Before independence, Finance Department, Assam comprised only two branches — Finance and Budget. However, with the passage of time Assam economy grew in size and function manifold. To adapt to the changing circumstances, the department gradually expanded to its current size of 12 branches.
The Budget system was first introduced in India on 7th April, 1860. James Wilson, the first Indian Finance Member delivered the budget speech expounding the Indian financial policy as an integral whole of India. Post Independence, the first budget of Union of India was presented on 26th November, 1947 by India’s first Finance Minister Sri R.K. Shanmugham Chetty.
During the pre-Independence period, the first budget for the State of Assam was presented by the then Chief Minister of Assam Maulavi Saiyd Sir Muhammad Saadulla on 3rd August, 1937. After Independence, the first budget was presented by Late Bishnu Ram Medhi, the then Finance Minister of Assam on 11th March, 1948.
The financial year for the Union and the State Government in India is from April to March, which was introduced in India from 1867. Prior to that, the financial year in India used to commence in May and ended on 30th April.