Country’s first budget
Budget 2025: The country’s budget will be presented today. Finance Minister Nirmala Sitharaman will present the Union Budget of 2025-26 on 1 February. The Finance Minister will present the budget for the 8th consecutive time, which will be recorded in itself. Earlier, Morarji Desai has been the Finance Minister to present the budget most often. But do you know when India’s first budget was presented?
The trend of presenting the budget in India started from the British rule and the first budget was presented before independence. However, this budget was introduced not in Delhi, but in London. At that time, James Wilson, Scottish economist of the East India Company, called the Secretary of India, presented it to the British Crown.
Why was the budget presented?
Indeed, the British rule had suffered a lot due to the 1857 rebellion. The rebellion was pressed with cruelty by the British rule. The entire incident was condemned in the House of Commons in London, including the whole world. After the rebellion of 1857, a blueprint for implementing a tax system in India was drawn to compensate the government’s loss. It was proposed to implement the new tax system for over -collection. The first Union Budget was presented on 7 April 1860.
In this budget, several amendments were made from time to time regarding the proposed tax system. A separate Income Tax Act was passed in 1886. Wilson’s proposal was also criticized in the House of Commons. Sir Charles Travelian gave his opinion about the impracticality of imposing new taxes on the people of India. He had said that the current crisis in India is filled with both consequences both good or bad compared to any event that occurred in memory of the current generation. Now the future of our empire will depend on the path adopted now. Many members criticized this budget and the provisions of the tax system given in it.
First budget of independent India
A strong economic base was needed after the country’s independence. The first budget after independence was presented on 26 November 1947. It was presented by India’s first Finance Minister RK Shanmukham Chetty. This budget was designed to improve the Indian economy, so that steps could be taken towards improving the economic situation of the country after independence. At that time the first Union Budget was introduced amidst the large -scale riots during the partition of India.
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