Budget 2021: 10 Things To Know About First Budget Of Independent India

Budget 2021: Budget 2021-22 is important as it is going to be offered amid the COVID-19 disaster

Union Finance Minister Nirmala Sitharaman will current the Budget 2021-22 on February 1, 2021. The Budget is an annual monetary assertion of the federal government which has particulars corresponding to income, expenditure, development projections, in addition to its fiscal place. Economists, monetary analysts, and the widespread public are eyeing finances bulletins this yr for any indicators of reduction in coverage modifications amid the continued COVID-19 disaster. The very first Budget of Independent India was offered on November 26, 1947, by the then Finance Minister RK Sanmukham Chetty, underneath Prime Minister Jawahar Lal Nehru. (Also Read: Budget 2021: What Is Economic Survey? Here’s All You Need To Know )
 

Here are 10 issues to know in regards to the ‘First Budget of Independent India’:

1. Finance Minister RK Sanmukham Chetty’s first phrases on the Budget presentation had been, “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.”

2. The Budget assertion in 1947 lined a interval of seven and half months from August 15, 1947 to March 31, 1948, in accordance with the information obtainable on Department of Economic Affairs’ web site – dea.gov.in.

3. The nation’s first Budget of Independent India had a focused finances income of Rs 171.15 crore. 

4. “With the division of the country and the emergence of two independent governments in place of old central government, the Budget for year 1947-1948 passed by Legislature in March ceased to be operative,” Mr Chetty had stated in his speech.

5. According to Department of Economic Affairs’ web site, the whole expenditure for that yr was estimated at Rs 197.29 crore

6. The nation’s fiscal deficit was estimated at Rs 26.24 crore at the moment.

7. Out of the whole expenditure, a sum of Rs 92.74 crore was estimated on account of the defence providers.

8. The customs receipts had been positioned at an quantity of Rs 50.5 crore.

9. For the capital outlay, a whole expenditure of Rs 56.59 crore was offered, out of which Rs 20.39 crore had been stored for grants to Provinces.

10. Out of the remaining stability of Rs 36.2 crore (from the capital outlay), a sum of Rs 26.96 crore had been offered for expenditure on income incomes departments or schemes.