sensex and Nifty, saw a big decline. The Bombay Stock Exchange's major index Sensex fell by about 1200 points to 79224.32 points. By the way, the Sensex opened at 80,724.30 points. On the other hand, Nifty is also seeing a decline of about one percent. Nifty was seen trading at 24,276.60 points with a fall of 232.65 points. However, Nifty opened at 24,568.90 points.\

Which shares saw a big fall

The stock of the country's largest company Reliance Industries has seen a fall of about two percent on the Bombay Stock Exchange. Due to which the share price of the company reached Rs 2927.10. On the other hand, L&T shares have seen a fall of more than 5 percent. ONGC and Shriram Finance shares are seeing a fall of more than 3 percent. Hindalco and Bajaj Finance shares are seeing a fall of more than 2.50 percent.

Big loss to investors

Due to this fall in the stock market, investors have suffered a loss of about Rs 10 lakh crore in a few hours. The loss and profit of investors is linked to the market cap of BSE. The market cap of BSE was Rs 4,48,32,227.50 crore a day earlier, which fell to Rs 4,38,36,540.32 crore during the trading session. This means that investors have suffered a loss of about Rs 10 lakh crore. Currently, the market cap of BSE is seen at Rs 4,43,28,902.63 crore.

Who makes the budget?

The Finance Ministry, NITI Aayog and other ministries of the government are involved in the process of making the budget. The Finance Ministry issues guidelines every year on the basis of expenditure. After this, the ministries have to state their respective demands. The Budget Division of the Finance Ministry is responsible for making the budget. This division is the nodal agency. The Budget Division issues circulars to all ministries, states, union territories, autonomous bodies, departments and defense forces and asks them to state the estimates for the next year. After receiving demands from ministries and departments, there is an intense discussion between the Expenditure Department of the Finance Ministry.

From whom does the government take advice for making the budget?

To increase participation in the process of making the general budget, the Finance Ministry seeks suggestions from citizens, departments, ministries, economists, industries. This year too, the Finance Ministry has asked people to give ideas and suggestions for the budget. The Finance Ministry also seeks suggestions from organizations and parties related to the industry.

Whose approval is necessary for the budget?

The government takes the consent of the Lok Sabha Speaker on the date of presenting the budget. After this, the Secretary General of the Lok Sabha Secretariat takes approval from the President. The Finance Minister presents the budget in the Lok Sabha. Just before presenting the budget, the Cabinet is briefly informed about the budget proposals through 'Summary for the Cabinet'. After the speech of the Finance Minister, the budget is placed on the table of the House. Let us tell you, this time the budget is being prepared under the leadership of Nirmala Sitharaman.

Is there a mention of budget in the Constitution?

The process of making the country's budget is very important. It is prepared for a long time. Thousands of people work day and night to do the complete calculation. Let us tell you that according to Article 112 of the Indian Constitution, the Union Budget is an account of the estimated income and expenditure of the government in a year.

What is Halwa Ceremony?

According to the Indian parliamentary tradition, every year the Finance Minister of the country reads out the budget documents and presents them before the House. This budget document is duly printed in two languages ​​(Hindi and English). With the thought that the budget should be sweet or auspicious for everyone, halwa is prepared before the printing process. In this, halwa is prepared in a big pan and the country's finance minister distributes it to all the employees of his ministry.

When did the rail budget stop?

Before 2017, the rail budget was presented separately. Actually, in 2017, the Center had ended the tradition of presenting the rail budget separately along with making the date of the budget 1 February. This was the first time in about 92 years of the Indian budget system, when a separate rail budget was not presented in 2017. The rail budget was presented for the first time in the country in 1924, after which the rail budget is presented 2 days before the general budget every year.

When did the timing of the budget change?

Till 2000, the country's general budget was presented at 5 pm. This was also a budget tradition, but there was a history and a contemporary need behind it. Actually, when it was 5 pm in India, it was 11.30 am in London. The MPs sitting in the House of Lords and House of Commons in London used to listen to India's budget speech. In 2001, the then Finance Minister Yashwant Sinha ended this tradition.

When did the timing of the budget change?

As a Finance Minister, Morarji Desai presented the general budget 10 times. Out of these, 8 were full budgets and 2 were interim. As a Finance Minister, Morarji Desai presented five full budgets from 1959-60 to 1993-64 and one interim budget in 1962-63 in his first term. After becoming the Finance Minister for the second time, Morarji Desai presented the full budget from 1967-68 to 1969-70. Apart from that, he also presented an interim budget for 1967-68.

Who presented the first budget?

The first budget of independent India was presented by the then Finance Minister RK Shanmukham Shetty on 26 November 1947. John Mathai was the second Finance Minister of the country, who presented the budget for 1949-50. It was a historic budget and focused on inflation. It was through this budget that the country heard words like Planning Commission and Five Year Plans.

When did the budget appear in Hindi for the first time?

From the budget of 1955-56, budget related documents started being prepared in Hindi as well. It was through this budget that the country heard words like Planning Commission and Five Year Plans.

Which Pakistani PM presented it?

Liaquat Ali presented it on 2 February 1946 in the Legislative Assembly building of that time (today's Parliament House). He was also a top leader of the All India Muslim League and played an important role in the establishment of Pakistan. After the independence of Pakistan, he was made the first Prime Minister of Pakistan. When the interim government was formed before independence, the Muslim League sent him as its representative. Pandit Nehru entrusted him with the Finance Ministry.

Where is the country's budget printed?

The budget speech of the Finance Minister is considered to be the safest document. Therefore, it is handed over to the printers two days before the announcement of the budget. For information, let us tell you that earlier the budget papers were printed inside the Rashtrapati Bhavan, but after the leak of the budget of the year 1950, the budget started being printed in a press on Minto Road. Since the year 1980, the budget is being printed in the basement of North Block.

Is the budget team imprisoned for 10 days?

Only after the completion of the halwa ceremony in North Block, the officers involved in preparing the budget are put under a kind of confinement. Intelligence Bureau (IB) officers headed by the Joint Secretary keep an eye on every activity of the budget making team. An interesting thing related to budget printing is that the officers involved in preparing the budget are put under confinement till the budget is presented and their contact with the rest of the world is cut off for a few days.

Which budget was the black budget?

The budget of the year 1973-74 is known as the black budget of India. This year the country's budget deficit was Rs 550 crore.