Core Insights - The article discusses the evolution of India's Union Budgets over the decades, highlighting key reforms and their impacts on the economy and governance [21][20]. Group 1: Historical Budget Reforms - Pranab Mukherjee's 1983-84 budget introduced performance-based grants to states, allocating Rs 300 crore based on program implementation rather than population [3][21]. - V.P. Singh's 1985-86 budget raised the personal income tax exemption limit from Rs 15,000 to Rs 18,000, removing around 1 million taxpayers from the tax net [5][21]. - Rajiv Gandhi's 1987-88 budget significantly increased education spending from Rs 352 crore to Rs 800 crore, leading to the establishment of the Securities and Exchange Board of India [6][21]. Group 2: Liberalization and Structural Changes - Manmohan Singh's 1991-92 budget marked a shift towards Liberalization, Privatization, and Globalization (LPG) in response to a balance of payments crisis, with fiscal deficit exceeding 8% of GDP [7][21]. - P. Chidambaram's 1996-97 budget focused on long-term infrastructure financing, establishing the IDFC to support infrastructure projects [10][21]. - The 1997-98 budget, known as the "dream budget," introduced significant tax reforms, lowering personal income tax rates and recognizing the importance of information technology [11][21]. Group 3: Recent Developments and Future Directions - Arun Jaitley's 2017-18 budget introduced the Goods and Services Tax (GST), unifying 17 central and state indirect taxes under a federal framework [16][17]. - Nirmala Sitharaman's 2020-21 budget emphasized infrastructure development through the National Infrastructure Pipeline and proposed a restructuring of the personal income tax regime [18][21]. - The 2025-26 budget proposed the Jan Vishwas Bill 2.0 to decriminalize certain provisions, aiming to reduce compliance burdens and improve the ease of doing business [19][21].

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