New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2022 on February 1 and ahead of the budget presentation in the Parliament, every sector of the economy is expecting some rebates and reforms. The Union Budget is an account of such works to improve the economy of the country and benefit the common people. Since independence, the Finance Minister of India every year presents the Union Budget and announce the policies and plans of the government. Some of the budgets presented in the country have been the subject of most discussion. Now as people await the Union Budget 2021, we brought you some recent changes in the Budget presentation over the past few years.
Union Budget 1957:
During the Congress government, the then Finance Minister TT Krishnamachari presented the budget on 15 May 1957. Many big decisions were taken in this budget including the mandatory license for import. Budget allocation for non-core projects was also withdrawn. Export Risk Insurance Corporation was formed for the safety of the exporter. Wealth tax was also imposed in the budget and excise duty increased by up to 400 per cent. There were many positive and negative aspects of this budget which later became the talk of the town.
The Black Budget of 1973:
It was introduced by Finance Minister Yashwantrao B Chavan on 28 February 1973. In this, Rs 56 crore was made available for nationalization of general insurance companies, Indian Copper Corporation and coal mines. In the fiscal year 1973-74, the estimated deficit in the budget was Rs 550 crore, it is said that the nationalization of coal mines had a great impact. Competition in the market ended with the government's right on coal.
Gandhi Budget 1987:
Former Prime Minister Rajiv Gandhi presented the budget on February 28, 1987. Minimum corporation tax was introduced in this budget, which is today known as MAT or Minimum Alternate Tax. The purpose of this tax was to bring those companies in the tax limit, whose profits were very high and they avoided paying tax to the government.
P Chidambaram's Dream Budget, 1997:
The then Finance Minister P Chidambaram presented the Union Budget on February 28, 1997, which was named as Dream Budget. Voluntary Disclosure of Income Scheme (VDIS) was introduced in this budget, so that black money can be brought out. There were changes in the tax provision for individuals and companies. During the year 1997-98, the government got Rs 18,700 crore from personal income tax. Between April 2010 and January 2011, this income exceeded Rs 1 lakh crore.
P Chidambaram's Flagship Program:
The then Finance Minister P Chidambaram presented the budget on February 28, 2005. National Rural Employment Scheme (NREGA) was launched for the first time in this budget. This scheme provided employment and income in rural areas. This scheme has created a network of bureaucrats at the panchayat, village and district levels.
Posted By: Talibuddin Khan