Budget So Far: Know 10 Important Things About the 1951-52 Budget

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CD Deshmukh proved to be the builder of the land in the truest sense of the word. He was the finance minister from 1950 to 1955. Deshmukh emphasized not only agriculture but also infrastructure facilities. Deshmukh’s effort was that the farmer of the land would not be dependent on the mercy of the monsoon. Let us know the special things of the budget and budget speech of 1951-52-

  1. Industrial production has grown, but the lack of raw materials continues to hamper growth, especially in jute and sugar production. India wants to be self-sufficient in the production of jute and cotton.
  2. The devaluation of the Indian rupee in 1949 had a positive effect on the trade balance. The import ban makes Indian exports competitive.
  3. Due to the non-devaluation of the Pakistani rupee, the imported goods are very expensive.
  4. There was an increase in small savings, especially rural small savings.
  5. Corporate tax has been increased.
  6. Surcharge increased by 5 percent on all income tax and supertax.
  7. Imports were subject to a 5 percent tax with exemptions for certain items.
  8. There was a huge increase in the surcharge on spirits.
  9. Import duties on mineral oil, export duties on peanuts and cotton increased.
  10. The excise duty was also increased.