Home Business Budget Titbits: When Was The 1st Budget Presented, Check Fascinating Details | Economy News

Budget Titbits: When Was The 1st Budget Presented, Check Fascinating Details | Economy News

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Budget Titbits: When Was The 1st Budget Presented, Check Fascinating Details | Economy News

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New Delhi: Every year on February 1, the Union Budget is presented, this year the budget will be presented for the sixth time by Union Finance Minister Nirmala Sitharaman.

The tradition of India’s Union Budget dates back to the days of British rule, with the first budget presented during the pre-independence era. Subsequent to this, several modifications have been introduced over the years. Here, we share some intriguing historical aspects related to the budget’s evolution.

The first person to introduce the budget:

The Union Budget is an annual presentation by the Finance Minister of India. The first budget, introduced in April 1860 was presented by James Wilson, a Scottish economist affiliated with the East India Company.

Moving ahead to the post-independence period, RK Shanmukham Chetty delivered the first budget on November 26, 1947. Beyond his financial expertise, Chetty, a lawyer as well, introduced the first budget for independent India. Notably, the inaugural budget was distinctive for its lack of tax proposals. The budget encompassed a brief timeframe, addressing the period from August 15, 1947, to March 31, 1948.

The budget documentation was in English until 1955

The budget documentation retained its English format until 1955, even after the departure of the British. A linguistic shift occurred in 1955-56 when Hindi was introduced alongside English in the budget publications.

This linguistic inclusion is credited to CD Deshmukh, India’s third Finance Minister and the first Indian Governor of the Reserve Bank of India. Deshmukh’s tenure at the RBI, appointed by the British government, extended from August 11, 1943, to June 30, 1949.

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