Budget 2024: The Union Budget is presented every year on February 1. This year, Union Finance Minister Nirmala Sitharama will present the budget for the sixth time. India's Union Budget has been a tradition since the days of British rule. The first budget of the country was presented before independence i.e. during the British era. After this, many changes have been implemented in the budget. Let us tell you some interesting things related to the history of the budget.
Who presented the first budget?
Every year, the Finance Minister of India presents the Union Budget. The inaugural budget was presented in April1860, courtesy of James Wilson, a Scottish economist associated with the East India Company.
Fast forward to the post-independence era, and the first budget was presented by RK Shanmukham Chetty on November 26, 1947. Chetty, not just a financial luminary but also a lawyer, rolled out the first budget for independent India. What makes it even more interesting is the absence of tax proposals in that maiden budget. It spanned a concise period, covering the stretch from August 15, 1947, to March 31, 1948.
Budget used to be published in English till 1955
Now, here's a linguistic twist to the budget tale. Even after bidding adieu to the British, the budget documentation continued in English until 1955. It wasn't until 1955-56 that Hindi found its place alongside English in the budget publications. The credit for this linguistic inclusion goes to CD Deshmukh, the country's third Finance Minister, who also held the distinction of being the first Indian Governor of the Reserve Bank of India. CD Deshmukh's term at the RBI spanned from August 11, 1943, to June 30, 1949, appointed by none other than the British government.
