Budget 2024: Glimpses from India’s 10 landmark budgets

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As Finance Minister Nirmala Sitharaman prepares to present the interim budget on February 1, ahead of the Lok Sabha elections, let's take a look at India's landmark budgets:

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John Mathai's inaugural budget paved the way for the Planning Commission and set the groundwork for India's economic planning.

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Presented by Yashwantrao B Chavan during the Indira Gandhi era, this budget earned its name due to fiscal deficit of ₹550 crore.

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VP Singh's budget marked the beginning of dismantling the license raj, a crucial step towards economic liberalisation in India.

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Manmohan Singh's budget further dismantled the license raj and paved the way for economic liberalisation.

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P Chidambaram's budget lowered tax rates, especially for corporates and encouraged foreign investments.

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Yashwant Sinha's budget laid the foundation for the growth of India's Information Technology (IT) industry.

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Yashwant Sinha's budget, during the NDA government, was notable for its rollback of several proposals and policies.

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Pranab Mukherjee introduced General Anti Avoidance Rules (GAAR) to counter aggressive tax avoidance, creating controversy with retrospective changes affecting the Vodafone-Hutchison deal.

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Arun Jaitley's budget merged the Railway Budget with the General Budget, ending the 92-year-old tradition of a separate Railway Budget.

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Sitharaman's budget garnered attention for its heightened focus on privatisation, tax collections, and significant investments in infrastructure and healthcare.

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Budget breakdown: Words you need to know

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Budget 2024: Glimpses from India’s 10 landmark budgets

As Finance Minister Nirmala Sitharaman prepares to present the interim budget on February 1, ahead of the Lok Sabha elections, let's take a look at India's landmark budgets:

John Mathai's inaugural budget paved the way for the Planning Commission and set the groundwork for India's economic planning.

1947: Republic’s First Budget

Presented by Yashwantrao B Chavan during the Indira Gandhi era, this budget earned its name due to fiscal deficit of ₹550 crore.

1973-74: The Black Budget

VP Singh's budget marked the beginning of dismantling the license raj, a crucial step towards economic liberalisation in India.

1986: License Raj’s End

Manmohan Singh's budget further dismantled the license raj and paved the way for economic liberalisation.

1991: Liberalisation Era

P Chidambaram's budget lowered tax rates, especially for corporates and encouraged foreign investments.

1997-98: Dream Budget

Yashwant Sinha's budget laid the foundation for the growth of India's Information Technology (IT) industry.

2000: IT Revolution

Yashwant Sinha's budget, during the NDA government, was notable for its rollback of several proposals and policies.

2002-03: Rollback Reign

Pranab Mukherjee introduced General Anti Avoidance Rules (GAAR) to counter aggressive tax avoidance, creating controversy with retrospective changes affecting the Vodafone-Hutchison deal.

2012-13: GAAR Introduction

Arun Jaitley's budget merged the Railway Budget with the General Budget, ending the 92-year-old tradition of a separate Railway Budget.

2017: Railway Merger

Sitharaman's budget garnered attention for its heightened focus on privatisation, tax collections, and significant investments in infrastructure and healthcare.

2021: Century’s Budget

Budget breakdown: Words you need to know

Budget breakdown: Words you need to know