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Budget 2024

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Budget Timeline

2020-24

Nirmala Sitharaman

Presented by first woman FM Nirmala Sitharaman, the 2019-20 budget aimed to provide tax relief to the middle class, and made PAN and Aadhaar IDs interchangeable. Over the next few years, India saw a new set of income tax rates, measures in the aftermath of the Covid-19 crisis, and a focus on ‘Amrit Kaal’ (the journey to 2047) growth.

Piyush Goyal

Presented by FM Piyush Goyal ahead of the 2009 elections, the budget focused on providing immediate relief with schemes like the Kisan Samman Nidhi for farmers and included a full tax rebate for income up to Rs 5 lakh per annum.

Arun Jaitley

Presented by FM Arun Jaitley, the Narendra Modi govt’s first budget focused on ‘Sabka Sath, Sabka Vikas’ and introduced the Skill India programme. The next few budgets aimed for fiscal consolidation, and saw new schemes, major reforms, launch of Ayushman Bharat and measures after GST and demonetisation.

P Chidambaram

Presented by FM P Chidambaram, the last full budget of UPA II included increased spending and new taxes levied on the rich and large companies aimed to reduce the fiscal deficit and revive growth. The Interim Budget next year aimed for fiscal stability with excise duty cuts and no tax changes.

Pranab Mukherjee

FM Pranab Mukherjee presented the interim budget ahead of 2009 LS polls amid a global financial crisis. He continued as FM in the UPA II government, during which the country saw tax cuts for individuals and businesses, increased spending to create jobs, cash subsidies instead of bonds, and a service tax rate hike.

P Chidambaram

FM P Chidambaram presented the budget of the newly formed UPA government and focused on a healthcare revamp. The next few budgets saw tax cuts for domestic companies and individuals, push for public-private partnerships, increased NREGA coverage, farm loan waivers, income tax breaks, and increased spending on education.

Jaswant Singh

FM Jaswant Singh presented the budget giving a boost to agriculture sector. Interim Budget 2004-05 emphasised the NDA government’s ‘Panch priorities’ — poverty reduction, agriculture boost, infrastructure development, fiscal consolidation, and efficient manufacturing.

Yashwant Sinha

Finance Minister Yashwant Sinha tabled the Union Budget at 11 am in 1999. The millennium budget next year focused on fiscal control and encouraged the IT sector with tax breaks and e-governance. Next two budgets aimed to boost infra, tech, rural development, simplified corporate tax structure, highlighted rural economy, and emphasised deregulation in agriculture, sugar, and drugs.

Yashwant Sinha

The first NDA-led government under the leadership of PM Atal Bihari Vajpayee came to power. Then Finance Minister Yashwant Sinha presented the General Budget on June 1, 1998 — the last time the Union Budget was presented at 5 pm on the last day of February.

P Chidambaram

After the United Front govt came to power under the leadership of PM HD Deve Gowda, Finance Minister P Chidambaram presented the General Budget. His 1997-98 budget was called the Dream Budget, which lowered income tax rates, removal of the surcharge on corporate taxes, and reduced corporate tax rates.

Manmohan Singh

On July 24, 1991, the Congress returned to power under the prime ministership of PV Narasimha Rao. FM Manmohan Singh’s first budget was hailed as a 'landmark' budget, ushering in a series of reforms.

Madhu Dandavate

On March 19, 1990, Third Front government came to power with VP Singh as PM. Finance Minister Madhu Dandavate tabled the Union Budget.

Shankarrao Chavan

Shankarrao Chavan became the new finance minister and tabled the Budget in the Lok Sabha. Rajiv Gandhi was the prime minister. .

ND Tiwari

Finance Minister ND Tiwari tabled the Union Budget, the only year he did so in his long political career.

Rajiv Gandhi

Prime Minister Rajiv Gandhi presented the Union Budget, becoming the third PM to do so, after VP Singh resigned.

VP Singh

Presented by Finance Minister VP Singh, who was given the portfolio after Rajiv Gandhi became the PM following the assassination of Indira Gandhi in 1984.

Pranab Mukherjee

Finance Minister Pranab Mukherjee tabled three Union Budgets under PM Indira Gandhi, the year 1984 being her last budget.

R. Venkatraman

The regular Union Budget for 1980-81 and 1981-82 were tabled by Finance Minister R. Venkatraman. Indira Gandhi was the prime minister of India then.

Charan Singh

Presented by Deputy PM and Finance Minister Charan Singh. Highlight: It absorbed the effects of the states' share of Union excise charges doubling from 20 to 40 per cent.

Hirubhai M. Patel

Presented by FM Hirubhai M. Patel. Emphasis laid on need for fundamental change in economic policies and programmes. The next budget presented less than a month after Janata Party came to power sought to defend the decision to demonetise Rs 1,000, Rs 5,000, & Rs 10,000 notes as of January 16, 1978, to curb illegal activities.

Chidambaram Subramaniam

Presented by Finance Minister Chidambaram Subramaniam. Highlight: The revenue was estimated at Rs 10,521 crore and expenditure at Rs 10,768 crore, leaving a deficit of Rs 247 crore, which went up to Rs 490 in 1976-77.

Yashwantrao Chavan.

Presented by FM Yashwantrao Chavan. A new tax regime came in 1974-75, with an extra 20% tax on airline tickets bought in rupees. Then came the 1973-74 Black Budget due to a Rs 550-cr fiscal deficit, with India going through acute financial crisis. In 1974-75, income tax system was restructured.

Indira Gandhi

Presented by Prime Minister and Finance Minister Indira Gandhi. In the history of Independent India, this was the only budget presented by a woman (before Nirmala Sitharaman presented the Union Budget 2019-20).

Morarji R. Desai

Presented by Finance Minister Morarji R. Desai. Highlight: “Spouse Allowance” abolished in 1968-69 after taxpayers were found to be misusing the instrument. In 1969-70, the government announced the extension of tax holiday concession for new industrial undertakings and ships.

Sachindra Chaudhuri

Presented by Finance Minister Sachindra Chaudhuri. Highlight: The expenditure assigned under this budget was Rs 2,407 crore, and revenue was Rs 2,617 crore, accounting for a surplus of Rs 210 crore.

TT Krishnamachari

Presented by Finance Minister TT Krishnamachari. Highlight: Expenditure tax put in place under direct taxation tool levied on all expenditures above Rs 36,000 per annum. It was abolished in 1966-67 after backlash. The 1965-66 budget saw the launch of the Voluntary Disclosure Scheme for Unaccounted Wealth, the government's first attempt to combat tax evasion and black money.

Morarji R. Desai

Presented by Finance Minister Morarji R. Desai. In 1960-61, the government released projections for PL480, an import agreement with the USA for food grains and other agricultural products worth Rs 122 crores. The Union Budget 1963-64 saw introduction of the super-profits tax imposed on wealthiest individuals and corporations, drawing harsh condemnation

Jawaharlal Nehru

Presented by Prime Minister Jawaharlal Nehru. He introduced a new taxation instrument called the Gift Tax.

TT Krishnamachari

Presented by Finance Minister TT Krishnamachari. The government unveiled the Wealth Tax, a novel direct taxation tool.

CD Deshmukh

Presented by Finance Minister CD Deshmukh. In 1953-54, the minimum income tax exemption limit for individual taxpayers was raised by approximately 17% or up to Rs 4,200 from the previous Rs 3,600. In 1955-56, the government proposed different tax-exemption limits for married and unmarried individuals.

John Matthai

Presented by Finance Minister Dr John Matthai. Highlight: Capital Gains Tax was abolished. It was later reinstated under the 1956-57 budget. In 1950-51, the government formally announced the setup of the Planning Commission, primarily headed by the Prime Minister.

RK Shanmukham Chetty

Presented by the first Finance Minister of India, RK Shanmukham Chetty. The expenditure assigned for the first budget of independent India was Rs 197.39 crore, of which roughly Rs 92.74 crore(or 46 per cent) was allotted for defence services. Chetty used the term ‘Interim Budget’ for the first time.

Income Tax

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Budget 2024

LIVE UPDATES

Budget Timeline

2020-24

Nirmala Sitharaman

2019-20

Piyush Goyal

2015-19

Arun Jaitley

2013-15

P Chidambaram

2009-13

Pranab Mukherjee

2005-09

P Chidambaram

2003-05

Jaswant Singh

1999-2003

Yashwant Sinha

1998-99

Yashwant Sinha

1996-98

P Chidambaram

1991-96

Manmohan Singh

1990-91

Madhu Dandavate

1989-90

Shankarrao Chavan

1988-89

ND Tiwari

1987-88

Rajiv Gandhi

1985-87

VP Singh

1982-85

Pranab Mukherjee

1980-82

R. Venkatraman

1979-80

Charan Singh

1977-79

Hirubhai M. Patel

1975-77

Chidambaram Subramaniam

1971-75

Yashwantrao Chavan.

1970-71

Indira Gandhi

1967-70

Morarji R. Desai

1966-67

Sachindra Chaudhuri

1964-66

TT Krishnamachari

1959-64

Morarji R. Desai

1958-59

Jawaharlal Nehru

1957-58

TT Krishnamachari

1951-57

CD Deshmukh

1949-51

John Matthai

1947-49

RK Shanmukham Chetty

Sectoral Report

Income Tax

Agriculture

Defence

Railway

Automobile

Real Estate

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