‘Budget System’ was 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 for the first time. Post independence, the first budget of Union of India was presented on November 26, 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 national independence brought about budgeting reforms with the launching of comprehensive socio-economic development through five year plans, divided into Annual Plans. A sound system of sharing of resources with the States was also established through the successive Finance Commissions. By and large the system in place at present has evolved over a period of time.

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