India's Economic Foundation: The Man Behind the First Union Budget

In 1860, James Wilson, a Scottish economist and founder of The Economist, presented India's first Union Budget under British rule. This pivotal document established a framework for the country's finances, addressing the economic turmoil following the 1857 Sepoy Mutiny. Wilson's budget introduced income tax and a structured tax system, laying the groundwork for modern fiscal policy in India. As Finance Minister of the Indian Council, his reforms significantly shaped India's economic landscape, influencing budgets for generations to come.

 

Source: Times Now News, NDTV, Economic Times