Meet RK Shanmukham Chetty, The Man Who Presented India's First Budget Post Independence
RK Shanmukham Chetty, independent India¡¯s first Finance Minister, presented the country¡¯s first budget on November 26, 1947, just three months after India gained independence from British rule.
We all know that every year, India¡¯s Finance Minister presents the country¡¯s Union Budget, right? But seldom do we talk about how it all started. Do you know when was India¡¯s first Budget presented, and by whom? Read on as we bring to you a slice of India¡¯s history just about a week before FM Sitharaman gets set to present the Interim Budget on February 1st, 2024.
Who Presented India¡¯s First Budget Post Independence?
rk chetty presented india first budget/wikimedia
RK Shanmukham Chetty, independent India¡¯s first Finance Minister, presented the country¡¯s first budget on November 26, 1947, just three months after India gained independence from British rule.
Chetty was a well-educated man who was born in Coimbatore on October 17, 1892. He completed his legal studies at Madras Law College and studied economics at Madras Christian College. After graduating, he entered politics and worked for the Indian nationalist Justice Party as well as the Swaraj Party. From 1935 until 1941, he served as the Diwan of the Cochin kingdom.
Who Was India¡¯s Prime Minister During First Budget?
india first pm Jawaharlal Nehru/getty
Chetty was India¡¯s first Finance Minister after the country¡¯s independence in 1947, and was chosen for the role by India's first Prime Minister, Pandit Jawaharlal Nehru.
What Did India¡¯s First Budget Include?
RK Shanmukham Chetty budget 1947/constitutionofindia.net
The first post independence budget projected a fiscal deficit of Rs. 24.59 crore and total revenues of Rs. 171.15 crore. Before assuming the position of Finance Minister, Chetty presided over India's Central Legislative Assembly from 1933 to 1935.
When Did Chetty Pass Away?
RK Shanmukham Chetty passed away on May 5, 1953 at the age of 60.
Who Presented First Budget Before India¡¯s Independence?
james wilson introduced income tax/businesstoday
Many decades before India got freedom from the British rule, the first pre-independence Budget for India was presented by James Wilson on February 18, 1869. Wilson is also the man who introduced the concept of income tax in India. Click here to read more about him.
Also Read: 20 Terms You Must Know Ahead Of Interim Budget 2024
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