Hours from now, Union Finance Minister Arun Jaitley will present the General Budget of world’s largest democracy in the Lok Sabha.
Hours from now, Union Finance Minister Arun Jaitley will present the General Budget of world’s largest democracy in the Lok Sabha.
It would be the last full-fledged budget of the Narendra Modi-led government and the first one after GST rollout is much anticipated.
All eyes will be glued to the TV sets across India, with many speculating about what exactly will happen in the Union Budget 2018.
Various sectors such as e-commerce, health, agriculture, education, Information Technology (IT), and manufacturing among others expect major policy initiatives which will drive growth and support development and expansion.
It will be only around 12 noon that early trends and major announcement will come into picture. So before the Finance Minister makes his Budget speech, here’s a walk down the memory lane to know about Independent India’s first Union Budget.
1: Independent India’s first Union Budget was presented by RK Shanmukhan Chetty. He was a noted lawyer, economist, industrialist and politician.
2: Chetty also served as President of India's Central Legislative Assembly from 1933 to 1935 and Diwan of Cochin kingdom from 1935 to 1941.
3: At that point of time, the Budget estimate for total revenues was a mere Rs. 171.15 crore, with a fiscal deficit of Rs. 204.59 crore.
4: In his historic Budget speech, Chetty said, "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."
5: “I would conclude the Speech with an appeal to this House and through the House to the country at large. For the first time in two centuries we have a Government of our own answerable to the people for its actions,” Chetty concluded.
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