Union Budget 2023: Special discussion of the budget of 8 finance ministers, know how much the budget changed in 72 years – न्यूज़लीड India

Union Budget 2023: Special discussion of the budget of 8 finance ministers, know how much the budget changed in 72 years

Union Budget 2023: Special discussion of the budget of 8 finance ministers, know how much the budget changed in 72 years


First budget under planning commission

John Mathai was the first Finance Minister of India. He presented the budget on February 28, 1950. In the government of India’s first Prime Minister Pandit Jawaharlal Nehru, the budget was presented after the assessment of resources under the Planning Commission. The Planning Commission is credited with the most effective use of resources in independent India.

The beginning of ending the license raj 31 years ago

The beginning of ending the license raj 31 years ago

Former Prime Minister of the country Dr. Manmohan Singh was the Finance Minister in the year 1991. The credit for economic liberalization is given to Dr. Manmohan Singh. The budget presented 31 years ago is credited with ending the License Raj. Economic experts call this three-decade-old budget as an epoch-making budget. The important thing is that during that period India was on the verge of economic collapse. To promote exports, Dr. Manmohan Singh had reduced customs duty from 220 per cent to 150 per cent in this historic budget.

Black budget in Indira government amid economic crisis

Black budget in Indira government amid economic crisis

Yashwantrao B. Chavan was the Finance Minister in the government of former Prime Minister Indira Gandhi, who was famous for her strong intentions. The budget presented during his tenure in the financial year 1973-74 is called by critics as the ‘Black Budget’. The rationale behind the Black Budget is that this year the fiscal deficit was recorded at Rs 550 crore. Nearly 25 years after independence, India, which had suffered war-like horrors, was facing a serious economic crisis.

crack down on smuggling and black marketing

crack down on smuggling and black marketing

Former Prime Minister Vishwanath Pratap Singh (VP Singh) also took charge of the Finance Ministry. The budget of the then Congress government on February 28, 1986 was called the ‘Carrot and Stick Budget’. In the opinion of experts, provisions for both rewards and punishments were made in the budget. This period is said to be the beginning of the abolition of the License Raj. Modified Value Added Tax (MODVAT) credit was introduced to reduce the tax impact on the public. Campaign against smugglers, black marketeers and tax evaders started.

Yashwant Sinha's 'rollback budget' in Atal government

Yashwant Sinha’s ‘rollback budget’ in Atal government

Bharat Ratna Atal Bihari Vajpayee formed the government in 1999. Yashwant Sinha was given the charge of the Finance Ministry in his cabinet. Yashwant Sinha, who reached Parliament from Hazaribagh in Jharkhand after unified Bihar, presented the budget for the financial year 2002-03. In this government of the National Democratic Alliance (NDA), the budget of 20 years ago is called ‘rollback budget’. Experts believe that due to the compulsions of the coalition, most of the proposals made in the budget were withdrawn. Interesting fact is that Vajpayee ran the government of 24 parties.

Emphasis on computer in 'Millennium Budget'

Emphasis on computer in ‘Millennium Budget’

The first budget of the 21st century was presented in the government of Prime Minister Atal Bihari Vajpayee. In the year 2000, when the then Finance Minister Yashwant Sinha presented the Union Budget in the Parliament of India, it was called the ‘Millennium Budget’. It presented a road map for the development of India’s Information Technology (IT) industry. Important decisions related to software exporters were taken. Customs duty on computers and computer accessories was also reduced.

In 2004, the government of 'Economist' was formed.

In 2004, the government of ‘Economist’ was formed.

In 2004, the former Finance Minister and RBI Governor Dr. Manmohan Singh, known as ‘Economist’, formed the government. P Chidambaram, an elected MP from Tamil Nadu, became the Finance Minister in this government. However, an interesting fact is that he had presented the ‘Dream Budget’ in the former PM HD Deve Gowda’s government almost seven years before the Congress government presented the Union Budget. This was probably the only budget before Yashwant Sinha and after Manmohan Singh, which was considered full of hopes and dreams.

Chidambaram's dream budget in Deve Gowda government

Chidambaram’s dream budget in Deve Gowda government

About 25 years ago, P Chidambaram presented the budget for the financial year 1997-98 with the aim of increasing the revenue in the exchequer of the Government of India. It got the name of ‘Everyman’s Budget Dream’. Rates were cut to increase tax collection. Chidambaram used the Laffer Curve theory of economics. Corporate tax rates were reduced. There was also a significant reduction in personal income tax rates – 10 per cent. Apart from this, foreign institutional investors (FDI) were promoted in Chidambaram’s dream budget. Due to this foreign investment in India increased rapidly.

New tradition of budget in Narendra Modi government

New tradition of budget in Narendra Modi government

The Lok Sabha elections in 2014 proved to be a turning point in the politics of the country. After 10 years the government changed and Narendra Modi became the Prime Minister of India. Abolishing old traditions and starting new practices is becoming the identity of the NDA government. For this reason, only three years after the formation of the government, it was decided to put an end to the 92-year-old tradition.

Arun Jaitley entered the pages of history

Arun Jaitley entered the pages of history

Arun Jaitley got the Finance Ministry in the Narendra Modi-led NDA government. After three years i.e. in the year 2017, it was announced to merge the railway budget with the general budget. After this decision of the Modi government, Arun Jaitley was recorded in the pages of history, because the 92-year-old tradition of presenting a separate railway budget came to an end. Let us tell you that the practice of separate railway budget started in 1924, 23 years before the independence of India under the British rule. Nirmala Sitharaman, who later became the Finance Minister, also made headlines because of the new traditions.

GST and farmer welfare in Jaitley's era

GST and farmer welfare in Jaitley’s era

After seeing the era of the United Progressive Alliance (UPA) government for 10 years, Narendra Modi also made a lot of headlines due to the huge majority government in India. When the government, which claims to take tough and important decisions without hesitation, enacted the Goods and Services Tax (GST) law, there was a new beginning once again in the Ministry of Finance. The budget, which came out of the box of former Finance Minister Arun Jaitley, claimed special attention to agriculture, healthcare and financial management. Allocation of Rs 10 lakh crore for loans to farmers was also in the limelight. During the tenure of Jaitley, it was announced to increase the fund of National Bank for Agriculture and Rural Development (NABARD) to Rs 40,000 crore.

Digital format budget in the era of Nirmala Sitharaman

Digital format budget in the era of Nirmala Sitharaman

Digital India is considered one of the major campaigns of the Narendra Modi government. After banking and education, its example was also seen in the Parliament. Finance Minister Nirmala Sitharaman presented the budget document in digital format to the nation after the briefcase and ledger budget. This was also considered very different, because for the first time a Finance Minister of the country read the Union Budget on an electronic device. The Finance Minister also grabbed headlines for the length of her budget speeches.

162 years of history, records of Finance Minister Sitharaman

162 years of history, records of Finance Minister Sitharaman

India was ruled by the British for several decades. Many Union Budgets have been presented in the Indian Parliament since 1860 in the British Empire. There have been many interesting occasions while presenting the Union Budget in independent India, which are discussed even today. Finance Minister Nirmala Sitharaman will present the Union Budget for the fifth consecutive time on February 1, 2023. While knowing the interesting facts related to the budget, it is also interesting that Finance Minister Nirmala Sitharaman has set a record of 2 hours 42 minutes long budget speech in the financial year 2020-21. The shortest budget speech apart from the longest was delivered 45 years ago today. In 1977, the then Finance Minister Hirubhai Muljibhai Patel set the record for the shortest budget speech in Parliament.

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