New Delhi, Feb. 8 -- R.K. Shanmukham Chetty is rarely counted among India's most celebrated finance ministers. Yet, he holds the singular distinction of presenting the first Union budget of independent India.

His tenure, however, was short-lived-lasting just over a year-and ended abruptly. That wasn't due to incompetence. A sharp economic thinker, Chetty had already proven his acumen as the Diwan of Cochin (1935-41), initiating key reforms, including improvements to the Cochin port.

His real misstep? He belonged to the wrong party. As one of only three non-Congress members in Nehru's first cabinet, Chetty found himself ideologically out of sync with the socialist-leaning government. His budget speech on 26 November 1947, was telling: "I...