Union Finance Minister Nirmala Sitharaman will present the full-year Budget for financial year 2020-21 in the Lok Sabha at 11 am today. This will be the second Budget of the Prime Minister Narendra Modi-led government in its second term. Ahead of the Union Budget presentation, the Economic Survey was released by Chief Economic Adviser Krishnamurthy Subramanian yesterday.

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Here are key things to know about the first Budget of Independent India:

The first Budget of Independent India was presented on November 26, 1947, by the then Finance Minister RK Sanmukham Chetty, under the government of country's first Prime Minister Jawahar Lal Nehru.

Chetty called this Budget a historic one as it was the first Budget of free India. This Budget was meant for the period ending March 31, 1948.

The first Budget of independent India reviewed economy. No proposals were made in this Budget, according to government data.

It had targeted budget revenue of Rs 171.15 crore. The fiscal deficit was estimated at Rs 26.24 crore at that time.

The total expenditure for the year was estimated at Rs 197.29 crore. Out of the total expenditure, Rs 92.74 crore was kept on account of defence services.

Rs 10.04 crore was kept for relief and rehabilitation of refugees and Rs 15 crore was kept for long-term relief projects.

The total expenditure of Rs 56.59 crore was provided for capital outlay.

First Published:Feb 1, 2020 8:33 AM IST