Some budgets of India have been known to change the course of the nation. Here are few of them
The year 1973 budget was presented by Yashwantrao B Chavan in Indira Gandhi government. It was known as Black Budget because fiscal deficit during the year was Rs.550 crore.
The 1991 budget presented by Manmohan Singh came to known as one of the landmark budgets in the history of India. It marked the beginning of economic liberalisation by Manmohan Singh led by Narasimha Rao government which opened up India’s economy to the world and paved way for it to become one of the fastest growing nations.
The budget presented by P Chidambaram in 1997 HD Deve Gowda government came to be knows as the dream budget. It slashed income and corporate taxes. Chidambaram slashed the surcharge on corporate tax and reduced income and corporate tax. Swearing by the Laffer Curve principle, Chidambaram lowered tax rates to increase collections. Maximum marginal income tax rate for individuals were lowered to 30 per cent from 40 per cent and the income tax rate for domestic companies to 35 per cent from 40 per cent.
Yashwant Singh’s in NDA gave millenium budget which changed the face of India’s IT sector. It lowed the import duty on computer and its accessories and bought incentives for software exports. Consequently, the budget led to growth of India’s IT industry.