Yashwantrao Chavan

Finance Minister : Yashwantrao Chavan
Budget Year :1971

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Yashwantrao Chavan

Yashwantrao Chavan is best defined as the Architect of Modern Maharashtra. In a career spanning 40 years, Yashwantrao’s invaluable contribution was guiding the politics of Maharashtra in the right direction in a balanced and non-discriminative manner. He has always been described as a sponge for knowledge, highly creative, cultured and intellectual leader and a disciplined statesman who dealt with everyone including the opposition respectfully. Yaswanth Chavan’s budget decision provided Rs 56 crore for the nationalisation of the general insurance companies, Indian Copper Corp and coal mines. This was a huge sum: the estimate for the budget deficit for 1973-74 was Rs 550 crore. nationalisation of coal mines had an adverse impact on coal production in the long run. The coal assets were bundled together under a single government-owned entity with no scope for market competition. There was little incentive for deployment of efficient production techniques and introduction of new technologies. India has been a net importer of coal over the past 40 years.

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