Budget GK: Who Presented India’s First Budget? A Unique History Behind the Tradition

New Delhi: India’s budget history is both unique and fascinating. Budget presentations date back to the British era, and even after independence, India has followed distinct traditions. The first interim budget of independent India was presented just three months after independence, in November 1947. Here are some key facts about India’s budget history, useful for general knowledge, competitive exams, and interviews.

Who Presented India’s First Budget?
India’s first interim budget was presented in November 1947 by then Finance Minister R.K. Shanmukham Chetty. A lawyer, politician, and economist, Chetty laid down India’s first post-independence financial plan, detailing government income and expenditure for the year.

Budgets Before Independence
Even before independence, budgets were presented in India. The first budget was presented on 7 February 1860 by James Wilson, a Scottish economist and British official, marking the beginning of formal budgetary procedures in the country.

Evening Budget Tradition
From independence until 1999, the Indian budget was traditionally presented at 5 PM, following the British custom. This timing corresponded to 11 AM in the UK. The practice was changed in 1999 by then Finance Minister Yashwant Sinha, who presented the budget at 11 AM, a tradition that continues to this day.

Key Facts About India’s Budget

• The first interim budget of independent India: November 1947, presented by R.K. Shanmukham Chetty.
• The first full budget of democratic India: 28 February 1950, presented by Finance Minister John Mathai.
• On 15 May 1957, the budget was presented by Finance Minister T.T. Krishnamachari during Jawaharlal Nehru’s government.
• Initially, Railway and General Budgets were separate. In 2017, the two were merged into a single budget. The Finance Minister now announces railway allocations within the general budget speech.
• Until 2016, the budget was presented on 28 February. From 2017 onwards, it has been presented on 1 February.
• A traditional ‘Halwa Ceremony’ precedes the budget presentation, where sweet halwa is served to officials involved in preparing the budget.

Budget 2026
In 2026, Finance Minister Nirmala Sitharaman will present the Budget on Sunday, 1 February, marking her 9th consecutive budget. The presentation will start with the budget speech at 11 AM in Parliament. Notably, in 2020, she delivered the longest budget speech in Indian history.