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Independent India's first Budget

Portrait of Dr. R.K. Shanmugam Chettiar. ( CAPTION INCOMPLETE ).

Portrait of Dr. R.K. Shanmugam Chettiar. ( CAPTION INCOMPLETE ).   | Photo Credit: HINDU PHOTO ARCHIVES

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India has had 25 finance ministers since Independence in 1947 who have presented and passed in Parliament 83 Budgets — both interim and annual — so far.

Finance Minister Arun Jaitley will present the 84th Budget of Independent India on July 10, 2014. This will be the first Budget of the Narendra Modi Government. The Hindu presents a recap of historic Budget decisions since Independence.



For all politicians across party lines that Arun Jaitley has represented over the years he has never charged a fee; his office always issues bills for his legal services for these political clients saying zero or no charges



The Partition of India led to the emergence of two independent governments in Delhi and Islamabad. The Budget for India passed by the Legislature the previous March for the financial year 1947-48 ceased to be operative. Independent India’s first Budget was presented by first Finance Minister R.K. Shanmukham Chetty on November 26, 1947 for the seven and a half month-period from August 15, 1947 to March 31, 1948. The Budget Estimate for total revenues was a mere Rs. 171.15 crore. Fiscal deficit was estimated at Rs. 24.59 crore.



It has also been agreed that till the end of September 1948 the two Dominions will remain under a common currency system managed by the Reserve Bank, although from the 1st April next Pakistan will have its own overprinted notes and coin: R.K. Shanmukham Chetty



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Printable version | Dec 5, 2019 11:10:43 PM | https://www.thehindu.com/business/budget/independent-indias-first-budget/article6185812.ece

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