look news india
The Union Budget 2024 is going to be presented on the upcoming 23rd. At this time it is important to know some special things about the budget. You will hardly realize that James Wilson presented the first budget of India. He has a direct relationship with India. The tradition of presenting the budget in the country has been going on since before independence. James Wilson presented India's first budget on 7 April 1860.
James Wilson was the finance member of the Indian Council
This council advised the Indian Viceroy. Wilson was also the founder of The Economist. Karl Marx gave him the highest place among all economists. The first budget after independence was presented on 26 November 1947. It was presented by RK Shanmukham Shetty. He was the first Finance Minister of independent India.
The history of the country's budget is old
When did the history of budget making in the country begin? Budget presentation in India began in 1860. The transfer of Indian administration from the East India Company to the British Crown was first presented 2 years later on 7 April 1860. Finance member James Wilson was the first person to present the budget. Interim government member Liaquat Ali Khan presented the budget for 1947-48. After independence, India's first Finance Minister Shanmukham Shetty presented the first budget of independent India on 26 November 1947.
Who was James Wilson?
James Wilson was a Scottish economist. His family was in the business of making and selling hats. He also used to do the same then. After this, he started being counted among expert economists. He had special knowledge of economics and commerce. Along with The Economist, he was the founder of the Chartered Bank of India, Australia and China. In 1969, it merged with Standard Bank. With this, Standard Chartered emerged. Member of the Viceroy's Executive Council from December 1859 to August 1860. Apart from the government accounting system, pay office, audit, paper currency, he was also responsible for the Indian Police, Military Finance Commission and Civil Finance Commission. Wilson entered the House of Commons in 1847. Seeing his economic experience, the then Prime Minister Lord John Russell appointed Wilson as the Secretary of the Board of Control. This institution looked after the East India Company's control over British India. Wilson remained in this position till 1858.