In which year was the Estimates Committee constituted for the first time in India?

The correct answer is 1950. The Estimates Committee of independent India was first constituted in 1950, on the recommendation of John Mathai, the Finance Minister. It examines the estimates included in the budget and suggests economies in public expenditure, improvements in organisation and alternative policies, which is why it is often called a "continuous economy committee". It has 30 members, all elected from the Lok Sabha each year, and ministers cannot be members.

The other years are close enough to tempt. 1947 is the year of independence, 1949 is when the Constitution was adopted, and 1948 has no link to the committee. For comparison, the Public Accounts Committee is older, having first been set up in 1921, and the Committee on Public Undertakings was set up in 1964, on the recommendation of the Krishna Menon Committee. Remember the three financial committees with their numbers: Public Accounts 22, Estimates 30 (all Lok Sabha), Public Undertakings 22.