Finance minister RK Shanmukham Chetty presented the first budget of Independent India. Total expenditure under the budget was earmarked at Rs 197.39 crore, out of which approximately Rs 92.74 crore (or 46 percent) was allocated for Defence Services. For the first time, Finance minister R.K.
Who introduced first budget in India?
Wilson presented his budget on February 18, 1860. He introduced three kinds of taxes- income tax, license tax and tobacco duty. However, only the first one went through, as the other two were dropped on the demand of the governor-general of India, Charles Canning.
Who introduced first budget?
The first union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. Total revenues stood at ₹171.15 crore, and the fiscal deficit was ₹24.59 crore.
Who was the first man of India?
List of First in India (Male)
|First Prime Minister of free India||Pt. Jawaharlal Nehru|
|First Governor General of free India||Lord Mountbatten|
|First and the last Indian Governer General of free India||C. Rajgopalachari|
|First man who introduce printing press in India||James Hicky|
|First Indian to join the I.C.S.||Satendranath Tagore|
What was the first budget of India?
Finance minister RK Shanmukham Chetty presented the first budget of Independent India. Total expenditure under the budget was earmarked at Rs 197.39 crore, out of which approximately Rs 92.74 crore (or 46 percent) was allocated for Defence Services.
Who is the first woman finance minister of India?
A two-time Rajya Sabha MP, Sitharaman created history when she became the first full-time woman finance minister of India to propel the country out of an economic slowdown and address challenges like job creation, mounting bad loans and slowing investment.
Why did British introduce budget in India?
“He [Wilson] introduced for the first time in India a financial budget framed upon the English model – inspired the public mind with fresh confidence – brought together the threads of finance which had been broken and scattered by a military and political convulsion – stimulated the operations of the Military Finance …
Who was the first finance minister of British India?
Sir Ramasamy Chetty Kandasamy Shanmukham Chetty KCIE (17 October 1892 – 5 May 1953) was an Indian lawyer, economist and politician who served as independent India’s first finance minister from 1947 to 1948.
Where is the budget introduced in India?
The Union Budget of India, referred to as the annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament.