Budgets That Changed The Face of Indian Economy


BANGALORE:  Since independence more than 80 budgets have been presented. On 28th February 2015, the new budget will be presented.

Most of the today’s youth is less interested with the budget and budget related news. But if you go back into the history of budgets in India, you can acknowledge the important role these budgets have played in the development of India.

And if it raises your curiosity to know more about the basis of Indian finances, here is the list of 9 budgets in the history of India that have changed the course of economy as compiled by Yahoo finance.

# 1947: The First Budget

First Indian Budget Soon after independence, India’s first budget was introduced on 26th November 1947. R K Shanmukham Chetty was the finance Minister at that time. The Budget’s total estimate was upto 171.15 crore, but the total expenditure was calculated to only 197.39 crore.

The only tax proposal that was discussed in the budget was 3 percent increase in the export duty on cotton cloth and yarn, which was an increment of four annas per square yard on cotton cloth and six annas on a pound of cotton yarn. Although it was very minute change, it marked the beginning of Indian economy.

Read more: Budget 2015: 8 Challenges FM Jaitley Ought To Face