Until 1955, Union Budget Was Only Printed In English. Then This Happened
NDTV
Finance Minister Nirmala Sitharaman will present the Interim Budget at 11 am on February 1 in Parliament
The preparation of the Union Budget is a lengthy exercise that spans several months. The presentation of the Budget is a crucial event that shapes the economic trajectory of the nation and carries forward the government's welfare programmes. The history of the budgetary process in India is quite interesting. The first Union Budget was presented by then Finance Minister R K Shanmukham Chetty on November 26, 1947. The Budget has evolved over the years since then.
Until 1955, the Union Budget was exclusively printed in English. A change occurred during the 1955-56 Budget when Finance Minister CD Deshmukh initiated the practice of printing the Budget documents in both English and Hindi.
CD Deshmukh, an accomplished economist and civil servant, made other notable contributions during his tenure as the Finance Minister. He played a vital role in creating India's first Five-Year Plans, laying down the framework for industrial growth and infrastructure development.
Mr Deshmukh also emphasised balanced Budgets, ensuring government spending matched available resources, and preventing excessive borrowing. He helped establish the Reserve Bank of India as a strong, independent authority, introducing reforms to strengthen the financial sector.
