5 Budgets That Left A Lasting Impact On Indian Economy
By: EjazUlHaqBhat
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Over the years, a few Budgets have stood out for their lasting impact on the Indian economy and governance
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The 1957-58 Budget, presented by Finance Minister TT Krishnamachari, introduced a landmark reform - the wealth tax
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For the first time, individuals were taxed on the value of their personal assets
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The 1973-74 Budget, presented by Yashwantrao B Chavan, is remembered as the "Black Budget" for its staggering fiscal deficit of Rs 550 crore
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The 1991-92 Union Budget, one of the most landmark budgets in the history of India, was presented by Manmohan Singh
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Faced with a severe balance-of-payments crisis, the government introduced economic reforms, liberalising the Indian economy
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The 1997 Budget, presented by P Chidambaram came to be known as the "Dream Budget" due to the tax reforms
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In 2017-18, Arun Jaitley's Union Budget brought about a change by merging the Railway Budget with the Union Budget
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This put an end to a 92-year-old tradition. Since then, presenting a unified budget has been standard practice
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