Who introduced the system of budget in India?

The correct answer is Lord Canning.

Key Points

• Lord Canning introduced the system of budget in India in 1860.
• He was the first Viceroy of India, serving from 1858 to 1862.
• The first Indian Budget was presented by James Wilson on February 18, 1860, during Lord Canning's tenure.
• Wilson was the Finance Member of the Council of India and aimed to streamline the financial administration of the country.

Additional Information

• James Wilson:
  • He was a Scottish businessman, economist, and Liberal politician.
  • He founded "The Economist" magazine in 1843.
  • He was appointed as the Finance Member in the Council of India by Lord Canning.
• Indian Budget:
  • The budget is an annual financial statement presented in the Parliament.
  • It includes the government's revenue and expenditure for a fiscal year.
  • The budget aims to ensure a balance between the income and expenses of the government.
• Viceroy of India:
  • The Viceroy was the highest official in British India.
  • The position was created in 1858 following the transfer of control from the East India Company to the British Crown.
  • Lord Canning was the first Viceroy, followed by several others until India gained independence in 1947.
• East India Company:
  • The East India Company was a British trading company established in 1600.
  • It played a significant role in the colonization and administration of India.
  • Its control was transferred to the British Crown after the Revolt of 1857.