Budget 2022: A Look At India’s Most Important Budgets & nbsp | & nbsp Image source: & nbspiStock Images
New Delhi: All eyes are on Finance Minister Nirmala Sitharaman as she presents her fourth budget right after the shock of the pandemic. The Federation budget 2022-2023 will be presented on 1 February. Sittraman promised that the upcoming budget would be of a kind never seen before, in which financial concerns would be set aside and there could be record public spending, with a view to boosting it. Demand and job creation.
Here are some of the most important budgets from the past that helped the Indian economy develop into what it is today.
- John Mathai announces the first budget of the Republic of India under the government of Jawaharlal Nehru
- Wealth tax was introduced in the 1957-58 budget, introduced by T. T. Krishnamachari. It was levied on the total value of personal assets, and remained more or less in the picture until Finance Minister Nirmala Sitharaman scrapped it in 2015, her first budget. During his next tenure as Finance Minister, Krishnamachari, in his Provisional and Union Budgets 1965 – 1966, introduced the first Voluntary Income Scheme (VDIS) against black money – this was the first such effort.
- The “carrot and stick” approach is a term referring to the policy of offering a combination of reward and punishment. The 1986 budget saw Finance Minister VP Singh provide MODVAT credit. MODVAT stands for Modified Value Added Tax. The idea was to reduce the chain effect of taxes on the final consumer. Singh also launched an intense campaign against smugglers, black marketers and tax evaders.
- The 1991-1992 budget by Finance Minister Manmohan Singh is considered one of the most famous in India as it changed the Indian economy forever. It also marks the beginning of the liberalization of the economy. Epochal budget reformed import and export policy, reduced import licenses and went for strong export promotion and optimum import pressure to expose Indian industry to competition from abroad.
- The 1997 budget is often referred to by then-Minister of Finance B. Chidambaram as ‘Budget of Dreams’. This is because it has significantly lowered personal income tax and corporate tax rates. The highest personal income tax rate has been reduced from 40% to 30%, while many additional fees and royalty rates have been reduced. This was done with the aim of increasing the tax base of the state.
- The 2000-2001 budget of then Finance Minister Yashwant Sinha is called the “Millennium Budget”. That’s because this budget promoted India as a center for software development, which led to an exponential growth in the Indian IT industry and put it as a source of software on the global map.
- Aaron Jaitley’s 2017 budget presentation merged the railway budget with the general budget, thus ending the 92-year tradition of having a separate railway budget.
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