“He [Wilson] introduced for the first time in India a financial budget framed upon the English model – inspired the public mind with fresh confidence – brought together the threads of finance which had been broken and scattered by a military and political convulsion – stimulated the operations of the Military Finance …
When was the system of budget introduced in British India?
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.
Who is father of Indian budget?
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 in India?
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 system of budget?
Notes: The system of budget was introduced in India during the viceroyalty of Lord Canning.