The budget of the Narendra Modi-led NDA government at the Center is going to be presented today. Finance Minister Nirmala Sitharaman will start her budget speech in Parliament at 11 am. However, how special this budget will be will be revealed after some time. If we talk about some interesting facts related to the history of the budget, which very few people know, one such budget was presented in the year 1991. Budget 1991 is also called the ‘Evolutionary Budget’. This budget worked to accelerate the pace of economic growth of the country.
Beginning of the era of economic liberalization
In the year 1991, PV Narasimha Rao was on the post of Prime Minister and in his government, the responsibility of the Finance Ministry was with Finance Minister Dr. Manmohan Singh. This year was a year of historic budget. In fact, Manmohan Singh had started the era of economic liberalization by ending the licensee rule of the country.
This budget was presented at a time when the country was heading towards economic decline. Many big steps were taken in this budget regarding exports. Customs duty was reduced from 220 percent to 150 percent. Also, doors were opened for foreign investors.
Manmohan’s budget was called ‘Epochal Budget’
This budget presented by the then Finance Minister Dr. Manmohan Singh (FM Dr. Manmohan Singh) in the year 1991 is known as ‘Evolutionary Budget’. In this budget, foreign companies were allowed to enter the country to establish their business and for this many rules were also changed.
Along with this, many important steps were also taken to promote business. This step increased the number of products exported from the country. Due to this, the government treasury also started getting filled and gradually the country started moving towards development.
Nirmala Sitharaman will present the seventh consecutive budget
Even in Modi 3.0, Nirmala Sitharaman has got the responsibility of Finance Ministry and while presenting Budget 2024, the Finance Minister is ready to break an old record. In fact, with this budget, she will be the first Finance Minister to present the budget for the seventh consecutive time and in doing so, she will break the record made by former Finance Minister Morarji Desai. She will surpass Morarji Desai’s record of five full budgets and one interim budget.