Landmark Budgets: Finance Minister Nirmala Sitharaman is going to present her sixth budget on February 1. Being an election year, this will be an interim budget for the financial year 2024-25. The full budget will come after the formation of the new government. The public has many expectations from it. But, today we will introduce you to 5 such budgets of the country, which made many big changes in the country. All these budgets had shown a new direction for the Indian economy. Let's take a look at these 5 budgets.
TT Krishnamachari (1957-58)
According to the report of Deccan Herald, TT Krishnamachari had implemented tax reforms in the financial year 1957-58. In this, wealth tax was imposed on the personal properties of people. This wealth tax continued with various changes till 2015. After this it ended.
Manmohan Singh (1991-92)
When the government of Prime Minister Narasimha Rao (PV Narasimha Rao) was stuck in economic crisis, he made economist Manmohan Singh the Finance Minister. At that time no one knew what was going to happen next. But, the budget presented by Manmohan Singh in 1991-92 is still seen as a landmark in Indian history. Former RBI Governor Manmohan Singh introduced a series of reforms. Due to this, the country was saved from getting caught in the clutches of a serious economic crisis. He took decisions like an economist rather than a politician. Using his experiences, he made radical changes in the import-export policy. Also opened the Indian market to the whole world. Custom duty was reduced from 220 percent to 150 percent. Besides, decisions were also taken to increase exports. This was seen as the end of the license raj and the beginning of economic liberalisation.
P Chidambaram (1997-98)
P Chidambaram, who was Finance Minister Manmohan Singh's associate in the Narasimha Rao government, presented another budget with changes in 1997-98. Financial experts gave it the status of dream budget. In this, Chidambaram reduced income tax and corporate tax. The maximum rate of income tax was reduced from 40 percent to 30 percent. Many surcharges were also removed. This budget was greatly appreciated by the people and industries of the country.
Yashwant Sinha (2000-01)
Finance Minister Yashwant Sinha presented the full budget during the Atal Bihari Vajpayee government. Earlier, due to the early fall of Chandrashekhar government, he was not able to present the budget. This budget of Yashwant Sinha is known for bringing revolution in the IT sector. He had reduced custom duty on 21 items. One of these was also a computer. Everyone knows what happened after this. Today the whole world recognizes the strength of the Indian IT sector.
Arun Jaitley (2017-18)
It was Finance Minister Arun Jaitley who ended the tradition of presenting the railway budget separately in the country. Before the financial year 2017-18, the Railway Minister used to present the Railway Budget separately and the Finance Minister used to present the Union Budget. But, Arun Jaitley presented the general budget. This tradition has continued since then.
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