Budget 2024: On February 1, Finance Minister Nirmala Sitharaman will deliver her sixth budget. This will be an interim budget for the fiscal year 2024–2025 because it is an election year. The complete budget will be released following the election of a new administration. The general public has high hopes for it. However, today we’ll introduce you to five of these national budgets that brought about a number of significant improvements. The Indian economy has taken a new turn, as seen by all these budgets. Let’s examine these five spending plans.
Introduction of Wealth Tax by T T Krishnamachari (1957–1958)
As to the Deccan Herald report, T T Krishnamachari carried out tax reforms during the 1957–1958 fiscal year. In this case, people’s personal property was subject to wealth tax. Till 2015, this wealth tax was in place with a number of modifications. This was the end of it.
Manmohan Singh’s 1991–1992 Budget
In the midst of an economic crisis, Prime Minister Narasimha Rao appointed economist Manmohan Singh as Finance Minister. Nobody could have predicted what would happen next at that point. However, Manmohan Singh’s 1991–1992 budget is still seen as a significant moment in Indian history. Manmohan Singh, the former governor of the RBI, instituted several reforms.
As a result, the nation was spared from falling victim to a severe economic disaster. Rather than making decisions as a politician, he made them as an economist. Based on his experiences, he fundamentally altered import-export regulations. further allowed global access to the Indian market. The 220 percent custom duty was lowered to 150 percent. In addition, decisions were made to boost exports. This was interpreted as the start of economic liberalisation and the end of the licence raj.
P Chidambaram (1997–98)
In the Narasimha Rao government, P Chidambaram, an aide of Finance Minister Manmohan Singh, unveiled an amended budget for 1997–1998. It was designated as the fantasy budget by financial experts. Chidambaram did this by lowering corporate and income taxes. Income tax rates were lowered from 40% to 30% as the maximum rate. Also, a lot of surcharges were eliminated. The nation’s industries and populace both highly valued this budget.
Yashwant Sinha (2000-01)
Yashwant Sinha, the Finance Minister, unveiled the whole budget during the Atal Bihari Vajpayee administration. He was unable to propose the budget earlier since the Chandrashekhar government fell early. Yashwant Sinha’s budget is credited with revolutionising the IT industry. He had lowered 21 goods’ customs duties. A computer was also one of these. Everyone is aware of what transpired next. Today, the strength of the Indian IT sector is acknowledged by all.
Arun Jaitley (2017-18)
The country’s custom of submitting the railway budget separately was terminated by Finance Minister Arun Jaitley. Prior to the 2017–18 fiscal year, the Union Budget was presented by the Finance Minister and the Railway Budget by the Railway Minister separately. However, the general budget was delivered by Arun Jaitley. From then on, this custom has persisted.
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