Some must know facts about Indian Budget
The first-ever budget in India was introduced by the East-India Company and was presented by finance member of the Indian Council, James Wilson, on April 7, 1860.
Wilson, whose designation was Finance Member of the India Council that advised the Indian Viceroy, was also the founder of The Economist and described by Karl Marx as an “economical mandarin of high standing.”
Independent India’s first Budget was for only 7.5 months
Independent India’s first Budget was presented by Finance Minister RK Shanmukham Chetty on November 26, 1947, for a period of seven and a half months from August 15, 1947 to March 31, 1948. He was the first Finance Minister of independent India. The Budget was a review of the economy and no new taxes were proposed.
On November 26, 1947 R.K. Shanmukham Chetty had presented the first budget of Independent India. But actually, it was a review of the economy and no new taxes were proposed as the budget day for 1948-49 was just 95 days away.
Jawaharlal Nehru was the first Prime Minister to present the Union Budget when he was also the Union Finance Minister, in the financial year 1958-59. Only Jawaharlal Nehru, Indira Gandhi, and Rajiv Gandhi have presented the Budget while serving as the PM.
From then onwards an interim budget began to mean a budget for a short period.
Chetty resigned a few days later due to differences with Prime Minister Nehru.
K.C. Neogy then took charge of the Finance portfolio and held that office for just 35 days.
John Mathai became the third Finance Minister of India presenting the budget for 1950-51, the first budget for the Republic of India.
The Budget was presented at 5 PM as a practice inherited from the pre-independence era. This lead to simultaneous presentations of the Budget in India and UK. Others believe that this was done to provide relief to officials who worked all night to prepare the statement. Former Finance Minister Yashwant Sinha first presented the Budget at 11 AM in 2001.