Updated: Aug 5
Nirmala Sitharaman presented the budget 2020-2021 on 1 Feb 2020 before we discuss it. we understand the history of BUDGET. The first budget was introduced on April 7,1860 by the east Indian company to the British crown by the finance minister James Wilson. It continues presented by the British Government. But on 26 November 1947 first time INDEPENDENCE BUDGET was represented by RK Shanmukham Chetty but this budget was only a review of the economy and no taxes were proposed. today we called it interim budget.
till the 1955 budget was presented only in the English language the same as British govt print but in 1955 -66 first time budget was printed in both English and Hindi language. so that common people also understand the budget.
1973-1974 known as BLACK BUDGET due to a high budget deficit of Rs 550 crore at the time it was presented by the Yashwant Rao B Chavan. in this budget Chavan allocated Rs 56 crore for the nationalism of coal mines, general insurance companies, and Indian copper crop. so that productivity increase in India.
Man Mohan Singh
1991 budget known as EPOCAL BUDGET presented by the Man Mohan Singh aimed the Indian economic crisis, which marked the beginning of economic liberalization. Man Mohan Singh under the Narasimha Singh Rao govt overhauled the import-export policy and took measures to make the Indian economy more global and trade-friendly. the customer duty was slashed 220 % to 150% fand steps were taken to promote exports. Arguably it eas after the next two decades turned out to become one of the fastest-growing emerging economies in the world. P Chidambaram
In 1997 budget known as the DREAM BUDGET presented by the P Chidambaram. media called it Dream budget because it made significant changes to bring down personal income tax. he brought down the highest personal income tax rate from 40% TO 30%. The lowe tax rates helped increase compliance and were welcomed by the common people.
In 2000 budget was presented by NDA finance minister Yashwant Sinha, and it is said to have revolutionized the India information technology (IT) sector which leads to the grown of the IT sector. In 2001 Yashwant Sinha changed the times of budget representation from 5 pm to 11 am. Arun Jaitley
from 2017, the budget was presented on 1 Feb following change introduced by the finance minister Arun Jaitley. Also, the rail budget was included in the union budget in 2017. since the 1925 train budget was presented separated from the union budget. Today 1 FEB 2020 finance minister Nirmala Sitaraman presented union budget.