New Delhi: Finance Minister Nirmala Sitharaman is going to present the Union Budget 2025 on February 1. The Budget will determine the course of the Indian economy in the coming financial year and also how deep the pockets of the middle class and lower-middle class sections of the society are going to be. The entire country is waiting in bated breath and plenty of expectations for the Budget to unfold. Ahead of that, let us take a look at the iconic Budgets which shaped the Indian economy.
Famous Budgets in India over the years
First Budget of Independent India
The first Union Budget of Independent India was presented by Finance Minister R. K. Shanmukham Chetty. Chetty contributed to the formulation of key trade and commerce bodies as well. The estimated targeted Budget revenue was at Rs 171.15 crore and the total expenditure was estimated at Rs. 197.29 crore while the defence sector was allocated Rs 92.74 crore.
The Dream Budget
In 1997, the Union Budget presented by then Finance Minister P Chidambaram was dubbed as the ‘Dream Budget’. He reduced the income tax rates and introduced several measures to revamp income tax slabs and corporate taxes. Also, he abolished several cesses completely which marked a significant reform in the tax structure.
The Epochal Budget
The Union Budget presented in 1991 by then Finance Minister Manmohan Singh is known as ‘The Epochal Budget’. It changed the Indian economy by liberalizing it. Also, the Budget cut down excise rates and customs duty. Also, it focused on additional measures to overhaul the country’s imports and exports.
The Millennium Budget
This Budget was presented in 2000 by then Finance Minister Yashwant Sinha and it has an enduring legacy of boosting the IT sector of India. The first Union Budget of the millennium reduced the customs duty for computers and computer accessories. More importantly, the Budget phased out the incentives enjoyed by software exporters, which ensured the prosperity of the domestic IT industry.
Black Budget
The Union Budget presented by then Finance Minister Yashwantrao B Chavan in 1973 is known as the ‘Black Budget’ since it had an abnormally high fiscal deficit, which was Rs 550 crore. The Budget also announced the nationalisation of coal mines and general insurance companies.
‘Aam Aadmi’ Budget
The Union Budget presented by then Finance Minister P Chidambaram in 2005 is known as the ‘Aam Aadmi’ Budget. It introduced several key welfare schemes and also launched the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) and the Right to Information Act.
The Carrot and Stick Budget
The Union Budget presented by then Finance Minister VP Singh in 1986 is known as ‘The Carrot and Stick Budget’. It introduced several tough measures to do away with the ‘License Raj’ in India. Also, the Budget launched a drive against tax evaders, smugglers and black marketers.
This article explores iconic Indian Union Budgets, highlighting their impact on the nation’s economy. From R.K. Shanmukham Chetty’s first post-independence budget to P. Chidambaram’s Dream Budget and Manmohan Singh’s Epochal Budget, we examine key reforms, fiscal policies, and their lasting consequences. knowledge Knowledge News, Photos and Videos on General Knowledge
