India has had 25 finance ministers since Independence in 1947 who have presented and passed in Parliament 83 Budgets — both interim and annual — so far.
Minister of Finance in the Congress Government John Mathai, in his Budget for 1950-51 proposed the setting up of the Planning Commission. Immediately after Independence, inflation had been running high, cost of capital was steep and the savings rate was low.
The Modi Government has said it could considerably downscale the Commission’s role
As a result, both investment and production were slow. The five year plans, it was hoped, would steer the Indian Economy towards balanced growth. The Commission is not seen to have succeeded at the planning function.
There are two general considerations which I wish to mention with regard to these taxation proposals. I have for some time held the view that the present level of taxation in this country is uneconomic in the sense that the economy of the country cannot bear it: John Mathai