The most historic Union Budget or ‘The Epochal Budget’ was presented on July 24, 1991, by the then Finance Minister Dr.Manmohan Singh. The budget marked the beginning of the economic liberalization of India.
The budget was presented amid India’s economic crisis which made the country one of the fastest-growing emerging economies in the world. The budget was presented under the governance of P.V. Narsimha Rao. The Epochal budget was India’s gate pass to globalization.
Manmohan Singh revised and repaired the import-export policy and made the necessary changes to make the Indian economy global trade-friendly. The customs duty was slashed from 220% to 150% and measures were taken to promote exports.
This was the budget after which India in the next two decades turned out to become one of the fastest-growing emerging economies in the world.
No budget has ever been so impactful on the economy of India.