India’s first finance minister was an unlikely candidate for the job. He was not a Congressman, nor was he a member of the constituent assembly. Instead, he was a ‘ lifelong adversary of the Congress,’ and a man who was widely considered to be ‘pro-British.’
R K Shanmukham Chetty–an alumnus of the Madras Christian College, and Madras law college–has had the ‘rare privilege’ of being India’s first Finance minister. As soon as India became an independent nation, Gandhi chose him–against Jawaharlal Nehru’s wish–to be India’s first finance minister. His appointment came as a complete surprise–even to the most astute political pundits.
On 26 November 1947, when he tabled India’s first budget in the Parliament, the country was reeling under the burden of partition. As British India was divided into two independent nations–India and Pakistan–millions of people had been uprooted from their homes. The sub-continent witnessed large-scale violence and bloodshed, one of the worst episodes in history. Consequently, security and rehabilitation of refugees were the foremost priorities. Besides, among other things, the country was also facing severe food shortages.
Independent India’s first budget estimated its revenues to the tune of 171.15 Crores. The expenditure, on the other hand, was 197.39 Crores, of which 92.74 Crores was allocated for Defence. Shanmukham Chetty took a cautious but pragmatic approach and presented an optimistic budget that justified the defence expenditure:
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