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Budget Verses : They Said It


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1947 - 60

In the 1949-50 budget, the government abolished the much abused tax evasion instrument, the Capital Gains Tax.

The 1950-51 budget announced a cut in the super-rich tax rate, so as to push savings. Gift Tax was introduced to India in 1958-59 by Jawaharlal Nehru.

1960 - 70

For the first time, budget estimates were clubbed under 2 broad heads: Plan and Non Plan expenditure

In 1965, the import duty on cars was raised from 60 to 100%. The 1978-79 budget was presented barely a month after demonetisation.

1980 - 90

The 1986 budget is seen as the first step in dismantling licence raj.

1991 was a landmark budget with Dr. Manmohan Singh heralding the economic reforms. In 1994-95, the budget introduced Service Tax.

1990 - 2000

The 1997 Dream Budget promised a new Tax bill and Companies Bill.

In the 2005-06 budget, schemes like National Rural Health Mission, Gender Budget and NREGA were announced.

2000 - 20

In 2017, the government decided to merge Railway and General Budgets.

Also in 2017, the government said the budget will be presented on 1 February of every year.



Mintgenie explainers

Budget Dictionary:From disinvestment to capital expenditure, key terms explained

  • 3 min read
  • 01 Feb 2023

Finance Minister Nirmala Sitharaman will present the Union Budget 2023 in the Parliament on February 1.


India’s latest budget succeeds in hitting all the right notes

  • 3 min read
  • 02 Feb 2023

  • It does well on promoting growth without rocking the macro boat


What treatment does my insurance cover?

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  • 20 Mar 2023

Ayush treatment taken in a government hospital or in any institute recognized by government and/or accredited by quality council of India/national accreditation board on health is covered under most of the health indemnity policies.


What is the Indian Union budget?

The Union Budget is an annual financial statement of the government. Every year, the government presents to the country the details of its revenues and expenditure of the previous year and its plans for the upcoming year. Presented on February 1 by the finance minister of the country, the Union Budget also lays down policy changes that it intends to implement during the year such as changes in taxation policy, which usually come into effect from April 1.

Who prepares the Union budget in India?

The finance minister presents the Union budget on February 1. Also known as the annual financial statement of the government, the Budget is prepared by the Finance Ministry’s Department of Economic Affairs in consultation with other ministries, NITI Aayog, and other stakeholders. Before the Budget, the finance ministry also holds meetings with industry leaders, economists, farmers, among others, to seek their views.

What is the duration of the Union Budget presentation in India?

Budget speeches usually last 90-120 minutes. However, it depends on each finance minister. Nirmala Sitharaman’s 2020 budget speech was the longest in independent India’s history, lasting 160 minutes. In terms of word count, Manmohan Singh delivered the longest Budget speech in 1991, with the speech containing 18,650 words, while the shortest speech was delivered by Hirubhai Mulljibhai Patel in 1977, which had only 800 words. Read more...

What are key features of the Indian Union Budget?

The Indian Union Budget consists of the government’s annual financial statement, which gives details of its revenues, expenditure, fiscal deficit, and borrowing. It also consists of the government’s plan to spend on the country’s development and infrastructure through capital expenditure and expenditure on various schemes. Read more here...

How does the government generate revenues and spends?

The government mainly generates revenues from different types of taxes such as income tax, corporate tax, goods and services tax, excise and custom duties. It can also generate money from market borrowing and disinvestment of public sector units. Out of that revenue, the government spends on the country’s infrastructure such as roads, railways, health, education, defence, and key government schemes. Read more...

Why is the Union Budget 2023 important?

Union Budget 2023 is important as it is the last full-year budget before the General Elections in 2024. Since the Budget contains key announcements for an entire year, it becomes important from the political point of view of the government, which will seek to come to power again next year. Before the elections, the government will get to present another Budget in February 2024, but it will be an interim one.

What is the biggest highlight of the Union Budget?

For a few years now, the biggest highlight of the government has been its push for growth through big capital expenditure. In 2022-23, the government announced a record capital expenditure of Rs 7.5 trillion in a bid to support the economy coming out of the pandemic-led slowdown. In the upcoming Budget, the government is expected to continue with big capital expenditure. However, the announcement needs to be read with a pinch of salt. Here’s why:

Has the government done enough for the rural economy in the Budget?

The government has been supporting the rural economy through various schemes such as Mahatma Gandhi National Rural Employment Guarantee Scheme. In the past few years, the government has been forced to spend more than budgeted due to the distress in the rural economy. Since this year, the rural economy has suffered from high inflation and negative real wage growth, all eyes would be on Budget announcements for rural India. Read more...

What does the government have for the middle-class in the Union Budget?

The government did not announce any changes in income tax slab in 2022. However, it introduced changes to make Income Tax Returns filing easier by allowing a one-time window to correct omissions and the tax deduction limit for state government employees contribution to NPS raised to 14% from 10%. Read more...