History of Indian Budget
India's first Finance Minister Sir R.K. Shanmugham Chetty, presented the
first Finance Budget of independent India on November 26, 1947. Since then,
28 different Union Finance Ministers have been presenting the budget year
after year. Initially, major attention was paid towards the agriculture
sector but as the economy evolved, the focus shifted from agriculture to
other sectors like industrial, financial etc.
During the early the fifties, Indian budget highlights revolved around the
public sector and public finance and hence, back then - taxation, inflation,
public savings etc were much talked about topics. This trend continued till
the finance budget 1985-86.
The change in the approach began with Mr. Manmohan Singh who served as the
Union Finance Minister under the leadership of Mr. P.V. Narsimha Rao. Mr.
Singh was instrumental in headstarting the new phase of economic
liberalization. He reduced the control of Government over public sector
units through disinvestment. The liberalization process which he started
years back is still followed and is seen in interim budget and Indian budget
announcements every year. This year also live union budget 2011 will be
announced by Pranab Mukherjee.
- First Finance Minister: Shanmugham Chetty
- Number of Finance Minister Since Independence: 28
- Maximum Number of Budgets Presented by: Morarji Desai
- Economic Liberalization Started by: Mr. Manmohan Singh ( Finance
- Current Finance Minister: Mr. Pranab Mukherjee