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India’s iconic budget announcements through the years that changed the economy

Business Insider India Logo Business Insider India | Slide 1 of 8: Credit BCCLThe second budget of Independent India was presented by John Mathai the finance minister in the Congress government. This budget laid down the concept of the Planning Commission  which was responsible for developing executing monitoring the year plans. Indias first prime minister Jawaharlal Nehru was the first chairman of the commission. The Planning Commission was later replaced with the National Institution for Transforming India on January  .

1951: Mathai creates the planning commission of India

The second budget of Independent India was presented by John Mathai, the finance minister in the Congress government. This budget laid down the concept of the Planning Commission —  which was responsible for developing, executing, monitoring the 5-year plans. India's first prime minister Jawaharlal Nehru was the first chairman of the commission. The Planning Commission was later replaced with the National Institution for Transforming India on January 1, 2015.
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