Homeeconomy news

Remembering the most iconic budgets in Indian history

Remembering the most iconic budgets in Indian history

By CNBCTV18.com  IST (Updated)

Mini

From Independent India's first finance minister John Mathai to India's first woman FM Indira Gandhi to licence raj-banishing Manmohan Singh, India has seen some iconic Budget presentations over the years. As Nirmala Sitharaman readies her 'bahi-khata' for Budget 2022, here are some throwbacks.

This year’s Union Budget will be presented on February 1, 2022, by Union Minister of Finance, Nirmala Sitharaman. Like every year, Budget 2022 will set the tone for the economic policies of the government for the coming fiscal.
From John Mathai to Indira Gandhi and Manmohan Singh, India has seen plenty of iconic budget presentations.
As the nation readies for this year’s annual budget announcement, here's a look at some of the most iconic budgets that India has witnessed since its Independence.
India's First Budget 
Under John Mathai, the Republic of India announced and passed its first budget for the fiscal year 1948-1949. It was the first budget to be announced in free India under the first Prime Minister Jawaharlal Nehru.
Introduction of wealth tax 
T.T. Krishnamachari introduced the wealth tax in Budget 1957-58, which would be levied on the total value of personal assets. The wealth tax continued in various forms until it was finally abolished in 2015 in Sitharaman's first budget.
India's first woman finance minister 
India's first woman Prime Minister Indira Gandhi was also the country's first woman finance minister. Gandhi held the position from 1970-71 following Morarji Desai's resignation and delivered her iconic budget speech with slogans like ‘Garibi Hatao.’
End of licence raj
Manmohan Singh's Union Budget of 1991-1992 forever changed the face of the Indian economy. The budget ushered in the end of the licence raj and the start of the liberalisation of the Indian economy.
Merging railway and general budgets 
Arun Jaitley's Union Budget presentation in 2017 ended the 92-year-old tradition of having a separate Railway Budget from the Union Budget.