CURRENT AFFAIRS

Detailed explanation-1: -Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson.

Detailed explanation-2: -The first Union Budget of India post-Independence was presented on November 26, 1947, just three months after India got independence from the British Empire. The nation’s first Union Budget was delivered by RK Shanmukham Chetty, the then finance minister.

Detailed explanation-3: -The General Budget is presented in Lok Sabha by the Minister of Finance, who makes a speech introducing the Budget and it is only in the concluding part of the speech that the proposals for fresh taxation or for variations in the existing taxes are disclosed.

Detailed explanation-4: -RK Shanmukham Chetty, who presented the first budget of Independent India in 1947, is remembered for his contributions to the country’s financial system. He served as India’s finance minister during the interim government and was responsible for presenting the first budget after India’s independence from British rule.