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

Union Finance Minister Nirmala Sitharaman will be tabling the Budget 2019-20 in Lok Sabha on July 5, 2019. Union Budget is the annual financial statement of Government of India that contains details such as revenue, expenditure, growth projections and its fiscal position. From economists to financial analysts to tax experts to the general public, all eyes remain on Budget announcements for any signs of changes in policy in the coming period. 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. 

Union Finance Minister Nirmala Sitharaman will be tabling the Budget 2019-20 in Lok Sabha on July 5, 2019. Union Budget is the annual financial statement of Government of India that contains details such as revenue, expenditure, growth projections and its fiscal position. From economists to financial analysts to tax experts to the general public, all eyes remain on Budget announcements for any signs of changes in policy in the coming period. 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. 

Here are 10 things to know about the 'first budget of independent India':

1. 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."

2. 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 data available on Department of Economic Affairs' website - dea.gov.in.

3. "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 said in his speech.

4. India's first Budget of independent India had targeted budget revenue of Rs 171.15 crore. 

5. India's fiscal deficit was estimated at Rs 26.24 crore at that time.

6. The total expenditure for the year was estimated at Rs 197.29 crore, according to Department of Economic Affairs' website.

7. Out of the total expenditure, Rs 92.74 crore was estimated on account of defence services.

8. The customs receipts were placed at Rs 50.5 crore.

9. 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.

10. 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.