1 February , 2023 Fdiindia
Globalization to FDI - A Quick Look at the Historic Budget Transforming the Indian Economy
The Indian Economy has undergone a lot of changes beginning from the early 1990s. From ‘Liberalization, Privatization and Globalization’ to permitting Foreign Direct Investment (FDI), Indian Economy has received a fillip from the central government through the manner in which their annual financial statements are structured.
Ahead of the Union Budget 2023, below is the list of historic budgets from the 1990s to the present that has taken the Economy of India on the path to rapid growth.
1991 Budget of Manmohan Singh
The budget of 1991, presented by former Finance Minister Manmohan Singh, is known for the way it rescued India from economic catastrophe. Releasing Nehruvian socialism, Singh tried to accelerate the domestic market to save India from an impending financial emergency.
It was due to this budget that the three magic words came to life- Liberalization, Privatization, and Globalization.
1998 ‘Everyman’s Budget’ of P Chidambaram
The 1998 Union Budget presented by P Chidambaram has been renamed as the “Dream Budget” as well as “Everyman’s Budget”. The main feature of the 1998 Budget was bitter personal income tax rates from 40 per cent to 30 per cent. The Union budget presented in 1998 also cut tax rates of corporates and encouraged investment from Foreign Institutional Investors (FIIs).
2014 FDI friendly budget of Arun Jaitley
The 2014 Union Budget, presented by Arun Jaitley, raised military spending for 2014-15 to Rs 2.29 lakh crore. He also allowed foreign direct investment of 49% in the domestic defence industry of India.
Infra Booster Budget by Nirmala Sitharaman
While presenting the 2022 Union budget, Nirmala Sitharaman had a variety of concerns to deal with. The Indian Economy has not recovered from the COVID-19 Pandemic.
Sitharaman, in her budget, provided the nation with a big boost to the infrastructure sector of India. The production-linked incentive scheme and projection of healthy economic growth helped a lot in promoting ease of doing business.
Notably, India registered its highest-ever total of FDI inflows of USD 84.84 Billion the previous year.
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