Arun Jaitley

Finance Minister : Arun Jaitley
Budget Year : 2014

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Arun Jaitley

Arun Jaitley (born 28 December 1952) is currently the Minister of Finance and the Minister of Defence of the Union cabinet of India in the 16th Lok Sabha. He is a member of the Bharatiya Janata Party (BJP). He has also previously held the portfolios as the Union cabinet Minister for Commerce and Industry, Law and Justice in the National Democratic Alliance government (1998–2004).

Narayan Dutt Tiwari

Finance Minister : Narayan Dutt Tiwari
Budget Year : 1988

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Narayan Dutt Tiwari

Narayan Dutt Tiwari (born 18 October 1925) is an Indian political figure. He was Chief Minister of Uttar Pradesh three times during the 1970s and 1980s and was Chief Minister of Uttarkhand from 2002 to 2007.

In 1963, he joined the Indian National Congress, and was elected M.L.A. from the Kashipur, Uttarakhand constituency in 1965, in the same year he was appointed a minister in the Government of Uttar Pradesh. After that he also remained Minister for Finance and Parliamentary Affairs in the Chaudhary Charan Singh Government (1979–1980). In 1968, he established Jawaharlal Nehru National Youth Centre (JNNYC) is a voluntary Organisation. He remained the first President of Indian Youth Congress from 1969 to 1971.

Madhu Dandavate

Finance Minister : Madhu Dandavate

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Madhu Dandavate

He was born in a Deshastha family. He was popularly known as an Economist.
From 1971 to 1990 he was an M.P., elected to the Lok Sabha for 5 times consecutively from Rajapur in Konkan, Maharashtra. He was one of the prominent opposition leaders when Indira Gandhi and Rajiv Gandhi were the Prime Ministers.
He was the Minister for Railways in the Morarji Desai Ministry. He initiated improvements in second-class railway travel for passengers by replacing the wooden berths with berths consisting of two inches foam. He was also the Finance minister in the cabinet of V. P. Singh.

P Chidambaram

Finance Minister :P Chidambaram
Budget Year : 1996

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P Chidambaram

Palaniappan Chidambaram has the distinction of presenting six Budgets. He became the finance minister for the second time in May 2004 in the United Progressive Alliance government. His first stint as the finance minister was from 1996 to 1998. Chidambaran is acclaimed to have carried forward the economic reforms started in 1991 by Manmohan Singh.
He is known for his ‘dream Budget’ in 1996-97, in which he curbed government expenditure and launched an ambitious tax reforms program to address a huge fiscal deficit.He started his career as a lawyer in the the Madras high court.He made tax rates moderate for individuals as well as companies. Allowed companies to adjust MAT paid in earlier years against tax liability in subsequent years. Launched the Voluntary Disclosure of Income Scheme or VDIS, to bring out black money. Phased out ad hoc treasury bills used for financing the budget deficit.
India had a peak income tax rate in the late 1960s and early 1970s of 97.5 per cent. The moderation in rates improved overall compliance as those who used to find rates prohibitive earlier began to pay up instead of hiding their incomes. Since 1997-98, personal income tax collections have gone up from Rs 18,700 crore to Rs 100,100 crore during April 2010- January 2011. The VDIS garnered about Rs 10,000 crore. Higher disposable income in the hands of taxpayers helped generate demand. The incremental tax revenues were leveraged into developmental public expenditure on social welfare and the infrastructure sector.

Jaswant Singh

Finance Minister : Jaswant Singh
Budget Year : 2003

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Jaswant Singh

 

He became the finance minister in the Bharatiya Janata Party government which lasted just a month from May-June 1996. In July 2002, he once again became the finance minister. He held the post till the General Election of May 2004. He played a key role in pushing ahead market-friendly reforms.

Jaswant Singh was an officer in the Indian Army in the 1960s. He is one of the few Indian politicians to have held the potfolios of defence, finance and external affairs

 

 

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Yashwant Sinha

Finance Minister : Yashwant Sinha
Budget Year :1998

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Yashwant Sinha

 

Yashwant Sinha was the finance minister until July 1, 2002, when he exchanged jobs with foreign minister Jaswant Singh. Sinha, during his tenure, was forced to roll back some of his government’s major policy initiatives for which he was much criticised . Still, Sinha is widely credited for pushing through several major reform measures that put the Indian economy on a firm growth trajectory. Among them are lowering of real interest rates, introducing tax deduction for mortgage interest, freeing up the telecommunications sector, helping fund the National Highways Authority, and deregulating the petroleum industry. Sinha is also known for being the first Finance Minister to break the 53 year tradition of presenting the Indian budget at 5 pm local time, , a practice held over from British Rule days that sought to present the Indian budget at a time convenient to the British Parliament (1130a GMT) rather than India’s Parliament.

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Manmohan Singh

Finance Minister : Manmohan Singh
Budget Year : 1991

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Manmohan Singh  

In 1991, India’s Prime Minister at the time, P.V. Narasimha Rao, chose Singh to be his Finance Minister. At this time, India’s fiscal deficit was close to 8.5 per cent of the gross domestic product, the balance of payments deficit was huge and the current account deficit was close to 3.5 percent of India’s GDP.India’s foreign reserves barely amounted to USD$1 billion, enough to pay for a few weeks of imports, in comparison to USD$283 billion today

India was facing an economic crisis. Singh, who had thus far been one of the most influential architects of India’s socialist economy, slowly opened the Indian economy to foreign investment and business competition

Manmohan Singh’s  budget overhauled the import-export policy, slashed import licensing and went for vigorous export promotion and optimal import compression to expose Indian industry to competition from abroad. Began rationalisation of duty structures by pruning the peak customs duty from 220 per cent to 150 per cent.

Singh introduced service tax in the 1994 Budget to tap into the fastest growing sector of the economy then. Service tax today fetches Rs 58,000 crore against Rs 400 crore in 1994.

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Shankarrao Chavan

Finance Minister :Shankarrao Chavan
Budget Year : 1989

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Shankarrao Chavan

He was an Indian politician who served twice as Chief Minister of Maharashtra from 1975 until 1977 and from March 13, 1986 until June 24, 1988.He was Finance Minister of India from 1987 to 1990

 
 
 
 
 

Rajiv Ghandi

Finance Minister :Rajiv Ghandi
Budget Year : 1987

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Rajiv Ghandi

 

Rajiv Gandhi was the 6th Prime Minister of India . He took office after his mother’s assassination on 31 October 1984 .

Rajiv Gandhi was the elder son of Indira and Feroze Gandhi.He became the finance minister after VP singh and was in power for a short period from 24th January 1987 to 25th July 1987.

 

 

V. P. Singh

Finance Minister : V. P. Singh
Budget Year : 1985

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V. P. Singh

 

VP Singh was the 7th Prime Minister of India , he entered local politics in Allahabad during the Nehru era . During his term as Finance Minister, he oversaw the reduction of gold smuggling by reducing gold taxes and the excellent tactic of giving the police a portion of the smuggled gold that they found.

He also gave extraordinary powers to the Enforcement Directorate of the Finance Ministry, the wing of the ministry charged with tracking down tax evaders.

 

 

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