Who is called the founder of Indian General Budget? RK Shanmukham Chetty presented the first budget on 26 November 1947

Budget Session

Let us tell you that the general budget session of the Indian Parliament will start on 22 July and will continue till 12 August. Tomorrow i.e. on 23 July, Finance Minister Nirmala Sitharaman will present the general budget. But do you know who presented the first budget of India? Let us tell you that the first budget of India was presented by a British officer.

The first general budget of independent India

Now the question is who presented the first general budget of the country after India’s independence. Let us tell you that the first general budget of independent India was presented on 26 November 1947, which was presented by Shanmukham Chetty. 

Therefore, Shanmukham Chetty is called the father of the Indian budget. According to the information, Chetty was born in the year 1892 in a wealthy and religious Tamil family. His father Kandaswami Chetty was the owner and businessman of Coimbatore Mill. Chetty had obtained a degree from Madras Christian College.

According to the information, Chetty’s father wanted him to join the civil services. For this, Chetty had a different personality since childhood. Chetty also became a councilor and vice chairman in Coimbatore Municipality. 

He was also a member of the Madras Legislative Assembly between 1920 and 1921. He contested the Madras Assembly elections on a Justice Party ticket. After which he resigned from the Assembly in 1922.

Active in politics

Shanmukham Chetty was very active in politics. He was elected to the Central Assembly on behalf of the Swaraj Party in the year 1924. In the year 1932, he was elected Deputy Speaker of the Central Assembly and in the year 1933, the Speaker. Apart from this, he lost the election in the year 1935. 

After this, he returned to the south and was also the Diwan of Cochin State from the year 1935 to the year 1941. After the country got independence, the first Prime Minister Pandit Jawaharlal Nehru made him the Finance Minister in his cabinet. 

The credit for presenting the first budget of independent India goes to Shanmukham Chetty. He died of cardiac arrest on 5 May 1953.

James Wilson presented the budget

When the accounts of the East India Company were not correct, the need to keep track of the company’s expenditure and income was felt in the year 1860. For this, British economist James Wilson was chosen. Queen Victoria sent him to India in the year 1859, so that a budget could be prepared and laws could be made regarding tax. 

According to the information, the plan to start paper currency in India was also made then. After coming to India, James Wilson presented the first budget of undivided India at 5 pm on April 7, 1860. James Wilson also founded Standard Chartered Bank and The Economist Newspaper. 

However, a few months after presenting this budget, James died in India on August 11, 1860 AD. He was then buried in Chowringhee Lane, Calcutta.