Independent India has seen
🔶 73 annual budgets,
🔶 14 interim budgets and
🔶 4 special budgets or mini-budgets
Here are top 5 Iconic Budgets which shaped the economic future📈of India🇮🇳
A thread🧵👇
#BudgetKiBaatein #ICICIDirect
1. Budget, 1986 by Sh. V.P. Singh [Input Credit]
🔶 Input credit of Excise wasn't available to manufacturers till 1986
🔶 This led to cascading effect, i.e., 'Tax on Tax'
🔶 Introduced MODVAT: Allowed for this credit
🔶 Thereby, reducing end cost & increasing consumption
2. Budget, 1991 by Dr. Manmohan Singh [Liberalisation]
🔶 India had a Balance of Payment crisis having just 3 weeks’ worth of foreign reserves
🔶 Gold reserves were sold & emergency fund was raised from IMF
🔶 But after the Budget 1991, the country never looked back
Contd..👇
3-pronged strategy was initiated to put the economy back on track:
🔶Liberalisation: FDI was allowed in 34 sectors
FDI in India increased from $97 Mn in '91 to $81,722 Mn in '21
🔶Trade: Rupee depreciated by 20% to encourage exports
🔶Industrial: License Raj curtailed
3. Budget, 1997 by Sh. P. Chidambaram [Tax Relief]
🔶 Reckoned as 'Dream Budget' by Indian Media
🔶 Personal Tax slabs were expanded, std deduction was increased by up to 33%
🔶 Dividend tax at individual level was abolished
🔶 Corp Tax: Surcharge was abolished, rates reduced
4. Budget, 2000 by Sh Yashwant Sinha [Enabled IT Boom]
🔶 Budget theme promoted the:
👉 Telecom and
👉 Information Technology (IT) Industry
🔶 Custom Duty was slashed on:
👉 Computers,
👉 Semi-conductors,
👉 Various IT products
Tax break was introduced on export of TV software
5. Budget, 2021 by Smt. Nirmala Sitharaman [Infra]
🔶 Allocation of ₹5.54 Lakh Cr to enhance infra sector (up 34.5% YoY🔼)
👉 Set up Development Financial Institution to fund Infra sector
👉 Launched various Road & Rail projects
👉 Power, Ports, Metro, Bus projects announced
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TL;DR
5 Iconic Budgets of Independent India🇮🇳:
1. 1986 by Sh. V.P. Singh [Input Credit]
2. 1991 by Dr. Manmohan Singh [Liberalisation]
3. 1997 by Sh. P. Chidambaram [Tax Relief]
4. 2000 by Sh. Yashwant Sinha [Enabled IT Boom]
5. Budget, 2021 by Smt. Nirmala Sitharaman [Infra]
Do you think any other great budget we missed?
Disclaimer: bit.ly/fulldisclaimer
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