The budget session remains the most important for the Indian public. Therefore, the common people of India keep a close watch on the general budget. After presenting the General Budget in Parliament by the Finance Minister, it is reviewed for several days. There is a discussion among most people about who got what in the budget. It becomes interesting to know the budget on which the eyes of the country are kept, when and who started it. The founder or founder of the budget in India was James Wilson. He presented the first budget in the Viceroy's Council on 18 February 1860 during the period of British rule.

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Wilson was born on 3 June 1805 in Havik town on the border of Ireland. He was a great economist and was known as a supporter of the free market. He strongly opposed the imposition of import duty on maize in Britain in the 19th century. In 1847 he was elected a Member of Parliament. He was the founder of the well-known magazine The Economist in 1843 and the Chartered Bank of India in 1853. This bank was merged with Standard Bank in 1969 and became Standard Chartered Bank.

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The first budget of independent India was presented by Finance Minister RK Shanmugam Shetty on 26 November 1947. However, before this, when the Interim Government was formed under the leadership of Pandit Jawaharlal Nehru in the Central Legislative Assembly, he gave the charge of Finance Ministry to Liaik Ali. Likayat Ali presented the budget on 2 February 1946. He later became the Prime Minister of Pakistan. The budget trend in India has its roots in Britain. The annual budget came into vogue in Britain in the 18th century. In 1733, Prime Minister Robert Walpole mentioned the budget for the first time in his financial announcement. Britain was going through an economic crisis during this period. It was rumored that Walpole could impose excise duty on various products. Import duty in Britain was not liked and it was seen as an intervention by bureaucrats on people's lives and property.

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