1997 Union budget of India

The 1997 Union Budget of India, presented by Finance Minister P. Chidambaram on February 28, 1997, was a landmark financial proposal aimed at liberalizing and modernizing the Indian economy. This budget emphasized economic reforms initiated in the early 1990s, focusing on fiscal discipline, tax reforms, and the promotion of foreign investment. Key features included a reduction in personal income tax rates, an increase in the allocation for infrastructure development, and measures to enhance the efficiency of public sector enterprises. The budget also introduced the concept of investor protection and sought to bolster India's export performance. Overall, the 1997 Union Budget was pivotal in steering India towards a more market-oriented economy amidst global economic changes.