JOHN MITHAI
The Budget has been conventionally kept a secret due to a historical event where the UK Chancellor, Hugh Dalton, had leaked a few changes in the tax regime to a journalist before the Budget was tabled. This had caused a major commotion due to which Dalton had to resign.
The first Budget of Independent India was presented in 1947-48 by the then Union Finance Minister Sir RK Shanmukham Chetty. The Budget tabled by Hugh Dalton was not the only Budget that had leaked, in 1950 a part of the Union Budget got leaked. This happened while the printing of the Budget papers was being processed, a process that was done at the Rashtrapati Bhawan at that time.
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The printing location was changed due to this leak and the printing location was changed and moved to a government press on Minto Road after the leak. The Secretariat building in Delhi has been permanently hosting the location for printing the Budget since 1980.
In 1950, the Budget achieved its first surplus with revenues of Rs 347.5 crore and expenses of Rs 337.88 crore. However, following a budget leak and widespread protests against the former Planning Commission’s broad powers, Finance Minister Matthai had to step down.
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