Budget 2023: Did you know India's first budget was presented at 5 pm?

Budget 2023: Who presented the first budget for independent India? And why was it done at 5 pm? Here's everything you need to know about it.

Team Newsable

First Published Feb 1, 2023, 10:31 AM IST | Last Updated Feb 1, 2023, 10:31 AM IST

The final comprehensive budget of the Modi 2.0 administration will be presented on Wednesday by Union Finance Minister Nirmala Sitharaman. Like every year, there are high expectations. Nirmala Sitharaman might announce income tax cuts for salaried individuals and those operating small companies because this would be the final comprehensive Budget before the general elections in 2024. Recent years have seen serious problems with inflation and the employment crisis.

But do you know who unveiled India's first budget after its independence? Why, therefore, was it delivered at 5:00 PM? And why was the procedure shrouded in secrecy? What about the scandal that erupted when financial data was revealed?

Also Read | Budget 2023: Watch out for infrastructure, defence and auto stocks

The Union finance minister, who presented the first budget (1947-48) for Independent India, was Sir RK Shanmukham Chetty. He was the chairman of the British Justice Party. He was also an entrepreneur, a former Diwan of the state of Cochin, and the Chamber of Princes' constitutional advisor. The Indian budget was then unveiled at 5:00 pm. This was because politicians and officials wanted their counterparts in Britain to follow the details comfortably. 5 pm in India was and is noon in the UK.

A total of Rs 197.39 crore was set aside for budgetary expenses, of which around Rs 92.74 crore (or 46 percent) went toward defence services. As it turned out, several tax adjustments suggested by India in the budget were inadvertently disclosed to a journalist by UK Chancellor of the Exchequer Hugh Dalton.

Also Read: Budget 2023: Key highlights of Modi govt's Economic Survey

Before Chetty delivered his budget speech to the Indian Parliament, the journalist published the information. This forced Dalton to put in his papers. Secrecy became a hallmark of India’s budget preparations.

In order for the budget to be implemented before the start of the new fiscal year in April, the government now presents it on the first day of February.

Also Read: Inflation in India expected to reduce to 5% in 2023, 4% in 2024: IMF

For more reliable and latest news