The budget is presented every year in the country. After independence, few such budgets have been presented, which people remember to date. The number of such budgets is only five, which are remembered for some reasons. Some of these budgets are also known as the black budget, a generous budget, and rollback budget, etc.
The budget presented by former Finance Minister Manmohan Singh in 1991 is very well remembered. At that time, Manmohan Singh gave an open exemption to foreign companies to do business in the country. The era of liberalization had started in the country since then. Indian companies also found it easier to do business outside the country. Custom duty was reduced from 220 percent to 150 percent. Two decades after this budget, India’s GDP had seen a boom.
The budget presented by the then Finance Minister Yashwantrao Chavan in 1973-74 is called the black budget. This is because at that time there was a loss of more than 550 crores. In this budget, Chavan nationalized coal mines, insurance companies, and the Indian Copper Corporation for Rs 56 crore.
The budget presented by former finance minister P Chidambaram in 1997 is also called the dream budget. The finance minister had then announced a cut in income tax and company tax. Income tax rates were brought down from 40 percent to 30 percent. Simultaneously the surcharge was also abolished.
The budget introduced by Yashwant Sinha in 2000 is called Millennium Budget. In this budget, a lot of concessions were announced to India’s IT companies. Customs duty on 21 items such as computers and CD ROMs were announced.
The budget introduced by Yashwant Sinha in 2002 is also called the rollback budget. Several proposals made in this budget, such as service tax and LPG cylinder prices, were increased. It had to be withdrawn due to opposition from the general public and the opposition.