Miscellaneous - This Day That Age   

dated March 1, 1958: Budget 1958-59

Prime Minister Nehru, presenting the Budget for 1958-59 in the Lok Sabha on February 28, disclosed a revenue deficit of Rs.32.85 crores at the existing level of taxation. Mr. Nehru said with experience some changes might be made in the tax structure but the major steps that were taken last year had to continue. Mr. Nehru estimated the revenue for the coming year at Rs.763.16 crores and the expenditure at Rs.796.01 crores. Under the revised estimates, the current year (1957-58) will close with revenue Rs.724.63 crores and expenditure of Rs.719.58 crores. In the coming year, an increased provision of Rs.31 crores has been made for the steel plants and Rs.10 crores for industrial development.

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