It is on the basis of Principle of Least Action, that Lagrangian mechanics is built upon, and is responsible for light travelling in a straight line.
Is its the classical equivalent of Schrodinger's equation?
It is on the basis of Principle of Least Action, that Lagrangian mechanics is built upon, and is responsible for light travelling in a straight line.
Is its the classical equivalent of Schrodinger's equation?
As to the title question: no, the principle of least action is not a first principle. A first principle is a kind of fundamental principle rooted directly in empirical science. For example, no one has measured in some experimental scheme the general validity of the principle of least action, rather it is a principle that merely known to work in a vast number of special cases. The constancy of the speed of light or the fact that light travels in straight lines, however, have been generally verified, and are established principles of empirical physics. Similarly, the Schrodinger equation has been verified as fundamental to quantum theory and is thus a first principle of quantum mechanics. The principle of least action is certainly fundamental to the methodologies of theoretical physics, e.g. Schrodinger originally used variational methods to derive his famous equation, however, it is not an empirical first principle in the strictest sense.
In a sense, the principle of least action can be derived as the classical limit of the path integral formulation of quantum mechanics, which by extension becomes its quantum equivalent. In this view, the principle is not a first principle, but a consequence of destructive interference between different propagation paths.
In other words, according to quantum mechanics, the light way takes "every possible path at the same time", but the non-stationary paths interfere destructively, causing their amplitudes to disappear, leaving only the stationary path (the "least action" path). This interference can be observed empirically through e.g. the double slit experiment.
You say, "Is its the classical equivalent of Schrodinger's equation?" so you seem to be wanting to work in an (imaginary) classical world. That's fine. The Schrödinger equation isn't fully general (it's nonrelativistic) either.
However, even under these restricted conditions, there is no unique way to choose what is a "first principle". As in mathematics, you often have a choice as to what statements you choose as your axioms and which are derived.
You can assume the Principle of Stationary Action (it's not always a minimum) and derive the Hamiltonian and Hamilton's equations from that. Or you can start from Hamilton's equations as your first principles and derive the Lagrangian formalism and the Principle of Stationary Action. As far as I know, they are equivalent and neither is more general than the other. Which is more parsimonious is a matter of taste.
In fact, you can do the same thing with the Schrödinger equation. You can instead start from matrix mechanics and derive the Schrödinger equation.