The system of budgeting was introduced in India during the viceroyalty of:

Correct option is A

The correct answer is (a) Lord Canning.
Explanation:
· The system of budgeting was introduced in India in 1860 during the viceroyalty of Lord Canning, who served as the first Viceroy of India from 1858 to 1862.
· The first budget was presented on February 18, 1860, by James Wilson, who was appointed as the Finance Member of the Viceroy's Executive Council.
· The introduction of the budget system aimed to streamline financial administration after the financial turmoil following the Revolt of 1857. 
Information Booster:
· Lord Canning served as the Governor-General of India from 1856 to 1858 and then became the first Viceroy of India after the Government of India Act of 1858.
· James Wilson, a Scottish businessman and economist, is often called the "founder of the Indian budget system".
· The system helped in the allocation of resources and managing the revenue and expenditure of the British administration in India. 
Additional Knowledge: (b) Lord Dalhousie: He was the Governor-General of India from 1848 to 1856, preceding Lord Canning. His tenure is known for policies like the Doctrine of Lapse and administrative reforms, but not for the introduction of the budget. (c) Lord Ripon: He served as the Viceroy of India from 1880 to 1884. He is known for several reforms, including the abolition of the Vernacular Press Act and the Ilbert Bill controversy, which occurred after the budget system was in place. (d) Lord Elgin: There were two Viceroys named Lord Elgin. The first, Lord Elgin I, served briefly from 1862 to 1863, and the second, Lord Elgin II, served from 1894 to 1899. Both served after Lord Canning's tenure.