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WAYS AND MEANS ADVANCE (WMA)

Ways and means advance is a type of temporary loan facility that Reserve Bank of India gives to the centre or state governments. The current limit set up by the RBI for 2019 is at Rs 75,000 crore. It was introduced in 1997 after putting an end to ad-hoc Treasury Bills to finance the central government deficit.

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Budget Timeline 1991- 2022

Manmohan Singh
1991Manmohan Singh

1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.

Manmohan Singh
1992Manmohan Singh

The Budget aimed at near full employment in a span of ten years. The ’92 Budget called for reduction in fiscal deficits. The government aimed at increasing tax and non-tax revenues. The finance minister also hiked the defence budget from Rs 16,350 crores to Rs 17,500 — a steep rise of 7%.

Manmohan Singh
1993Manmohan Singh

The Budget extensively discussed agricultural credit with an aim to promote rural development. "Our strategy will gradually reduce high levels of protection to the Indian industry. It will moderate the high industrial prices which the farmer has to pay," said the finance minister in his Budget speech.

Manmohan Singh
1994Manmohan Singh

The 1994-95 budget witnessed service tax being introduced at the rate of 5 percent as the sector was contributing 40 percent to the national GDP. The primary aim was to widen the indirect tax base. The tax was initially levied on telephones, non-life insurance and stockbrokers.

Manmohan Singh
1995Manmohan Singh

1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.

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  • 1991-1995
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