When was India’s first ever budget presented?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 1860.
India’s first-ever budget was presented in 1860 by James Wilson, a British economist and politician who was then the Finance Member of the Viceroy’s Council. This marked the beginning of formal financial planning for British India under colonial rule. Wilson’s budget laid the foundation for systematic revenue collection and expenditure management in India. It introduced the concept of a consolidated fund and categorized revenues and expenses, setting the framework for future budgets. This historic budget presentation was a significant step in shaping India’s financial administration and paved the way for the annual budgetary process followed by independent India.