The first budget of Independent India was presented on November 26, 1947 by India’s first Finance Minister Sir R.K. Shanmugham Chetty. Since then, 28 Union Finance Ministers have been presenting the budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors including the industrial, financial and other sectors.

In the fifties, budget highlights were related to the public sector and public finance which include taxation, inflation, public savings etc. This trend continued till 1985.

The change in approach began with Mr. Manmohan Singh who was the Finance Minister under Mr. P.V. Narsimha Rao. He started the new phase of economic liberalization. The control of the Government over public sector units was reduced through disinvestment. The liberalization process which he had started still continues.

Facts Bite

* First Finance Minister: Shanmugham Chetty
* Number of Finance Minister Since Independence: 28
* Maximum Number of Budgets Presented by: Morarji Desai
* Economic Liberalization Started by: Mr. Manmohan Singh ( Finance Minister 1991)
* Current Finance Minister: Mr. P.C Chidambaram