Who presented the first budget for Independent India?
This has become a question of general knowledge but the historic importance is lost.
RK Shanmukham Chetty, the finance minister on November 26, 1947 presented the budget!
Some interesting facts about it π
This has become a question of general knowledge but the historic importance is lost.
RK Shanmukham Chetty, the finance minister on November 26, 1947 presented the budget!
Some interesting facts about it π
1)It was an interim budget only covering 7 and half months.
2)The projected revenue was 171 crores
3)The projected spends were 197 crores with a deficit of 26 crores.
4)Partition, destabilised economy and political upheavals were the core factors that determined the budgetary provisions.
3)The projected spends were 197 crores with a deficit of 26 crores.
4)Partition, destabilised economy and political upheavals were the core factors that determined the budgetary provisions.
5)As independent India fought its first war with Pakistan that started in October that year, allocation for defence stood at 47 percent of the budget.
6)Food production was low and, therefore, self sufficiency in food grain production was accorded the second highest priority.
6)Food production was low and, therefore, self sufficiency in food grain production was accorded the second highest priority.
7) A few headlines from that day - "Stock market cheers up; seeds turn firmβ - Free Press Journal
Chetty's budgetary speech began with, "I rise to present the first Budget of a free and independent India. This occasion may well be considered a historic one and I count it a rare privilege that it has fallen to me to be the Finance Minister to present this Budget.
While I am conscious of the honour that is implied in this position, I am even more conscious of the responsibilities that face the custodian of the finances of India at this critical juncture."
We have come a long way since then. Looking forward to what this budget holds for us!
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