Who is known as the Father of the Indian Budget?

By BYJU'S Exam Prep

Updated on: November 9th, 2023

K. Shanmukham Chetty is known as the Father of the Indian Budget. On 26 November 1947, K. Shanmukham Chetty presented the first budget of independent India. Before India got independence, British economist James Wilson presented the country’s first budget. Chetty was born in 1892 to wealthy and religiously conservative parents of Tamil Vaniya Chetty descent.

Father of the Indian Budget

Shanmukham Chetty is called the father of the Indian budget. His father was a Coimbatore mill owner and businessman. He had the opportunity to earn a degree from the renowned Madras Christian College.

His father, Kandaswamy Chettiar, wanted him to join the civil services because he showed signs of a complex personality at a young age. Chetty had other priorities, though. He was eager to go to Madras so that he could attend M.C.C. His grandfather, Ramaswamy Chettiar, was convinced to send him.

  • Chetty later rose to the positions of councillor and vice-chairman in the Coimbatore Municipality in 1917.
  • Between 1920 and 1921, he was a member of the Madras Legislative Assembly, where he learned a new skill.
  • India had up to 30 finance ministers following its 1947 declaration of independence from British imperialism. And these people have contributed to the development of India’s $2.6 trillion economy.

After China, India now has the second-fastest growing economy and is a significant supplier of goods and services to the rest of the world. The rise of India as a significant economic force is an intriguing tale tinged with current political issues.


Who is known as the Father of the Indian Budget?

The first budget of an independent India was presented by Shanmukham Chetty on November 26, 1947, earning him the title of father of the Indian budget. Despite the fact that three prime ministers held the coveted position of finance minister, only four ministers presented more than five budgets.

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