Budgets That Changed The Face of Indian Economy

# 1973 Budget- Nationalization of coal mines

Yashwantrao B. Chavan, Finance Minister in the Congress government at that time presented the budget of 550 crore. He allocated 56 crore for the nationalization of the general insurance companies; Indian Copper Corporation and coalmines.

Nationalization of coal mines effected the coal production in long run. India has been an importer of coal over the last 40 years.

# 1987 Budget- Minimization of taxes

Rajiv Gandhi was the Prime Minister of India when the respective budget wad produced. The budget dealt with introducing provisions related to minimum corporate tax.

The primary concern was to bring into the tax for highly profitable companies who were cunningly managing to avoid tax.

Since then, it has become a major source of revenue for the government.

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