Finance minister RK Shanmukham Chetty presented the first budget of Independent India. Total expenditure under the budget was earmarked at Rs 197.39 crore, out of which approximately Rs 92.74 crore (or 46 percent) was allocated for Defence Services.
Who introduced the concept of budget?
The Railway Budget was also integrated with the Union Budget from 2017. Here’s a brief history of the Union Budget of India. India’s first budget was presented on April 7, 1860, when India was still under the British colonial rule. It was introduced by the then Finance Minister of India, James Wilson.
Who is the father of budget in India?
The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.
Who introduced budget system in India in 1860?
Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson. Mr. Liaquat Ali Khan, Member of the Interim Government presented the Budget of 1947-48.
The Budget was first introduced in India on 7th April, 1860 from East-India Company to British Crown. The first Indian Budget was presented by James Wilson on February 18, 1869. He was the Finance Member of the Indian Council.
Where is the budget introduced in India?
India. The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the very first day of February by the Finance Minister of India in Parliament.
Who presented the first railway budget of independent India?
John Matthai presented the first Railway Budget for independent India on 20th November 1947 which was interim Railway Budget and only after 3 months he presented his second Railway Budget on 24th February 1948 where revised estimates showed a fall in earnings of about 8 crores rupees as compared with the budget …
Who presented budget?
Union Budget 2021: FM Nirmala Sitharaman to present Budget today at 11 am. Union Finance Minister Nirmala Sitharaman will present the Budget in Parliament today at 11 am (IST). All eyes are on Sitharaman’s Budget speech, which will be one of the most crucial budgets in the history of the Indian Government.