Facebook Pixel
Unveil the legacy of James Wilson, the mastermind behind India's first-ever budget plan. Learn how his economic vision transformed the country.

In June 1859, James Wilson became Vice-President of the Board of Trade, Paymaster General, and a Privy Councillor. James Wilson was soon identified to become the first finance member of the Viceroy’s Executive Council.

So, Wilson left England on October 20, 1859. He reached Calcutta in December 1859. He presented India’s first budget on February 18, 1860. In his budget, he rationalized various duties and announced income tax, license tax, and tobacco duty. The taxes were to remain stable for 5 years. It was so well received for ending uncertainty in taxation.

But, the dissenting voice came from Charles Trevelyan, Governor of Madras. He made public his disapproving minute. But the damage was done. So, Charles Canning forced James Wilson to drop the license tax and tobacco duty.

To conclude, James Wilson started the budget practice in India in the 1860s.

 

The First Budget of India: James Wilson

Leave A Comment

Recommended Posts

The Age of Crypto-Economics
Economics

The Age of Crypto-Economics

The last global financial crisis took place in 2008-2009. There were many reasons for it. The most important reason was the greed of the banking or financing sector of the USA. The banking sector had taken huge risks and finally, […]

End of LIBOR
Economics

End of LIBOR

What is LIBOR? LIBOR is the London Interbank Offering Rate. It is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans. This LIBOR rate is determined in London […]

error: Content is protected !!