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Do you know first budget of India was presented in 1860? Read the history of Union Budget

Speed News Desk | Updated on: 5 July 2019, 7:29 IST

The Union budget is a financial statement of the government's estimated revenue and expenditure for the specific year. This definition of the Union budget has stated in Article 112 of the Indian Constitution. The Union budget mostly prepared in between the period of 1 April to 31st March and it is classified into revenue budget and capital budget.

History of Union Budget:-

Few people know that India's first budget was actually present ed on 7th April 1860 when India was under the British government. It was presented by that time finance minister of India, James Wilson.

However, the first Union budget of Independent India was presented by the first Indian finance minister, Sir R.K Shanmugham Chetty, on 26th November 1947. The union budget was presented in between the widespread riots in India due to partition. This budget was implemented from 1st April 1948. It was the same budget where it was stated that Pakistan and India both countries will share the same currency till September 1948.

Later John Mathai who took the responsibilities as Finance Minister of India after Sir Chetty resigned. John Mathai presented the Union of budgets of 1949-50 and 1950-51. The budget of 1949 was actually the first instance of a budget being prepared for a United India including all the princely states.

Another interesting fact:-

The budget of Indian Railways has always been presented separated for 92 years but in the year 2017, the Indian government merged railway budget into Union budget also.

First published: 17 June 2019, 12:37 IST