Who introduced the first budget in India after Independence?

First budget in India after Independence: India attained independence on 15 August 1947 and the first budget of independent India was presented by then Finance Minister R. K. Shanmukham Chetty on 26 November 1947. He was an Indian lawyer, economist, and politician.  

The Finance Minister of India, Nirmala Sitharaman is presenting the Union Budget 2022 today that is on 1 February 2022 at the Parliament. While presenting the Union Budget, she said that the country is expected to grow at 9.27 percent in the coming year.

She further said "In 2022-23, Budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore, making up about 4.1 percent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore which is the highest since the inception of the tax in 2017."

The focus is on the four pillars of development namely inclusive development, productivity enhancement, energy transition, and climate action. Nirmala Sitharaman stated that the Budget gives a blueprint of the economy from India at 75 to India at 100.

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About R. K. Shanmukham Chetty

He was born in Coimbatore in 1892. His family owned various mills in Coimbatore. He was a politician, a lawyer, and a renowned economist. He also had a deep interest and knowledge of Tamil literature. 

After the completion of his education from Madras Christian College and Madras Law College, he became the councilor of Coimbatore Municipality in 1917. Subsequently, he went on to become the Vice-Chairman of the Coimbatore Municipality. 

He advocated national progress through constitutional means.

He also functioned as the Chief Whip of the Swarajya Party for some time.

From 1923 - 31, he was a member of the Central Legislative Assembly.

He also served as the Deputy President during 1931-33 and was made President during 1933-34 of the Central Legislative Assembly of India.

He also served as Diwan of Cochin from 1935 to 1941. It is said that during his tenure, new reforms were brought in the administration of the princely state. He also introduced schemes for the improvement of Cochin port.  

In 1938, he was the Indian delegate to the Assembly of the League of Nations in Geneva, and in 1944, to the World Monetary Conference at Bretton Woods.

In 1945, he was Constitutional Adviser to the Chamber of Princes. 

During 1947-48, he was the first Finance Minister of Independent India, a member of the Constituent Assembly. 

He was a member of the Madras Legislative Council during 1952-53.

He breathed his last on 5 May 1953. 

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