Independent India has seen
๐ถ 73 annual budgets,
๐ถ 14 interim budgets and
๐ถ 4 special budgets or mini-budgets
Here are top 5 Iconic Budgets which shaped the economic future๐of India๐ฎ๐ณ
A thread๐งต๐
#BudgetKiBaatein #ICICIDirect
๐ถ 73 annual budgets,
๐ถ 14 interim budgets and
๐ถ 4 special budgets or mini-budgets
Here are top 5 Iconic Budgets which shaped the economic future๐of India๐ฎ๐ณ
A thread๐งต๐
#BudgetKiBaatein #ICICIDirect
1. Budget, 1986 by Sh. V.P. Singh [Input Credit]
๐ถ Input credit of Excise wasn't available to manufacturers till 1986
๐ถ This led to cascading effect, i.e., 'Tax on Tax'
๐ถ Introduced MODVAT: Allowed for this credit
๐ถ Thereby, reducing end cost & increasing consumption
๐ถ Input credit of Excise wasn't available to manufacturers till 1986
๐ถ This led to cascading effect, i.e., 'Tax on Tax'
๐ถ Introduced MODVAT: Allowed for this credit
๐ถ Thereby, reducing end cost & increasing consumption
![1. Budget, 1986 by Sh. V.P. Singh [Input Credit]
๐ถ Input credit of Excise wasn't available to manuf...](https://pbs.twimg.com/media/FnzOKQZaIAAO-8A.jpg)
2. Budget, 1991 by Dr. Manmohan Singh [Liberalisation]
๐ถ India had a Balance of Payment crisis having just 3 weeksโ worth of foreign reserves
๐ถ Gold reserves were sold & emergency fund was raised from IMF
๐ถ But after the Budget 1991, the country never looked back
Contd..๐
๐ถ India had a Balance of Payment crisis having just 3 weeksโ worth of foreign reserves
๐ถ Gold reserves were sold & emergency fund was raised from IMF
๐ถ But after the Budget 1991, the country never looked back
Contd..๐
![2. Budget, 1991 by Dr. Manmohan Singh [Liberalisation]
๐ถ India had a Balance of Payment crisis havi...](https://pbs.twimg.com/media/FnzOYhxaEAAJW4D.jpg)
3-pronged strategy was initiated to put the economy back on track:
๐ถLiberalisation: FDI was allowed in 34 sectors
FDI in India increased from $97 Mn in '91 to $81,722 Mn in '21
๐ถTrade: Rupee depreciated by 20% to encourage exports
๐ถIndustrial: License Raj curtailed
๐ถLiberalisation: FDI was allowed in 34 sectors
FDI in India increased from $97 Mn in '91 to $81,722 Mn in '21
๐ถTrade: Rupee depreciated by 20% to encourage exports
๐ถIndustrial: License Raj curtailed
3. Budget, 1997 by Sh. P. Chidambaram [Tax Relief]
๐ถ Reckoned as 'Dream Budget' by Indian Media
๐ถ Personal Tax slabs were expanded, std deduction was increased by up to 33%
๐ถ Dividend tax at individual level was abolished
๐ถ Corp Tax: Surcharge was abolished, rates reduced
๐ถ Reckoned as 'Dream Budget' by Indian Media
๐ถ Personal Tax slabs were expanded, std deduction was increased by up to 33%
๐ถ Dividend tax at individual level was abolished
๐ถ Corp Tax: Surcharge was abolished, rates reduced
![3. Budget, 1997 by Sh. P. Chidambaram [Tax Relief]
๐ถ Reckoned as 'Dream Budget' by Indian Media
๐ถ...](https://pbs.twimg.com/media/FnzOlSPaUAcPb3u.jpg)
4. Budget, 2000 by Sh Yashwant Sinha [Enabled IT Boom]
๐ถ Budget theme promoted the:
๐ Telecom and
๐ Information Technology (IT) Industry
๐ถ Custom Duty was slashed on:
๐ Computers,
๐ Semi-conductors,
๐ Various IT products
Tax break was introduced on export of TV software
๐ถ Budget theme promoted the:
๐ Telecom and
๐ Information Technology (IT) Industry
๐ถ Custom Duty was slashed on:
๐ Computers,
๐ Semi-conductors,
๐ Various IT products
Tax break was introduced on export of TV software
![4. Budget, 2000 by Sh Yashwant Sinha [Enabled IT Boom]
๐ถ Budget theme promoted the:
๐ Telecom and
๐...](https://pbs.twimg.com/media/FnzOrSiakAIt40o.jpg)
5. Budget, 2021 by Smt. Nirmala Sitharaman [Infra]
๐ถ Allocation of โน5.54 Lakh Cr to enhance infra sector (up 34.5% YoY๐ผ)
๐ Set up Development Financial Institution to fund Infra sector
๐ Launched various Road & Rail projects
๐ Power, Ports, Metro, Bus projects announced
๐ถ Allocation of โน5.54 Lakh Cr to enhance infra sector (up 34.5% YoY๐ผ)
๐ Set up Development Financial Institution to fund Infra sector
๐ Launched various Road & Rail projects
๐ Power, Ports, Metro, Bus projects announced
![5. Budget, 2021 by Smt. Nirmala Sitharaman [Infra]
๐ถ Allocation of โน5.54 Lakh Cr to enhance infra s...](https://pbs.twimg.com/media/FnzOxH1agAARrPh.jpg)
TL;DR
5 Iconic Budgets of Independent India๐ฎ๐ณ:
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]
5 Iconic Budgets of Independent India๐ฎ๐ณ:
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
Disclaimer: bit.ly
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