Dr Manmohan Singh's Demise: Watch Ex-PM's Famous 1991 Budget Speech As Finance Minister

Dr Manmohan Singh's Demise: As the world mourns the death of former Prime Minister Manmohan Singh who passed away on Thursday night, his famous budget speech in 1991 has gone viral.

Here are the key highlights from his speech and also people can watch the video:

Ex-PM as Finance Minister Manmohan Singh delivered his budget speech in Parliament and presented a series of measures aimed at reshaping India's fiscal policies, encouraging industrial growth, and aligning the nation with emerging global economic trends. The proposals, which included changes in excise and customs duties, aimed at generating additional revenue while maintaining relief for certain struggling industries.

Key Highlights of the Budget:

Excise Duty Adjustments

• The excise duty on moped tires has been reduced from ₹30 to ₹25 per tire, with an expected revenue gain of ₹40 crore.
• Special excise duties on products currently taxed at 10% will increase to 15%, excluding petroleum products, motor cars, and consumer electronics. These changes are projected to yield ₹1,025 crore in additional revenue.

Export Duties for Value Addition

• To encourage value-added exports, a 10% export duty will be imposed on finished leather and unpolished granite, and a 5% duty on iron ore. This is expected to bring in ₹142 crore.

Reliefs for Industries in Crisis

• Consumer durables like motor cars and televisions are exempted from the increased excise duty due to their challenging market conditions, a move made following requests from state leaders, including West Bengal's Chief Minister.

Revenue Mobilization and Allocation

• The proposals for excise duties are expected to yield ₹2,515.7 crore, while concessions amount to ₹304.8 crore.
• After revenue sharing, states will gain ₹1,064.37 crore, and the Center will retain ₹1,146.53 crore.

Impact on Fiscal Deficit

• The net impact of the changes in customs and excise duties will lead to an additional ₹187.55 crore in indirect taxes. However, due to the loss in customs revenue and shared excise gains, the Center faces a revenue loss of ₹876.82 crore, while states benefit by ₹1,500 crore.
• The estimated fiscal deficit for 1992-93 stands at ₹34,408 crore.

Vision for Reform and Resilience

In his speech, Dr. Singh emphasized the importance of reforms introduced under Prime Minister PV Narasimha Rao's leadership, highlighting their role in restructuring the economy and integrating India into the global economic framework. He paid tribute to India's founding leaders, particularly Jawaharlal Nehru, for their vision of a socially and economically transformed India.

"India must embrace the need for restructuring and reform to avoid marginalization in an increasingly globalized economy. These changes reflect our commitment to a prosperous future aligned with the dreams of our founding fathers," Dr. Singh said.