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- Indira Gandhi To Jawaharlal Lal Nehru; Which Indian PM Who Present Has AAM Budget In Parliament?
6 minutes agoWriter: Rajesh Sahu
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There is a government in our country. is the Prime Minister. Finance Minister and Home Minister. The work of the Finance Minister also includes presenting the budget, but in the history of 75 years, there have been three occasions when the Prime Minister, not the Finance Minister, presented the budget. Why and when did this happen? Let’s tell.
In 1958, the then Prime Minister Jawaharlal Nehru addressed the people in a meeting in Delhi, 4 days before the presentation of the budget.
Nehru was the first prime minister to present the budget.
The budget for the financial year 1958-59 was presented by the then Prime Minister Jawaharlal Nehru in the Lok Sabha. TT Krishnamachari was the Finance Minister at that time. He had to resign when his name came up in the Mundra scam. Nehru took over the portfolio of the finance minister and presented the general budget himself.
Highlights of Nehru’s budget
- Provision for gift tax has been made on transfer of property of more than Rs 10,000. There was also an exemption in this that giving gifts up to Rs 1 lakh to the wife would not attract tax. It was called ‘Gift Tax’.
- Despite the drought in many parts of the country, agricultural production has seen an increase.
- Foreign exchange also declined as compared to the previous financial year.
- The government sought a report from the World Bank to help the country’s ports, Trombay Thermal Station, DVC, The Hydroelectric Project.
- The US, USSR, UK, France, West Germany, Canada and Japan have offered soft loans to help in many areas.
Indira Gandhi was the first woman to present the budget
During the budget session in 1970, the then PM Indira Gandhi addressed the MPs in the House.
Indira Gandhi’s government was in the year 1970. Morarji Desai was also handling the Finance Ministry along with the Deputy Prime Minister. With Indira becoming the Prime Minister, he came down on a rebellion within the party. Congress expelled him from the party on 12 November 1969. After this Indira Gandhi took over the finance ministry and presented the budget for the first and last time on 28 February 1970.
Highlights of that budget
- In this budget, Indira Gandhi took a big decision in indirect tax, under which the tax on cigarettes was increased from 3% to 22% directly.
- In the Direct Taxes, Indira Gandhi reduced the ceiling on the value of property for gift tax from Rs 10,000 to Rs 5,000. That is, if a gift exceeds Rs 5,000, it was brought under the tax net.
- It was announced through the budget that now in addition to 8% of the employee’s and the organization’s participation in the EPF, the government will also give its share. Government help will be given to pay contribution in EPF. After the death of the employee, this amount will be given to the family in lump sum as family pension.
Rajiv Gandhi carried forward the tradition by presenting the budget
Rajiv Gandhi took oath as the Prime Minister in 1984.
The budget of 1987-88 was presented by the then Prime Minister Rajiv Gandhi. Finance Minister VP Singh resigned after a dispute with Rajiv. Rajiv kept the finance ministry with him and presented the general budget.
Highlights of that budget
- Rajiv introduced the proposal of corporate tax for the first time in this budget. This is known as Minimum Alternate Tax.
- Rajiv Gandhi had made a provision for levying tax at the rate of 15% on foreign exchange issued in India for foreign travel. With this, the government had estimated additional revenue of Rs 60 crore.
- Rajiv Gandhi introduced a central outlay plan of Rs 24,622 crore. Out of this, a plan of Rs 14,923 crore was placed through budgetary support.
- In this budget, estimates of Rs 12,512 crore were presented for defense in 1987-88 and Rs 39,233 crore for non-plan expenditure.
The data related to this news has been extracted by our intern partner Gaurav Rawat.
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