Sunny Deol and Varun Dhawan’s film Border-2 is in the headlines. The film is earning a lot of money. About Rs 275 crore has been spent in its completion. Starring stars like Varun Dhawan, Ahan Shetty, Diljit Dosanjh and Sonam Bajwa, this film is based on the war of 1971, when Pakistan attacked the country on many fronts. Do you know that the country’s budget was presented in the year 1947 for Rs 78 crore less than the amount in which the Border film was made.
It is preparing to present its Union Budget 2026-27 on 1 February 2026. Finance Minister Nirmala Sitharaman will present this budget in Parliament. This is the ninth consecutive time that she is presenting the budget. The budget session of Parliament is going on and President Draupadi Murmu has described the vision of a new ‘developed India’. Do you know about the first budget of your country?
The first budget of independent India was presented on 26 November 1947, three months after independence. At that time there was no elected Parliament in the country, rather the Constituent Assembly was the only legislative power. First Finance Minister RK Shanmukham Chetty presented this budget. The country was grappling with the tragedy of partition, violence, displacement and economic uncertainty. This budget was made for only 7.5 months, from 15 August 1947 to 31 March 1948.
In the country’s first budget, total revenue was estimated at Rs 171.5 crore, while expenditure was Rs 197 crore. The fiscal deficit was around Rs 26 crore. 47 percent of the budget was spent on defence. Border security was a big issue for India. The rest of the money was spent on relief, rehabilitation and food self-sufficiency of people affected by partition.
India and Pakistan had decided to use a single currency by September 1948. At that time the economy was weak due to the British rule. The country was economically broken due to heavy taxes and the impact of World War II. The early budgets focused on reconstruction, stability, agriculture, industry and education. Finance Minister RK Shanmukham Chetty was succeeded by John Mathai who presented the budgets for 1949–50 and 1950–51, which included all the princely states.
The budget process changed over time, but secrecy still persists. Strict action is taken if budget data is leaked. The ‘Blue Sheet’ is handled only by the Joint Secretary (Budget). Earlier the budget documents were printed in Rashtrapati Bhavan, later they started being printed in Minto Road and now in the basement of North Block. Budget preparations begin with the ‘Halwa Ceremony’ and officials get ‘locked in’. Even the Finance Minister cannot carry a mobile phone. The country’s budget started with a small budget of seven months in the year 1947, today India is the largest emerging economy in the world.
