The first budget of India was presented on February 18, 1860 by James Wilson, who was then the finance member of the Viceroy’s Council. This budget was important because it laid the foundation for India’s financial system during British rule. This was a significant moment because India was still under colonial rule, and the budget focused primarily on the financial needs of the British Empire in India.
However, India’s first budget after independence was presented by John Mathai on 26 November 1947. It was a defining moment for the newly independent nation, aimed at setting the stage for economic self-sufficiency and growth.
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