As we eagerly cross our calendars for tomorrow, let us learn about India’s first budget. The first budget in India, (then British India) was presented by Scotsman James Wilson. He was extra-ordinary, self-taught man with sound knowledge in economics and business. He was first the person that paved India’s way to becoming one of the fastest growing economies of the world.
James Wilson was born into a simple family of hat makers but being an avid learner, he taught himself finance and economics. Wilson gave us the Indian budget in 1860, a prime time of the British rule in India.
Wilson was a finance member in Viceroy Lord Canning’s undivided India. He was also a Member of the British Parliament apart from being the Finance Secretary to the UK Treasury and Vice-President of the Board of Trade.
Aside from holding stellar positions, he was also the founder of the Standard Chartered Bank and the famous magazine, ‘ The Economist.’
Wilson witnessed the aftermath of the Sepoy Mutiny or the first War of Independence. Increased military expenditures had burnt a huge hole in the British economy. Wilson was seen as somebody who could use remedial action for great good.
James Wilson was the man who introduced income tax in India. This move received a backlash from many Indians and zamindars. He was under the opinion that since India was a part of the the British government and since they have a opportunities for trade, income tax was a correct fit.
James Wilson was known to be a strong campaigner for the laissez-faire policy in India and changed the face of the financial system in India.
