BUDGET 2023

HOW INDEPENDENT INDIA'S FIRST BUDGET LOOKED LIKE

Published By Akash Yadav | 30 Jan, 2023

Finance Minister RK Shanmukham Chetty presented the first budget of Independent India

Let's look at the share of various expenditure in 1947-48 budget

Of the total ₹197.39 crore budget 10.3% was spent on civil administration

10.4% was spent on debt services 

11.1% of the budget was spent as expenditure on refugees

Staggering 47% of the total expenditure was spent on defence

9.8% of the budget was spent on other expenditures