Budget 2025: India’s Union Budget is presented every year on February 1 by the Finance Minister, outlining the economic scenario for the next financial year.
This time Finance Minister Nirmala Sitharaman will present the budget for the eighth time. But do you know when and who presented India’s first budget?
India’s First Budget: Presented in 1860 During British Rule
The tradition of presenting the budget in India started during the British rule. The first Union Budget was presented in 1860 when India was a part of the British Empire. This budget was presented by James Wilson, a Scottish economist of the East India Company. There was no provision for taxes in this budget, as the British government had its own system of tax administration in India.
India’s First Budget After Independence
The first budget after independence was presented on 26 November 1947. It was presented by India’s first Finance Minister R.K. Shanmukham Chetty. This budget was made to improve the Indian economy, with the aim of taking steps towards strengthening the country’s economic condition after independence.
Budget 2025: Nirmala Sitharaman’s 8th Budget
Finance Minister Nirmala Sitharaman has presented seven budgets so far and will present her eighth budget in 2025. Her first budget was in 2019 and she also holds the record for presenting the longest budget. In 2020, she presented the budget of 2 hours 42 minutes, which is the longest budget speech ever.
The tradition of presenting India’s budget started during the British rule and has changed over time. After independence, India’s first finance minister presented the budget and set the country’s economic direction and today Finance Minister Nirmala Sitharaman is carrying forward this tradition every year.
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