Who Among the Following was the First Finance Minister of Independent India?

b. R. K. Shanmukham Chetty

The very first Finance Minister of independent India was R. K. Shanmukham Chetty, appointed by Prime Minister Jawaharlal Nehru in 1947. He played a key role in shaping India’s financial policies right after independence. His most notable contribution was presenting independent India’s first Union Budget on November 26, 1947.

India’s First Finance Minister: R. K. Shanmukham Chetty

R. K. Shanmukham Chetty was an Indian lawyer, economist, and politician. Born in Tamil Nadu in 1892, he had a strong background in commerce and finance, which made him a natural choice for the role of Finance Minister during such a critical period in India’s history.

Before independence, he was already a respected member of the Central Legislative Assembly and had also represented India in the League of Nations. His knowledge of economics and global trade was crucial as India began its journey as a newly independent country with many financial challenges ahead.

India’s First Budget After Independence by R. K. S. Chetty

On November 26, 1947, Chetty presented independent India’s first budget to the Constituent Assembly. This was a historic moment, as it was the first time India’s financial plan was made without British involvement. The budget mainly focused on the economy during and after World War II, including defense expenses and food shortages.

Although the budget didn’t include many development plans (because India was still recovering from partition and war), it laid the foundation for future economic planning. Chetty’s budget speech showed the seriousness of India’s financial state and the need to manage resources wisely.

Chetty took office during a very difficult time. India had just been partitioned, millions of people had been displaced, and there were food shortages, communal riots, and economic instability. On top of that, India had to pay Pakistan a share of the financial reserves as agreed in the partition deal.

Despite these problems, Chetty tried to maintain balance and ensure that essential government services continued. He also focused on stabilizing the currency, managing taxes, and preparing India for future development.

Legacy of R. K. Shanmukham Chetty

Even though he served as Finance Minister for a short time, he resigned in 1948. Chetty left behind a strong legacy. His efforts showed the importance of strong economic leadership in the early days of independent India. He proved that thoughtful budgeting and financial planning were crucial for nation-building.

After his resignation, John Mathai became the next Finance Minister. But Chetty’s contribution remains a key part of India’s early economic history and is still studied in civics and economics classes today.

Quick Facts About R. K. Shanmukham Chetty

• Full Name: Ramasamy Chetty Kandasamy Shanmukham Chetty
• Born: 1892, Coimbatore, Tamil Nadu
• Position: First Finance Minister of independent India
• First Union Budget: November 26, 1947
• Political Background: Member of the Central Legislative Assembly, League of Nations representative

Summary

Question: Who Among the Following was the First Finance Minister of Independent India?
Answer: R. K. Shanmukham Chetty was the First Finance Minister of Independent India.
R. K. Shanmukham Chetty played a huge role in shaping India’s economy after independence. As the first Finance Minister, he introduced India’s first budget and managed a difficult transition with wisdom and skill. His work helped lay the groundwork for how India manages its finances today. Learning about Chetty helps students understand how important financial leadership is in building a strong and stable nation.

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