Finance Minister Nirmala Sitharaman will on Tuesday present her fourth straight Union Budget. The Finance Minister will present financial statements and tax proposals for the fiscal year 2022-23 in Parliament.
The Union Budget will be presented by the Indian Finance Minister in paperless form and the traditional ‘halwa ceremony’ was not observed in the lead-up to the budget preparation this year.
While the Finance Minister holds the record for delivering the longest speech (2 hours and 42 minutes), ex-finance minister Hirubhai Mulljibhai Patel had delivered the shortest speech of the Indian budget in 1977.
With Union Minister gearing up to present the Budget 2022-2023, let’s take a quick look at some of India’s most iconic budgets.
Once-in-a-Century Budget: On February 1, 2021, the finance minister termed the union budget of 2021 as ‘once-in-a-century budget’.
Depending on an aggressive privatisation strategy and robust tax collections, the Sitharaman-presented ‘once-in-a-century budget’ was aimed at reviving Asia’s third-largest economy through investing in infrastructure and healthcare.
Rollback Budget: This budget was presented by Yashwant Sinha for 2002-2003 during the NDA government reign. The budget for the Atal Bihari Vajpayee-led NDA government is known as Rollback Budget. Several proposals of the 2002-03 budget were either withdrawn or rolled back.
Millennium Budget: The Millennium Budget was presented by Yashwant Sinha in 2000. Sinha’s Millennium Budget presented the road map for the growth of India’s Information Technology (IT) industry. The Millennium Budget discontinued the practices of incentives on software exporters. The 2000 budget also reduced customs duty on computer and computer accessories.
Dream Budget: Using the Laffer Curve principle to lower tax rates in order to increase collections, P Chidambaram presented the budget that became ‘everyman’s budget dream’ in 1997-98. Reducing corporate tax rate and cutting down personal income tax rates from 40% to 30%, Chidambaram’s Dream Budget also encouraged higher investment from Foreign institutional investors (FIIs).
The Black Budget: Presented by Yashwantrao B Chavan under the Indira Gandhi government, the 1973-74 budget was called the Black Budget because the fiscal deficit during that year was INR 550 crore. The nation was embracing major financial distress at the time.
Epochal Budget: In 1991, Manmohan Singh’s iconic budget brought an end to the licence raj and it also kickstarted the era of economic liberalisation. The Epochal Budget was presented in the Parliament when India was on verge of suffering an economic collapse.
Taking essential steps to promote exports, Singh’s landmark budget also reduced customs duty from 220 percent to 150 percent at the time.