History of Union Budget


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View the presentation to get a clear picture about the history of the Union Budgets post independence.

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  • History of Union Budget

    1. 1. History of Budget
    2. 2. • During the forties, the focus was on recovery from partition. Initial budgets were geared towards the slow rebuilding of the country and its economy. • Growth of trade was an important objective of the budgets but with the world also in a slow recovery from the second world war, the going was tough for India. 40’s & 50’s
    3. 3. • The socialist pattern adopted by the country was a pillar that guided the budgets in the fifties. • The base was being laid for the heavy industries and projects that came to mark the country’s initial burst of economic activity. 40’s & 50’s
    4. 4. • The budget tried to raise resources both internally as well as externally but there was still a lot of reliance on foreign aid. • The two wars that the country fought took a toll on the budget and defence expenditure had to be beefed up. • Expenditure continued towards the state run enterprises which were the tools of realising the socialist vision of the country. 60’s
    5. 5. • The early seventies saw the budget giving encouragement to small enterprises so as to breed an army of entrepreneurs in the country. • There was a focus on urban areas including price controls so as to develop housing and other facilities for the large number of people living in cities. 70’s
    6. 6. • Growth continued to lag at around 3.5% on an average. So the budget tried to undertake efforts to give a boost to bring it up to the 5%. • Budgets also tried to ensure that the various targets set out in the 5 year plans were achieved. 70’s
    7. 7. • Inflation reared its ugly head in the early eighties and a part of the budget was directed towards fighting the impact of this high inflation. • By the mid-eighties the rise in the government expenditure started to hurt. Fiscal deficit rose sharply and the entire effort was to curtail that. 80’s
    8. 8. • The budget also focused on development so as to ensure that this requirement was not forgotten in the rush to meet other expenditure. • There was also a lot of emphasis on social spending in the budget to provide benefits to the poor in the country. 80’s
    9. 9. • The country faced a serious crisis that led to pledging of gold. Foreign exchange reserves fell to record lows. Tackling this was a big target in the early budgets of the nineties. • Liberalisation of the economy and freeing up of the license raj were some of the other notable goals that the budget sought to achieve. 90’s
    10. 10. • Inflation reared its head once again and there were also efforts to tackle this because it hurt the poor and the needy the highest. • Recovering from the very slow growth early in the decade also took a lot of space in the budget and this also turned out to be a success. 90’s
    11. 11. • The next round of reforms was laid out in the budget in the first few years of the new century. • Fiscal adjustment and increasing the growth targets were some of the important goals that the budget aimed at during the decade. st 21 Century
    12. 12. • Sustaining the high growth rates in the economy became a challenge for the budget as the world slipped in a big economic recession following the bust of the housing bubble. • Increasing efforts were made by the budget to bring down tax rates and increase compliance. • The Indian economy was also sought to be integrated with the world economy in the budgets. 21st Century
    13. 13. Budget Simplified Facebook Website Twitter
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