While the budget for the financial year 2025-26 will be presented today (February 1), the first budget of independent India was presented on November 26, 1947 by RK Shanmugam from Tamil Nadu. Born in Coimbatore in 1892, he studied Economics at MCC College and Law at Madras Law College.
RK Shanmugam, who was appointed as the country's first Finance Minister by Nehru, remained the Finance Minister till August 17, 1948.
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