10 Things To Know About First Budget Of Independent India

09 Dec 2019, 07:40 PM IST

The first Budget of independent India had targeted budget revenue of Rs 171.15 crore.

The first Budget of Independent India was presented on November 26, 1947, by the then Finance Minister RK Sanmukham Chetty under the government of India's first Prime Minister Jawahar Lal Nehru, according to data available on Department of Economic Affairs' website - dea.gov.in.
Mr Chetty's first words at the Budget presentation were, "I rise to present the first Budget of a free and independent India. This occasion may well be considered an historic one and I count it a rare privilege that it has fallen to me to be the Finance Minister to present this Budget."
The Budget statement presented by Mr Chetty covered a period of seven and half months from August 15, 1947 to March 31, 1948, according to Department of Economic Affairs' website.
The first Budget of independent India had targeted budget revenue of Rs 171.15 crore.
The fiscal deficit was estimated at Rs 26.24 crore at that time.
The total expenditure for the year was estimated at Rs 197.29 crore.
Out of the total expenditure, Rs 92.74 crore was estimated on account of defence services.
The customs receipts were placed at Rs 50.5 crore.
For capital outlay, the total expenditure of Rs 56.59 crore was provided, out of which Rs 20.39 crore were kept for grants to provinces.
Of the remaining balance of Rs 36.2 crore (from the capital outlay), Rs 26.96 crore were provided for expenditure on revenue earning departments or schemes.