first Railway Budget presented in Parliament
India’s first Railway Budget presented in Parliament presented in 1924 during the British rule. In 1921, William Michel Acworth, Chairman of the East India Railway Committee, brought the railway system into a better management system.
There is only a week left for the presentation of the national budget. Now the railway budget has also been included in this budget. Like every time, this time too, train passengers have high hopes on the budget. Which new trains will run or will there be some discount on travel for senior citizens? Many such things but do you know when India’s first budget was presented? India’s first railway budget after independence was presented on 2 December 1947 by Railway Minister John Mathai. At that time, this budget was presented to beautifully develop the railway system according to the needs and goals of independent India. But the country’s first railway budget was presented in 1924.
India’s first railway budget was presented in 1924 during the British rule. In 1921, William Michel Acworth, Chairman of the East India Railway Committee, brought the railway system under a better management system. The committee then submitted a report on the railway budget. In which it was said that the railway budget should be presented separately and its financial aspects should be considered separately. After this, he decided to present it separately from the general budget in 1924.
The first budget focused on the nationalization of the railways. The aim was to organize the railway network across the country. The budget focused on the construction of new railway lines and the expansion of existing lines. This would help connect the remote areas of the country and enable passengers to travel more conveniently. Railways were recognized as a major vehicle for the economic development of the country and financial allocation was increased for it. Emphasis was also placed on employment generation through the expansion and improvement of railways.
After the country gained independence, railway revenue gradually started declining. In the 1970s, the railway budget was only 30 percent of the total revenue, but in 2015-16, railway revenue reached 11.5 percent of the total revenue.
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