New Delhi: Since its inception, India’s budgetary process has been a cornerstone of fiscal policy, evolving significantly over the years to reflect the nation’s economic priorities and aspirations. Dating back to the colonial era, the first budget of India was presented on April 7, 1860, under British rule by then finance minister James Wilson. This marked the beginning of a structured financial planning process for the Indian subcontinent.
Post-independence, India’s inaugural budget was presented on November 26, 1947, by then finance minister Shanmukham Chetty, laying the foundation for economic governance in a newly sovereign nation. The evolution continued with the first Union Budget after India became a republic, presented on February 28, 1950, signifying the consolidation of financial authority under a democratic framework.
Budget 2024
Fast forward to July 23, 2024, India’s Finance Minister Nirmala Sitharaman is set to present the general budget for the fiscal year, adding yet another chapter to this storied history. Sitharaman’s tenure is notable as she is poised to become the first finance minister since Morarji Desai to present the budget for seven consecutive years, underscoring her pivotal role in shaping India’s economic policies.
The upcoming budget holds special significance as it marks the first budget of the third term of the Modi government. In preparation for this crucial fiscal roadmap, Sitharaman has engaged in extensive consultations with stakeholders across various sectors. These consultations, encompassing representatives from industries, farmers’ unions, trade unions, economists, and more, are integral to crafting a comprehensive budget that addresses diverse economic challenges and opportunities.
The budgetary process in India today serves not only as a financial plan but also as a strategic tool for economic growth, social development, and sectoral reforms. It reflects India’s commitment to fiscal prudence, inclusive growth, and sustainable development in alignment with global economic dynamics.
As India navigates through a complex global landscape marked by technological advancements, climate imperatives, and socio-economic transformations, the budget remains pivotal in charting a resilient and equitable path forward. It symbolises the government’s responsiveness to the needs of its citizens and stakeholders, ensuring that fiscal policies are adaptive and supportive of India’s aspirations to emerge as a global economic powerhouse.
In conclusion, India’s budgetary journey encapsulates a legacy of economic stewardship and forward-looking policy-making, poised to guide the nation toward prosperity in the years ahead.
From its colonial origins in 1860 to modern-day fiscal strategy, India’s budgetary process has evolved into a crucial tool for economic governance. Finance Minister Nirmala Sitharaman prepares to set new records with the upcoming budget 2024, marking a pivotal moment for India’s economic future. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
