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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.

Facts Bite

• 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 Minister 1991)
• Current Finance Minister: Mr. Pranab Mukherjee