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Last Updated : Jun 20, 2019 08:35 PM IST | Source: Moneycontrol.com

Budget 2019: Remembering India's most iconic Budgets

These were some of the Budgets that impacted our economy in the most significant of ways, bringing in changes and reforms that define it even today.

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1947 | Independent India's first Finance Minister RK Shanmukham Chetty presented India's first Budget, which allocated 46% of total expenditure (Rs 197.39 crore) to the Defence Services Department. (Image: Wikimedia Commons)
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1947 | Independent India's first Finance Minister RK Shanmukham Chetty presented India's first Budget, which allocated 46% of total expenditure (Rs 197.39 crore) to the Defence Services Department. (Image: Wikimedia Commons)

1968 | Morarji Desai's Budget, commonly known as the People's Budget, simplified the assessment of goods by introducing the system of self-assessment for all manufacturers. This Budget also abolished 'spouse allowance', which was a tax saving tool for both husband and wife. This was done in order to "to eliminate this unintended strain on the relationship of marriage."
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1968 | Morarji Desai's Budget, commonly known as the People's Budget, simplified the assessment of goods by introducing the system of self-assessment for all manufacturers. This Budget also abolished 'spouse allowance', which was a tax saving tool for both husband and wife. This was done in order to "to eliminate this unintended strain on the relationship of marriage."

1991 | Commonly known as the Epochal Budget. Finance Minister Manmohan Singh, under the Narasimha Rao government, took steps for India to welcome globalisation and slashed import licensing and promoted exports.
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1991 | Commonly known as the Epochal Budget. Finance Minister Manmohan Singh, under the Narasimha Rao government, took steps for India to welcome globalisation and slashed import licensing and promoted exports.

1997 | Finance Minister P Chidambaram’s “Dream Budget” put across a roadmap for economic reforms in India, which included lowering of income tax rates, removing of the surcharge on corporate taxes, and introducing a scheme on prevention of black money.
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1997 | Finance Minister P Chidambaram’s “Dream Budget” put across a roadmap for economic reforms in India, which included lowering of income tax rates, removing of the surcharge on corporate taxes, and introducing a scheme on prevention of black money.

2000 | The then Finance Minister Yashwant Sinha put forward the 'The Millennium Budget', which was aimed at making India a software-IT hub. It introduced the concept of exporting software.
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2000 | The then Finance Minister Yashwant Sinha put forward the 'The Millennium Budget', which was aimed at making India a software-IT hub. It introduced the concept of exporting software.

2005 | Commonly known as the Aam Aadmi Budget and tabled by Finance Minister P Chidambaram, the Budget featured lower corporate tax rates and customs duty, MNREGA and RTI.
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2005 | Commonly known as the Aam Aadmi Budget and tabled by Finance Minister P Chidambaram, the Budget featured lower corporate tax rates and customs duty, MNREGA and RTI.

First Published on Jun 20, 2019 08:25 pm
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