Union Budget 2024: Tracing India's Fiscal Journey from 1860 to Modern Economic Planning

29 Dec 2023 , 02:45 AM

Inaugural Budget: April 1860

James Wilson, a Scottish economist affiliated with the East India Company, presented the first-ever Union Budget in April 1860. This marked a significant milestone in India’s financial history, establishing a tradition that continues to shape the nation’s economic policies.

Post-Independence Era: November 26, 1947

RK Shanmukham Chetty, a luminary in finance and law, presented the first budget for independent India.

The inaugural post-independence budget, covering the period from August 15, 1947, to March 31, 1948, set the economic trajectory for the newly independent nation.

Notably, this budget lacked tax proposals, representing a crucial phase in India’s fiscal journey.

Budget Evolution

Over the years, India has witnessed a total of 75 annual budgets, including 14 interim budgets and four special budgets.

Each budget reflects the economic priorities, challenges, and aspirations of the nation at different junctures.

The Union Budget has evolved into a comprehensive financial document, serving as a roadmap for the country’s economic growth and development.

Present and Future

The upcoming presentation of the budget for the sixth time by Union Finance Minister Nirmala Sitharaman on February 1, 2024, continues this rich tradition.

The history of India’s Union Budget reflects the nation’s commitment to fiscal prudence and economic well-being.

From James Wilson’s modest beginnings to modern financial planning complexities, the budgetary journey showcases India’s economic resilience and adaptability.

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