How well do you know about past budgets? Take this quiz to find out
People from all walks of life hoped for tax relief measures, farm loan waivers and universal income scheme on Thursday, a day before unveiling of the interim Union Budget.
India’s first budget was presented on April 7, 1860, when India was still under the British colonial rule. It was introduced by the then Finance Minister of India, James Wilson.
2
The first Union Budget of Independent India was presented by the first Finance Minister of Independent India, Sir R.K. Shanmugham Chetty, on November 26, 1947. It is noteworthy that the first Union Budget was presented amidst widespread riots due to the partition of India. This budget was meant for seven and a half months, following which the next budget was to be implemented from April 1, 1948.
3
It was the first Union Budget wherein it was decided that both India and Pakistan would share the same currency till September 1948.
4
The one Union Budget that changed India’s future and was responsible for putting India on the road to accelerated growth was the Budget of 1991-92, presented by the then Finance Minister, Dr. Manmohan Singh. Under the leadership of P.V. Narasimha Rao, Dr. Manmohan Singh opened up India’s economy to foreign investors and eased up trade blockages.
5
The Union Budget of 1997-98, presented by P. Chidambaram is also regarded as one of the turning points of the economy. This budget saw easing up of income tax rates and lowering of customs duties. Chidambaram presented the Voluntary Disclosure of Income Scheme in this budget. The scheme was aimed to curb black money in the economy and widen the tax net.
6
The Millennium Budget, i.e., the Union Budget of 2000-01, is touted to have transformed the Indian economy into a tech-hub. Yashwant Sinha, who presented the budget, announced a reduction in customs duties for a few raw materials required for the production of the optical fiber by almost 10%, and by 20% in case of mobile phones.
