India’s yearly Union Budget is when the government lay out its finances, estimates, policies and much more. This is also when the government accounts for its revenue and expenditure. But the budget is much more than that, the union budget of India has its own rich history, it’s an occasion when our democracy is celebrated, it’s a festival of sought. James Wilson, Finance Member of the India Council presented the first Budget in India on February 18, 1869. The first Budget of Independent India was presented by the first Finance Minister of India R.K. Shanmukham Chetty on 26th November 1947 at 5 pm. The tradition of presenting the Budget at 5 pm was a colonial tradition that was practised till 2001, this was when the then FM Yashwant Sinha changed it and started presenting the budget at 11 am. After India became a Republic, John Mathai on February 28, 1950 presented the first Budget of the Republic of India.
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