Budget 2021: Budget 2021-22 is significant as it will be presented amid the COVID-19 crisisUnion Finance Minister Nirmala Sitharaman will presentthe Budget 2021-22on February 1, 2021.
TheBudget is anannual financial statement of the governmentwhich has details such as revenue, expenditure, growth projections, as well asits fiscal position.
Economists, financial analysts, and the common publicare eyeing budget announcements this year for any signs of relief in policy changes amid the ongoing COVID-19 crisis.
The very first Budget of Independent India was presented on November 26, 1947, by the then Finance Minister RK Sanmukham Chetty, under Prime Minister Jawahar Lal Nehru.
(Also Read:Budget 2021: What Is Economic Survey? Here's All You Need To Know)1.
Finance Minister RK SanmukhamChetty'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 in 1947 covered a period of seven and half months from August 15, 1947 to March 31, 1948, according to the data available on Department of Economic Affairs' website - dea.gov.in.3.
The country's first Budget of Independent India had a targeted budget revenue of Rs 171.15 crore.4.
"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 saidin his speech.5.
According to Department of Economic Affairs' website, the total expenditure for thatyear was estimated at Rs 197.29 crore6.
The country's fiscal deficit was estimated at Rs 26.24 crore at that time.7.
Out of the total expenditure, a sum of Rs 92.74 crore was estimated on account of the defence services.8.
The customs receipts were placed at an amount of Rs 50.5 crore.9.
For the capital outlay, atotal expenditure of Rs 56.59 crore was provided, out of which Rs 20.39 crore were kept for grants to Provinces.10.
Out ofthe remaining balance of Rs 36.2 crore (from the capital outlay), a sum of Rs 26.96 crore were provided for expenditure on revenue earning departments or schemes.