Budgets That Have Changed the Course of India's Economy

2. Budget 1951

This was the first budget of the Republic of India. On February 28, 1950 the budget was presented by John Mathai. The budget proved to be revolutionary as there was a reduction in income tax from 30 percent to 25 percent.

Indian growth model targeted high inflation, increased cost of capital and low level of savings, thus it was the rise of Indian Planning commission.

3. 1968 Budget

The budget was much more recognized as ‘People-sensitive budget’. Morarji Ranchhodji presented the budget on 29^th February 1968. The budget aimed at the introduction of self assessment by all type of manufacturing industries.

This marked the end of requirement of stamping and assessing by the Excise department. The relaxation proved to be helpful for manufacturing industries as administrative convenience in removal of goods reduced complications in the process.