Budget 2021 classroom: Here's all about Shanmukham Chetty, the 1st Finance Minister of independent India

Independent India's first Union Budget was presented by the first Finance minister, RK Shanmukham Chetty on November 26, 1947.

RK Shanmukham Chetty was a lawyer, industrialist, economist and a politician.

Before taking the charge as India's Finance minister, he served as President of India's Central Legislative Assembly from 1933 to 1935. He was Diwan of Cochin kingdom from1935-1941.

The Union Budget presented in November 1947 was without any tax proposals, and the estimate for total revenues was Rs. 171.15 crore.

The fiscal deficit was estimated at Rs.24.59 crore.

RK Shanmukham Chetty presented the budget in a briefcase at 5.00 pm on the last working day of February.

Finance Minister Nirmala Sitharaman is all set to present the Union Budget on Monday (February 1). 

Nirmala Sitharaman has scripted history by becoming a full-time Finance Minister of India. 

Indira Gandhi took over the finance ministry after the resignation of Morarji Desai. Indira Gandhi served as a Finance Minister for only one year.

This budget is unique in many ways. This union budget is completely paperless. This will be a first time in the history of independent India that budget papers will not be printed.

This decision has been taken to maintain social distancing and follow COVID-19 guidelines strictly.

This is Nirmala Sitharaman's third Union Budget.

The Budget was first introduced in India on April 7, 1860. The budget was presented by James Wilson on February 18, 1869. He was the Finance Member of the Indian council.

James Wilson was born in Hawick, Scotland in 1805. He is well known for making the Standard Chartered Bank and founding the Economist Magazine.