Who Was India’s First Finance Minister? Meet R.K. Shanmukham Chetty Who Presented the First Budget
Every year, the Union Budget is a very important event in India. Many people watch it closely to see how the government will spend money. However, not many people know about the person who started it all. India’s first Finance Minister was R.K. Shanmukham Chetty.
He was the man who presented the very first budget of independent India. At that time, things were very different from today. Even his salary was very low compared to modern standards. He played a big role in shaping the early economy of the country.
Who was R.K. Shanmukham Chetty?
R.K. Shanmukham Chetty was a well-known lawyer and economist. He was born on October 17, 1892. He came from a city called Coimbatore in Tamil Nadu. His family was into business and they owned several mills in the city.
On November 26, 1947, he made history by presenting the first budget in Parliament. One surprising fact is that his salary was only Rs 45 per day at that time. He was chosen for this big job because he understood money and government very well.
| Detail | Information |
|---|---|
| Full Name | R.K. Shanmukham Chetty |
| Date of Birth | October 17, 1892 |
| Place of Birth | Coimbatore, Tamil Nadu |
| First Budget Date | November 26, 1947 |
| Salary at that time | Rs 45 per day |
Education and Early Career
Chetty was a very bright student. He finished his early school years in Coimbatore. Later, he went to Madras Christian College to study economics. After that, he went to Madras Law College to get a law degree.
He started his political life with the Justice Party. In 1917, he became a councillor in the Coimbatore municipality. He also worked as the vice-chairman there. He was famous for making the administration work better by introducing new reforms.
His Rise in National Politics
In 1920, he became a member of the Madras Legislative Council. After a few years, he joined the Swaraj Party. In 1924, he was elected to the Central Legislative Assembly. People respected him because he was highly educated and knew a lot about economics.
He also represented India in other countries. He went to the International Labour Conference in Geneva. In 1932, he went to Ottawa, Canada, for the Imperial Economic Conference. These trips made him famous as an expert policymaker around the world.
| Year | Role or Event |
|---|---|
| 1917 | Councillor in Coimbatore Municipality |
| 1920 | Member of Madras Legislative Council |
| 1924 | Member of Central Legislative Assembly |
| 1932 | Represented India at Imperial Economic Conference, Ottawa |
| 1930s | Deputy Speaker and Speaker of Central Legislative Assembly |
| Until 1941 | Diwan of the princely state of Cochin |
Why Jawaharlal Nehru Chose Him
During the 1930s, Chetty held high positions like Deputy Speaker and Speaker of the Central Legislative Assembly. He also served as the Diwan of the princely state of Cochin until 1941. When India became independent, Prime Minister Jawaharlal Nehru had to pick a Finance Minister.
Nehru chose R.K. Shanmukham Chetty for the role. Some people did not like this choice. They thought Chetty was too friendly with the British. However, Nehru trusted him. Nehru believed that Chetty’s experience and knowledge of the economy were exactly what India needed at that time.
Conclusion
R.K. Shanmukham Chetty will always be remembered as India’s first Finance Minister. He took charge of the country’s finances during a very difficult time. From his humble daily salary to his big roles in international conferences, his life was full of hard work. He set the foundation for the Union Budgets that we see in India today.
FAQs
Who presented the first budget of independent India?
R.K. Shanmukham Chetty presented the first budget of independent India on November 26, 1947.
What was the salary of India’s first Finance Minister?
At the time he presented the first budget, his salary was just Rs 45 per day.
Where was R.K. Shanmukham Chetty born?
He was born on October 17, 1892, in Coimbatore, Tamil Nadu.
Which college did R.K. Shanmukham Chetty attend?
He studied economics at Madras Christian College and later earned a law degree from Madras Law College.
Who appointed R.K. Shanmukham Chetty as the Finance Minister?
India’s first Prime Minister, Jawaharlal Nehru, selected him for the position because of his economic expertise.