Union Budget 2023: When was India’s first Union Budget presented post Independence, revenue & expense details
India's first ever union budget post independence
Union Budget 2023 was presented by India’s Finance Minister Nirmala Sitharaman on Wednesday, February 1 in the Parliament. Union budgetplays an important part in shaping a country’s economic outlook, giving direction to its financial efforts and creating a better business environment. Today, when the world is facing an impending economic recession due supply chain disruptions induced by the Russia-Ukraine war andCovid-19 pandemic, Union Budget 2023 will give the Indian economy and policymakers a clear direction and optimism to continue trudging the path of development and prosperity.
This is similar to India’s first-ever budget post-Independence when India was facing a host of challenges and the Union Budget gave the country’s efforts a much-needed direction. So, it becomes important to revisit India’s first-ever budget announcement that was presented just three months after India became an independent nation on 15th August 1947.
India’s first ever Union Budget post-Independence
The first Union Budget of India post-Independence was presented on November 26, 1947, just three months after India got independence from the British Empire. The nation's first Union Budget was delivered by RK Shanmukham Chetty, the then finance minister. The budget covered the time from August 1947 to March 1948, or around seven-and-a-half months. The statement reported a total of Rs 171.15 crore in income and expenses of Rs 197.29 crore throughout the year. Additionally, the fiscal deficit at that time was Rs 26.24 crore. Approximately 92.74 croreof the total funds were allocated for defence services.
India’s first-ever budget under British Empire
It must be noted that India’s first formal budget was presented under British Empire. The Budget was initially presented to the British Crown on April 7,1860, by Scottish economist and politician James Wilson from the East India Company. The British empire was struggling with finances after the great Indian mutiny or the First War of Independence fought in 1857-59. So, the budget was presented to better manage the Indian economy.
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