New Delhi: Union Finance Minister Nirmala Sitharaman will present her 4th Budget for India on February 1. The Budget 2022 will be announced amidst the third wave of coronavirus of the ongoing Covid-19 pandemic. Also there has been a consistent acceleration in inflation and unemployment. The upcoming Budget is drafted in a way which will facilitate the citizens to overcome the catastrophic impact of covid -19. In the history of Indian Budget, many types of Budgets were launched to resolve issues prevailing in those times.
Lets see 5 major Budgets in the history of Indian Economy.
The Black Budget- 1973
The Black Budget is a term used for budgets that allocate funds for classified projects. The 1973-74 Budget was presented by Yashwantrao B Chavan. At that time the budget deficit was high, around Rs 550 crores. Chavan allocated Rs 56 crore for nationalisation of coal mines, general insurance companies and Indian Copper Corp. It was argued that this policy adversely impacted Indian Coal Production and made India dependent on imports to meet the country's demands.
The Epochal Budget- 1991
Presented by Manmohan Singh in 1991, The Epochal Budget came out amid the Indian economic crisis. This crisis marked the beginning of economic liberalization. Then Finance Minister Manmohan Singh wanted to improve the global trade of India and overhaul the import-export policy.The customs duty was brought down from peak 220% to 150%. He also took steps to promote exports. Due to this budget, Indians became more globally friendly.
The Dream Budget-1997Finance Minister under P Chidambaram, presented the Dream Budget. This name was given by media . This Budget made significant changes to bring down personal income tax and corporate tax. the highest personal income tax rate was brought down from 40% to 30%. Also, many surcharges were scrapped off and slashed royalty rates. The Dream Budget of 1997 was welcomed by the people of India.
The Millenium Budget-2000
In 2000, Yashwant Sinha presented the Millenium Budget. this Budget has dynamically revolutionized India’s Information Technology (IT) sector. In this budget, His decision to discontinue incentives coupled with lower customs duty on 21 items, including computers and CD Roms, for the IT sector, led to the growth of the sector.
The Roll-Back Budget- 2002
Presented by Yashwant Sinha, this Budget became popular as it rolled-back several of his proposals from service tax to hike in LPG prices. He took this decision due to pressure from the opposition.