In the context of Indian public finance, in which year were the Railway Budget and the General Budget of India presented separately for the first time?

Introduction / Context:
Knowledge of important dates in Indian economic history is frequently tested in general knowledge and competitive examinations. One such milestone is the separation of the Railway Budget from the General Budget, which reflected the growing importance and size of railway finances in colonial India. The question asks in which year the Railway Budget and the General Budget were first presented separately.

Given Data / Assumptions:

• The focus is on the first year when the two budgets were presented separately in India.
• The options include years in the early twentieth century and the post independence period.
• We assume standard historical accounts used in Indian economy and polity textbooks.
• The question refers to the formal presentation of a distinct Railway Budget in the British era.

Concept / Approach:
The separation of the Railway Budget from the General Budget in India was based on recommendations of the Acworth Committee, which was appointed to examine railway finances and administration. The committee recommended distinct financial treatment for railways due to their scale and importance. Following these recommendations, the practice of presenting a separate Railway Budget started in the mid 1920s, with 1924 generally cited as the first year of separate presentation.

Step-by-Step Solution:
1. Recognise that independence in 1947 and later years relate to other fiscal reforms, not the initial separation of budgets.2. Recall that the Acworth Committee on Indian Railways was appointed in the early 1920s and reported on the need for separate railway finances.3. Historical summaries typically state that the first separate Railway Budget for India was introduced in 1924.4. Among the options, 1924 is therefore the year that matches the standard historical record.5. Hence, the correct answer is the year 1924.

Verification / Alternative check:
Many standard reference books and examination guides on Indian polity and economy highlight that from 1924 onwards, the Railway Budget was presented separately from the General Budget every year until the practice was discontinued and the budgets were merged again in the twenty first century. This long standing practice starting in 1924 is a regular point in exam oriented study materials, confirming that 1924 is the correct historical date for the first separate presentation.

Why Other Options Are Wrong:
Option B: 1923 is close in time but does not match the documented year when the separate Railway Budget was first presented.
Option C: 1947 marks India's independence but is not the starting year of separate Railway and General Budgets.
Option D: 1952 is related to the period of early planned development after independence, not to the initial separation of the budgets.
Option E: 1977 is associated with later political changes but not with the origin of the separate Railway Budget practice.

Common Pitfalls:
Students often confuse the year of separation with the year when the Railway Budget was later merged back into the General Budget in the twenty first century. Others remember only that the practice began in the colonial period and incorrectly choose a nearby year such as 1923. To avoid this, it is helpful to link the date to the Acworth Committee and to remember 1924 specifically as the year when the separate Railway Budget began to be presented in India.

Final Answer:
The Railway Budget and the General Budget of India were first presented separately in the year 1924.