The first Indian finance minister, Sir R.K Shanmugham Chetty, on November 26, 1947, presented the first Union budget of Independent India in New Delhi. The budget was implemented from April 1, 1948.
In the first budget of independent India, the total revenues of the country were targeted at ₹171.15 crores, and the fiscal deficit was ₹24.59 crores. The total expenditure for the year was estimated at ₹ 197.29 crores.
Mr. Chetty’s budgetary speech started with “I rise to present the first Budget of a free and independent India. This occasion may well be considered a historic one and I count it a rare privilege that it has fallen to me to be the Finance Minister to present this budget.”
