History First Budget Of Independent India In 1947 (Date, Announcements, Revenue, Expenditure, Tax)

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

Price range 2021: Price range 2021-22 is important as will probably be offered amid the COVID-19 disaster

Union Finance Minister Nirmala Sitharaman will current the Price range 2021-22 on February 1, 2021. The Price range is an annual monetary assertion of the federal government which has particulars similar 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 adjustments amid the continued COVID-19 disaster. The very first Price range of Impartial India was offered on November 26, 1947, by the then Finance Minister RK Sanmukham Chetty, below Prime Minister Jawahar Lal Nehru. (Additionally LearnBudget 2021: What Is Economic Survey? Here’s All You Need To Know )

Listed here are 10 issues to know in regards to the ‘First Price range of Impartial India’:

1. Finance Minister RK Sanmukham Chetty’s first phrases on the Price range presentation have been, “I rise to current the primary Price range of a free and unbiased India. This event might be thought of an historic one and I depend it a uncommon privilege that it has fallen to me to be the Finance Minister to current this Price range.”

2. The Price range assertion in 1947 lined a interval of seven and half months from August 15, 1947 to March 31, 1948, in line with the info obtainable on Division of Financial Affairs’ web site –

3. The nation’s first Price range of Impartial India had a focused finances income of Rs 171.15 crore. 

4. “With the division of the nation and the emergence of two unbiased governments instead of outdated central authorities, the Price range for yr 1947-1948 handed by Legislature in March ceased to be operative,” Mr Chetty had mentioned in his speech.

5. In keeping with Division of Financial Affairs’ web site, the full 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 full expenditure, a sum of Rs 92.74 crore was estimated on account of the defence providers.

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

9. For the capital outlay, a complete expenditure of Rs 56.59 crore was supplied, out of which Rs 20.39 crore have been stored for grants to Provinces.

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

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