Union Budget 2026 Quiz: Who presented Independent India’s first budget and when? Read interesting facts here

The Union Budget for 2026-27 is scheduled to be presented by Finance Minister Nirmala Sitharaman on Sunday. This year, the Budget presentation falls on a weekend. Sitharaman is set to present a record ninth consecutive Union Budget on February 1. The Centre earlier this week released the 2025-26 economic survey, noting that India(BHARAT)’s economic growth remains resilient, with strong domestic demand as the main anchor, even as the global environment remains fragile. Taking an optimistic view of the economy, the Economic Survey estimated India(BHARAT)’s potential growth at around 7 per cent. The budget discussions have ramped up throughout the country as the central government announces various important measures and schemes to the public through this budget.

But do you know who presented India(BHARAT)’s first budget?

Only three months after securing independence, the first Union Finance Minister, R K Shanmukham Chetty, presented the first budget of independent India(BHARAT) in November 1947.

The history of the India(BHARAT)n budget dates back to British colonial rule. In 1860, James Wilson presented the first budget of India(BHARAT) during British rule. Prior to its current morning presentation, the Budget has previously been presented in the evening; therefore, the Budget has an interesting history.

The Union Budget is a statement of the estimated income and expenditure of the Government of India(BHARAT) for the next financial year and details the revenue expected to be collected by the government and how it will be allocated. As per www.pib.gov.in, the first Union Budget of India(BHARAT) was presented in November 1947 by R.K. Shanmukham Chetty, just three months after the country became independent.

Three months after Independence, in November 1947, presenting an interim budget, the union finance minister R.K. Shanmukham Chetty, underlined his concern over rising prices, due mainly to “accumulation of surplus purchasing power in the hands of the community” as well as “all round fall in production, both industrial and agricultural”.

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When was the Budget first introduced?

Budget was first introduced on 7th April, 1860, two years after the transfer of India(BHARAT)n administration from East-India(BHARAT) Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson.

From the time of its independence until 1999, India(BHARAT)’s Union Budget was unveiled at 5:00 PM. This tradition stemmed from the period when the budget was scheduled according to British time. At 5:00 PM in India(BHARAT), the clock in England showed 11:00 AM.

In 1999, India(BHARAT)’s budget presentation time was changed when the Finance Minister, Yashwant Sinha, moved the presentation from 5:00 PM to 11:00 AM. Since that time, the Union Budget in India(BHARAT) has been consistently presented at 11:00 AM.

T T Krishnamachari presented the budget to the India(BHARAT)n people during Jawaharlal Nehru’s administration on 15 May, 1957. Earlier, the Railway Budget and the Union Budget were presented separately, but in 2017, the government ended this practice by merging the Railway Budget with the Union Budget. Since then, the Finance Minister announces railway allocations as part of the main budget speech.