After India got independence from the British on August 15, 1947, its first budget was presented by the country's first finance minister RK Shanmukham Chetty on November 26, 1947. However, it was an interim budget in which no new taxes were proposed.
Chetty presented the budget in a briefcase at 5 pm on the last working day of February. The estimate for total revenues was Rs 171.15 crore. The fiscal deficit was estimated at Rs.24.59 crore.
Chetty was a lawyer, industrialist, economist and politician. Before taking the charge as finance minister, he served as President of India's Central Legislative Assembly from 1933 to 1935. He was Diwan of the Cochin kingdom from1935-1941.
Born on October 17, 1892, in Coimbatore, Chetty studied economics at Madras Christian College and graduated in law from Madras Law College. After completing his education, he joined politics and served both in the Indian nationalist Swaraj Party and the Justice Party.
He was elected to the Central Legislative Assembly of India and served as its Deputy President from 1931 to 1935. He also served as Diwan of Cochin kingdom from 1935 to 1941.
After India's independence in 1947, India's first prime minister Jawaharlal Nehru chose Chetty as his Finance Minister He died on May 5, 1953.
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