Know how much independent India's first budget was in 1947 from today's era

General Budget 2018: Know how much independent India's first budget was in 1947 from today's era?

The final full budget is going to be presented before the general elections in the year 2018 by the Modi government in 2019. Finance Minister Arun Jaitley is presenting the general budget Today. People have a lot of expectations from the budget.

Let me tell you, the central government can make big announcements in budget 2018. 

This budget can impact industries from e-commerce, health, agriculture, education, information technology (IT) and manufacturing. The government can also initiate many important schemes in these areas.

Ask yourself a question. What would people have been doing in the next seventy years after independence? If you are very old, then you may remember how to spend the day in order to buy a newspaper and people would know it. Used to be desperate to see what changes have been made in the prices of everyday things needed. From electric fans to beauty cottages and from clothing to luxuries, the prices of most things went up after the budget. The price of cigarettes was steadily rising so that the smokers were heavily exempt. 

AZAD INDIA'S FIRST BUDGET

Three months after independence, in November 1947, while presenting the interim budget, the Union Finance Minister R.K. Nishankum Chetty expressed concern over the increased prices. The main reason for this was that he had told come across additional purchasing power in the hands of society and all-round decline in both industrial and agricultural production.It is important to look into this because it indicates the situation of the economy of the time, which has taken the form of a canker which is still flowing with a slight wound. They 'attracted the attention of the House towards the issue which made the cause of concern for the government. It was that the situation of adverse equilibrium on the massive scale of foreign payments in India of that time. " In the subsequent paragraphs, he explained the rising cost of import of foodgrains and explained his point.

This issue remained so important for India's economic policy in later decades that I can not stop myself from extending it here in detail: "There is a second and more important reason for the deficit, as everyone knows Import of food grains. For many years, India has been importing food items regularly. But recently the quantity and prices of imports have increased. In 1944-45 and 1945-46 the cost of foodgrains in India was Rs 14 crores and Rs 24 crores respectively. In 1946-47, it reached level of Rs 89 crore. These figures are in addition to the import of supplemental food items, which have been incurred at an additional cost of Rs 15 crores in 1946-47 for importing from abroad. The potential amount to be spent on the import of food grains in 1947-48 is Rs. 110 crore.

There was a bitter truth hidden behind these figures. With this, the people had to face heavy troubles. This also caused India's image to be clouded. The Delhi correspondent of Time Magazine wrote in his article in the issue of August 22, 1949: "India announces the anniversary of its independence with the announcement of new and more stringent measures of economics. India is basically a hungry country today. The government has started a campaign to increase the production of grains. A campaign was launched in Viceroy's golf course in New Delhi to promote this campaign to increase food grains. Governor General Chakravarti Rajgopalachari, though not a golfer, but he stood behind a pair of oxen and photographed .

NEW TURN

Looking at the past, it seems that only when everything seemed justifiably, the wandering movement started. In 1956, India had to adopt the world economy and its own with the West and adopt a more liberal economy and open trade policy. But instead we moved in the opposite direction. In the budget of 1956 CD Deshmukh implemented such policies that continued without any major changes till the 1970s.

The reason for the change in the overall policy scenario - the ruckus of political power in implementing the second five-year plan with highly ambitious goals and unilateral strategies. Following the model of Soviet Union in the five-year plan, it was said that large scale development of the capital goods sector was developed. It was also mentioned in large scale on project imports. Deshmukh expressed his views with his unique talent to predict the future that physical targets can not be determined by bypassing the financial side.

THREE FEARS

It seems that immediately after the independence and in the subsequent years, three fears followed the finance ministers and their impact was decisive on India's economic policies. These were - fear of lack of grain, fear of unbridled inflation and the problem of foreign currency shortages to repay foreign liabilities. Most of the economic laws of India are the result of these three fates and when they are pursuing India then.

The problem of food shortage continued to follow the country in the 1950s and 1960s. This problem ended only when the name 'Green Revolution' was not a revolution in the country in the 1970s, which gave tremendous success in increasing the production of grains. We had to import food from the United States, which used to directly or indirectly take political advantage of India's sensitivity in this regard. From this, India's image was formidable as a new nation with a living and developing economy. Many Central Finance Ministers have consistently mentioned this concern in their budget speeches.

Concern of the lack of food grains in the country has continued to chase the country from the very beginning. The reason for this was that the memories of the Bengal famine were just fresh. The country was facing monsoon rain and the crisis of grains. There was a need for currency for the import of food from abroad. The stock of foreign currency was going to end. To meet the basic need of grain import, it was extremely important to save foreign exchange.