Archive · 26 Jan 2026
India's First Post-Independence Union Budget
After India became independent in 1947, the country needed to manage its money carefully.
The first budget was presented by R. K. Shanmukham Chetty on November 26, 1947.
This budget was special because it was only for a short time, from August 15, 1947, to March 31, 1948.
The main goal was to keep things running smoothly, not to make big changes.
The country was facing many challenges, like dealing with the effects of Partition, helping refugees, and having very little money to spend.
The budget focused on making sure the government could keep doing its important work, like providing services and defense, while planning for the future.
India's first Union Budget after Independence was presented on November 26, 1947, by R. K. Shanmukham Chetty.
The budget covered the period from August 15, 1947, to March 31, 1948, and was an interim budget.
The primary objective was to ensure economic stability and continuity during the transition period post-Independence.
Key challenges included managing the economic fallout of Partition, refugee rehabilitation, food shortages, and limited foreign exchange reserves.
The budget focused on prudence and administrative continuity rather than introducing sweeping policy changes or new taxes.
- Who
- R. K. Shanmukham Chetty, India's first Finance Minister
- What
- Presentation of India's first Union Budget after Independence
- When
- November 26, 1947
- Where
- India
- Why
- To manage economic stability and continuity during the transition period post-Independence
- Date of Presentation
- November 26, 1947
- Presented By
- R. K. Shanmukham Chetty
- Time Period Covered
- August 15, 1947, to March 31, 1948
- Primary Objective
- Economic stability and continuity
- Key Challenges
- Partition, refugee rehabilitation, food shortages, limited foreign exchange