The Union Budget is usually announced by the Finance Minister of India in the Parliament. The budget usually includes the government’s revenue and expenditure for the upcoming fiscal year, which begins on 1 April and ends on 31 March. The budget also includes proposals for tax changes and other economic policy measures. Here is a list of budgets that have grabbed headlines for their positive and negative factors.
First Budget of the Republic of India: The blueprint for the formation of the Planning Commission was presented in this budget, which was presented by Congress Finance Minister John Mathai. The Planning Commission determines how to best use the country’s resources and evaluates them all. Jawaharlal Nehru was the first chairman of the Planning Commission. However, on January 1, 2015, a cabinet resolution was passed to replace the Planning Commission with the newly formed NITI Aayog (National Institution for Transforming India).
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Rollback Budget: Yashwant Sinha presented the budget for 2002-2003 during the tenure of the NDA government. Rollback budget is the name given to the budget of the NDA government led by Atal Bihari Vajpayee as many of the proposals of 2002-03 were either dropped or changed.
Planning for the Millennium: In 2000, Yashwant Sinha presented the Millennium Budget. Sinha’s Millennium Budget offered a plan for the development of India’s information technology (IT) sector. Software exporter incentives were phased out in the Millennium Budget. The customs duty on computers and computer accessories was also reduced in the 2000 budget.
Ideal Budget: P Chidambaram presented a budget that has been called the “dream budget” between 1997 and 1998 by applying the Laffer Curve principle to reduce tax rates and boost revenues.
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Time Budget: In 1991, Manmohan Singh’s famous budget ended the License Raj and ushered in an era of economic liberalisation. At the time Singh presented his historic budget in Parliament, India was on the verge of economic collapse.
Stick and carrot budget: The License Raj was abolished by the PV Narasimha Rao government in 1991, but the first step to get rid of the system was taken when VP Singh presented the Union Budget in 1986. Black Marketer.
Black Budget: The 1973–74 budget, which was presented during the Indira Gandhi administration by Yashwantrao B. Chavan, was called the “Black Budget” because the fiscal deficit for that year stood at Rs 550 crore.
Pranab Mukherjee’s Budget 2012: The government introduced the General Anti-Avoidance Rules or GAAR in the 2012-2013 budget. Retrospective changes to the Income Tax Act, which made it possible for the government to carry forward tax arrears arising from the $11 billion Vodafone-Hutchison deal, sparked a significant amount of controversy over the budget.
Jaitley’s 2017 budget: The railway budget was merged with the general budget in 2017 by the then finance minister Arun Jaitley, ending the 92-year-old practice of separation. This was the first budget after the Modi government took two important decisions: Goods and Services Tax (GST) and demonetisation. Agriculture sector, healthcare and financial management were the main themes of the budget presented by Jaitley.