British-India’s First Budget and James Wilson
Before Independence, the budget for the first time in India was presented on 18 February 1869. It was introduced by James Wilson. James was a finance member of the Indian Council (before independence), whose work was to give viceroy advice on economic matters. Before the studies of economics , James used to share his family business. James’s family was in the business of creating and selling hat.
Independent India’s first Budget
On 26th November 1947, RK Shanmukham Shetty presented the first budget of Independent India for the first time. It was not a complete budget. Actually it was a review of the economy.
No tax proposal was presented in this budget because the budget of 1948-49 was only 95 days away. Meanwhile, Shetti resigned from his post due to a stance with Prime Minister Jawaharlal Nehru. After Shetty’s departure, K. Niyogi took charge of the Finance Ministry for 35 days.
The country’s third finance minister was John Mathai. Mathai presented the budget in 1950-51. This was the first budget of Independent India.
First budget of Elected Parliament
After this, the next finance minister was Deshmukh. For the first time in the country he had introduced the first budget in the elected parliament. For the first time in 1955-56 the budget was prepared in Hindi.
Morarji’s record to present the highest Budget
In 1959 Morarji Desai became the Finance Minister of the country. Desai has presented the maximum budget of 10 times so far.
In his first term, he presented five full and an interim budget. In the second term, he presented three complete and an interim budget. In the second term, he had both a finance minister and a deputy prime minister.
Morarji Desai is the only Prime Minister who has the opportunity to present the budget on his birthday twice. Morarji was born on February 29.
Budget With changing times
After VP Singh’s departure from Rajiv Gandhi’s cabinet in 1987-88, Rajiv Gandhi himself presented the budget. He was the first Prime Minister to present a budget after his mother Indira Gandhi and Nana Jawaharlal Nehru.
After this Yashwant Sinha became a finance minister and presented the budget of 1991-92. After the May 1991 election, Congress came back to power and Manmohan Singh became a finance minister. For the first time, the leader of two separate parties presented the interim and full budget.
Non-Congress capture on the Ministry
After the election, the Non-Congress leader was captured on the Finance Ministry. After this, P Chidambaram of the Tamil Manila Congress presented the budget in 1996-97.
This was the second time when the leaders of two political parties presented the interim and final budget.After the IK Gujral Ministry came into crisis, P Chidambaram passed a budget of 1997-98 without any debate.
By the year 2000, the Union Budget was presented at 5 pm on the last day of February. This tradition was coming from the British era. The budget was passed in the British Parliament in the first afternoon, after which the budget was presented in India in the evening. Yashwant Sinha changed this time to 11 o’clock in the morning.