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1. The First Budget of Colonial India (1860)

The concept of a formal budget was introduced to India by the British East India Company to stabilize finances following the massive expenditures of the 1857 War of Independence.

• • Date: April 7, 1860

  • Presented By: Jam

  • y: Unlike modern budgets centered on “Viksit Bharat” (Developed India), this colonial version was designed strictly for the economic survival of the British administration.

Also R

• es Wilson, a Scottish economist and the first “Finance Member” of the Viceroy’s Council.

• Key Focus: Wilson’s primary goal was to find new revenue streams for the British Crown. Notably, he introduced the Income Tax to India through this very budget.

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2. Independent India’s First Budget (1947)

The first budget of a free India was presented under extraordinary circumstances, just months after the trauma of Partition.

• Date: November 26, 1947

• Presented By: Sir R.K. Shanmukham Chetty, India’s first Finance Minister.

• Nature of the Budget: It was an Interim Budget covering only seven and a half months (August 15, 1947, to March 31, 1948).

• The Shared Currency: A fascinating fact from this budget was the decision that India and Pakistan would share the same currency until September 1948 to ensure economic stability during the transition.

• Financial Snapshot:

  • Estimated Revenue: ₹171.15 crore

  • Fiscal Deficit: ₹24.59 crore (though initial reports often varied slightly, this was the finalized baseline).

  • Top Priority: 47% of the total budget was allocated to Defense, reflecting the immediate security challenges of the time.

3. Interesting “Budget Firsts” & Trivia

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