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UNION BUDGET

The Union Budget is a document which provides an estimation of the revenue and expenses of a country during the financial year. It draws up a financial plan for the country and decides and allocates a specific sum for various government schemes and departments. The interim budget 2024 will be announced on February 01 by finance minister, Nirmala Sitharaman

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Budget Timeline 1991- 2023

Manmohan Singh
1991Manmohan Singh

1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.

Manmohan Singh
1992Manmohan Singh

The Budget aimed at near full employment in a span of ten years. The ’92 Budget called for reduction in fiscal deficits. The government aimed at increasing tax and non-tax revenues. The finance minister also hiked the defence budget from Rs 16,350 crores to Rs 17,500 — a steep rise of 7%.

Manmohan Singh
1993Manmohan Singh

The Budget extensively discussed agricultural credit with an aim to promote rural development. "Our strategy will gradually reduce high levels of protection to the Indian industry. It will moderate the high industrial prices which the farmer has to pay," said the finance minister in his Budget speech.

Manmohan Singh
1994Manmohan Singh

The 1994-95 budget witnessed service tax being introduced at the rate of 5 percent as the sector was contributing 40 percent to the national GDP. The primary aim was to widen the indirect tax base. The tax was initially levied on telephones, non-life insurance and stockbrokers.

Manmohan Singh
1995Manmohan Singh

1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.

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  • 1991-1995
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