Did You Know? Interesting Facts about India's Budget

With Pranab Mukherjee is all set to announce the Union Budget 2010-2011, here is a look at some interesting facts about India's budget and our nation's financial growth.
On November 26, 1947 R.K. Shanmukham Chetty had presented the first budget of Independent India. But actually it was a review of the economy and no new taxes were proposed as the budget day for 1948-49 was just 95 days away.

From then onwards an interim budget began to mean a budget for a short period.


Chetty resigned a few days later due to differences with Prime Minister Nehru.

K.C. Neogy then took charge of the Finance portfolio and held that office for just 35 days.

John Mathai became the third Finance Minister of India presenting the budget for 1950-51, the first budget for the Republic of India.

The next Finance Minister, C.D. Deshmukh presented the first budget in the first elected Parliament on the basis of adult franchise.

Budget papers began to be prepared in Hindi from 1955-56.