R.K. Shanmukham Chetty was the first finance minister of India before independence.
Detailed response
R.K. Shanmukham Chetty, an eminent lawyer and politician, served as the first finance minister of India before independence. His appointment to this crucial position in 1947 marked a significant milestone in the country’s economic history.
R.K. Shanmukham Chetty played a vital role in shaping independent India’s financial policies and laying the foundation for its economic development. Due to his practical knowledge and understanding of fiscal matters, Chetty was entrusted with the responsibility of managing the finances of the newly-formed nation at a critical juncture.
One of the notable initiatives undertaken by Chetty during his tenure as the finance minister was the introduction of the Income Tax Act in 1949. This act established a formal system for income taxation in India and laid the groundwork for a more structured and transparent fiscal system.
Beyond being the first finance minister of India, R.K. Shanmukham Chetty was a man of many accomplishments. He was a respected lawyer, a member of the Constituent Assembly, and played a significant role in drafting India’s constitution. Throughout his career, he displayed a deep commitment to public service and dedicated himself to the growth and development of the nation.
To provide a comprehensive understanding of R.K. Shanmukham Chetty’s impact, here are some interesting facts about his life and contributions:
-
Born on October 17, 1892, in the town of Arakkonam, Madras Presidency (now Tamil Nadu), R.K. Shanmukham Chetty hailed from a family of lawyers and was inspired to pursue a career in law.
-
Chetty began his political journey in the Justice Party, which advocated for the rights of non-Brahmins in the Madras Presidency.
-
He played an instrumental role in negotiating the financial terms during India’s transition from British rule to independence. The financial agreements reached with the British government, known as the Cripps Mission (1942), the Cabinet Mission (1946), and the Mountbatten Plan (1947), set the stage for India’s economic autonomy.
-
Chetty’s expertise in financial matters was widely recognized, and he served as the President of the Income Tax Appellate Tribunal during the 1930s. His experience in taxation and economic policies further bolstered his credentials for the role of finance minister.
-
In addition to his work in the finance ministry, Chetty also held several prominent positions, including being a member of the Planning Commission and serving as India’s representative to the World Bank and the International Monetary Fund.
-
Chetty has been honored posthumously for his contributions to the nation. In 1976, the Income Tax Department instituted the “R.K. Shanmukham Chetty Award” in his memory, recognizing individuals who have made outstanding contributions to tax administration and policy.
Overall, R.K. Shanmukham Chetty’s tenure as the first finance minister of India before independence left a lasting impact on the country’s economic policies. His vision and leadership paved the way for subsequent finance ministers to develop and refine India’s fiscal systems. As renowned economist Paul Samuelson once said, “Good economics consists in the monetary finesse of a financier and the fiscal competence of a statesman.” R.K. Shanmukham Chetty embodied this sentiment, leaving an indelible mark on India’s financial landscape.
Here is a table summarizing the key details:
| Name | R.K. Shanmukham Chetty |
|---|---|
| Role | First Finance Minister of India before independence |
| Tenure | Appointed in 1947 |
| Major Achievement | Introduction of the Income Tax Act in 1949 |
| Background | Eminent lawyer, member of the Constituent Assembly |
| Birthdate | October 17, 1892 |
| Honors | “R.K. Shanmukham Chetty Award” instituted in his memory |
| Quote | “Good economics consists in the monetary finesse of a financier and the fiscal competence of a statesman.” – Paul Samuelson |
On the Internet, there are additional viewpoints
Shanmukham Chetty died on 5 May 1953. During his public life, Chetty also identified with a number of social causes. He was a strong supporter of the Tamil Isai Movement. Shanmukham Chetty was the Finance Minister of India when the country’s first budget was tabled in Parliament on 26 November 1947.
Chetty
Chetty, a lawyer, economist, industrialist, and politician, served as the President of India’s Central Legislative Assembly from 1933 to 1935 before taking on the role of Finance Minister.
You might discover the answer to “Who is the first finance minister of India before independence?” in this video
In a conversation with veteran journalist AK Bhattacharya about India’s first 10 finance ministers, the role of an outside expert as the finance minister is discussed. While the political system currently faces limitations in appointing an independent expert due to the economic crisis, there have been instances, like Manmohan Singh in 1991, where non-Congress finance ministers were appointed. However, as India’s influence grows, it becomes less likely for an outside expert to be appointed. The discussion also touches on the importance of economists and advisors in the finance ministry, the formation and dissolution of the Planning Commission, the role of the RBI Governor, and the challenges faced by finance ministers. Bhattacharya highlights the need for stability and continuity in the finance ministry, as well as the relationship between the finance minister and the prime minister. Ultimately, finance ministers play a crucial role as economic policy makers and influential figures in the political front.
You will probably be interested in this
Also Know, Who was the 1st Finance Minister of independent India?
As a response to this: R. K. Shanmukham Chetty
The correct answer is R. K. Shanmukham Chetty. RK Shanmukham Chetty served as the first Finance Minister of independent India from 1947 to 1949. He presented the first Union Budget of Independent India. He presented the first Union Budget of Independent India on 26th November 1947.
Considering this, Who was the first Indian Finance Minister in the British Indian government?
The answer is: Sir R.K. ShanmughamChetty
1] The “Acworth Report”, led to reorganization of Indian Railways; thus separating the railway finances of India from the general government finances. 2] India’s first Finance Minister, Sir R.K. ShanmughamChetty, presented the first Finance Budget of independent India on November 26, 1947.
Who was the first Finance Minister of independent India Mcq?
Shanmukham Chetty was the first Finance Minister of independent India and also presented the first Union Budget. Later, Indira Gandhi held the post for one year from 1970 – 1971 and was the first female Finance Minister. The current Finance Minister of India 2020 is Nirmala Sitharaman.
When was the word budget used for the first time in India?
Response: Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson. Mr. Liaquat Ali Khan, Member of the Interim Government presented the Budget of 1947-48.
Herein, Who was the first Finance Minister of independent India? The reply will be: The correct answer is R. K. Shanmukham Chetty. RK Shanmukham Chetty served as the first Finance Minister of independent India from 1947 to 1949. He presented the first Union Budget of Independent India. He presented the first Union Budget of Independent India on 26th November 1947.
Herein, Who was Jawaharlal Nehru’s first Finance Minister?
As a response to this: Jawaharlal Nehru had been singed by the Budget of Liaqat Ali Khan in the Interim Government of 1946. He picked economists or lightweight politicians as his first Finance Ministers. These were Shanmukham Chetty, Dr John Matthai, and CD Deshmukh, hoping to impose his political will on them without fuss.
Beside this, How many finance ministers are there in India?
Response will be: Since 1945, India has had 38 Finance Ministers and there have been tenures when the country was headed by an acting Minister of Finance. The Indian Finance Ministers list from 1946 till 2022 is given in the table below: Finance Minister Nirmala Sitharaman presented her first Union Budget on July 5, 2019.
Similarly, Who headed the government in India? The reply will be: Asaf Ali, a Muslim Congress leader, headed the Department of Railways and Transport. Scheduled Caste leader Jagjivan Ram headed the Department of Labour, while Rajendra Prasad headed the Department of Food and Agriculture and John Mathai headed the Department of Industries and Supplies.
In this manner, Who was the first Finance Minister of independent India?
The answer is: The correct answer is R. K. Shanmukham Chetty. RK Shanmukham Chetty served as the first Finance Minister of independent India from 1947 to 1949. He presented the first Union Budget of Independent India. He presented the first Union Budget of Independent India on 26th November 1947.
Besides, When did Shanmukham Chetty become India’s Finance Minister?
The answer is: Chetty became India’s Finance Minister after the country’s independence in 1947. When India’s first budget was tabled in Parliament on November 26, 1947, Shanmukham Chetty was the Finance Minister.
How many finance ministers are there in India?
Answer will be: Since 1945, India has had 38 Finance Ministers and there have been tenures when the country was headed by an acting Minister of Finance. The Indian Finance Ministers list from 1946 till 2022 is given in the table below: Finance Minister Nirmala Sitharaman presented her first Union Budget on July 5, 2019.
Also to know is, Who is the current Finance Minister of India 2020?
As an answer to this: Later, Indira Gandhi held the post for one year from 1970 – 1971 and was the first female Finance Minister. The current Finance Minister of India 2020 is Nirmala Sitharaman. Since 1945, India has had 38 Finance Ministers and there have been tenures when the country was headed by an acting Minister of Finance.