On February 1, 2018-19, the budget for this fiscal year is to be filed, the year 1991 to 2017, we will see what features of the budget are filed every year.
Prime Minister Narasimha Rao appointed Manmohan Singh, the Governor of the Reserve Bank at the time of the Indian economic crisis during the 1991 Congress rule.
Manmohan Singh started as finance minister, P. Chidambaram, Yashwant Sinha, Jaswant Singh, back in Congress rule Chidambaram, Piranab Mukherjee and Arun Jaitley in the BJP government have filed a final report in the last 27 years by Finance Ministers.
Manmohan Singh budget
From 1991 to 1996, Manmohan Singh presented the budget as Finance Minister in Congress rule. The first was to introduce the economic liberalization strategy to compete with the world economy, bringing in imported import policy and cutting import duty from 220 percent to 150 percent.
1992-93 – Priority for job prospects
Priority was given to the Employment Opportunity in the Central Budget in 1992. The way to increase the tax and non tax revenue to the federal government was made. He raised the funds allocated to the army from 16350 to 17500 crore to strengthen the country’s security.
1993- 94 – agriculture
The program was designed to raise rural growth and agriculture. Finance Minister Manmohan Singh said in his budget speech that the expenditure on agriculture products will be controlled and the cost of farming products will be reduced.
1994-95- Introduction of Service Tax
Domestic product growth
Another tax service (Service Tax) system has been introduced to boost the country’s tax revenue. Service tax was implemented for the first time by 5 percent. The telecom sector, insurance and stock market companies were brought into service taxation mode. This would mean that the country’s domestic product hike would be up to 40 percent.
1995-96 -97 Information Technology Development
The IT industry was given priority in the attempt to lift it up, while the country’s information and technology sector suffered a severe decline. This has led to an increase in the IT sector to increase the exports and thereby increase the GDP per capita. Under the poverty line, home to poor people, education and lunch program for all, the project is designed to provide clean drinking water for everyone.
P. Chidambaram Budget
Individual and corporate income tax changes
In 1996, the finance minister of the United Front regime, Chidambaram filed the budget. Income tax collections and corporate taxes have been brought in the purview of this budget to raise income tax collections. The VDIS plan was introduced to bring in the low tax rate (MAT) rule in corporate taxes and to bring out black money.
Personal income tax
The personal income tax collection and infrastructure priority of the Budget 1998- 1999 was announced as a surcharge of Rs. This means that it will be spent on social welfare schemes and infrastructure.
National Democratic Alliance
Yashwant Sinha took over as finance minister in the BJP-led National Democratic Alliance coalition from 1999 to 2004 and filed a budget. The budget of the National Democratic Alliance (NDA), comprising twenty-three parties, will be given priority to eradicate poverty and will also provide a major boost to the fiscal deficit and human resource development.
Priority was given to encourage the deteriorating IT industry in the budget for the year 2000-2001. The transparency of all business activities was guaranteed. Reducing renovation work in the infrastructure and financial sector in the 2001-2002 budget, and reducing unnecessary expenditure on subsidies, restructuring public sector companies, and making tax reforms.
Change in taxation mode
Two major changes were made in taxation mode. Fine pen details were fined 10000 rupees. Cinemas theaters in cities other than the metropolitan area were exempt from taxation. Budget in 2003-04 fiscal year
New Medical Insurance Scheme was introduced. This means that if you pay only 1 rupee per individual medical insurance plan for one year, the medical benefit plan is implemented up to 30000 rupees per year
2004-2005 – AIDS disease control
Public Distribution System subsidy
Nation has not changed much since the last budget of the NDA. Granting subsidy to AIDS at Rs 259 crore and granting subsidy under the Public Distribution System for the two crore families below the poverty line. Reduced income tax by 10% for long-term and medium capital revenue.
United Progressive Alliance
Individual Income Tax Deduction
Since 2005, the United Progressive Alliance government has begun. The limit for individual income tax is determined to increase the country’s tax revenue. Those earning up to one lakh are not required to pay income taxes. Income tax payment was implemented for 10% to one lakh to one lakh lakhs and 10% of those who were about two and half lakhs 20% and 30% of those with income. The GST, which is currently in operation, has been planned for 2006-2010 fiscal year for the freight and service tax.
Income tax increase
Individual income tax limit of Rs 1 lakh was fixed for women’s income tax limit of 145,000 rupees and the income tax rate of senior citizen was 195000 rupees. Short-term, medium and long-term agricultural loans in the country were dismissed. It is estimated that the government will incur an extra cost of Rs 60000 crore.
2009-2010 – 2011
Jawaharlal Nehru Urban Rehabilitation Project
An amount of Rs 12,887 crore has been allocated for the Jawaharlal Nehru Urban Renewal Project to improve urban development. It has been allocated for the poor and middle-class people to spend a new house building and house renovation work. The plan was aimed at recovering the agricultural sector in the fiscal year budget. However, no definitions have been made to give any concessions and motivation to produce natural fertilizers for agriculture.
2011-12- Old Age Pension
Pension for Senior Citizens
The cost for social welfare development is 17 percent. The budget allocation for the Bharat Nirman project is Rs. 10000 crore, and the allocation for educational development is 24% and the allocation for medical improvement is 20%. Age limit for seniors for pensioners from 65 to 60
2012-13- Credit to the poor and farmers
Increase of lending facility
Poor and peasants have been forced to withdraw the existing practical problems and get a quicker loan. The project target for this project has been increased from one lakh crore to Rs 5.75 lakh crore. Furthermore, the amendment to the Fiscal Responsibility and Budget Management Act (2003) has been revised for fiscal consolidation.
2013-14 – National Food Security Scheme
Funding allocation for the project
An amount of Rs.100 crores was allocated for this project to promote youth skills. National Food Security Act was implemented and an amount of Rs. 10000 crore was allocated for this. More than 1000 crore rupees were allotted to Nirbhaya in memory of Nirbhaya, a woman who was raped and murdered in Delhi last year.
2014-2015 – Ganga River Protection Project
From 2014 to present, the National Democratic Front regime is headed by Bharatiya Janata Party.
Finance Minister Arun Jaitley filed the first budget of the National Democratic Alliance (NDA) regime with a strong majority in the BJP led by BJP. These budgets are given priority for health and medical education. Projects for solar power projects were laid. An amount of Rs 2037 crores was allocated for the purification of the river Ganga.
2015- 16 Everybody’s House,
Clean drinking water, full time electricity
The National Democratic Front is a complete budget. Under the project, everyone in the country has a plan to construct two crore people in urban areas and four crores for rural people. And allowing clean and accessible drinking water and access to electricity.
2016-2017 Cleanup Plan
Funding for Chauhan Bharat Abhiyan Project
A total of Rs 9,000 crore was allocated for the initiative of Chauhan Bharat Abhiyan in an effort to clean up all rural areas of the country. By the year 2022, there was a relief to increase farmers’ income. Action to take away black money was taken.
2017-2018- Railway Budget link with General Budget
How to Affiliate Budget
The budget was filed when the country’s economic growth was in the middle of 2016 with a high remuneration program. Another budget for this budget is the Railway Budget for the first time. Plan to protect farmers from natural disasters. A sum of Rs 10 lakh crore has been allocated for farmers to pay 60 days interest. The personal income tax rate was reduced to 5% by five percent to five lakh. 2018-2019 – Wait till the first of February.