Iconic Union Budgets that shaped India’s economic landscape

India’s Union Budget is more than just a financial statement—it is an annual event that reflects the country's economic aspirations and its challenges. The country’s Finance Ministers have, over the years, introduced several historic Budgets that transformed India’s economy. From Dr. Manmohan Singh’s “Epochal Budget” in 1991 to Nirmala Sitharaman’s “Once-in-a-Century Budget” in 2021, these budgets have left lasting legacies.

Also read: Union Budget 2025: Auto industry seeks simplified GST structure

The Black Budget (1973)
The term “Black Budget” usually refers to the allocation of funds for secret projects, but in India’s context, it relates to the 1973 Budget presented by Yashwantrao B Chavan. It was labeled the “Black Budget” due to its alarmingly high fiscal deficit of Rs 550 crore.

The Epochal Budget (1991)
Dr. Manmohan Singh’s 1991 Union Budget is widely regarded as a turning point in India’s economic history. Faced with an economic crisis, Dr. Singh introduced bold reforms, slashing customs duties from 220% to 150%. This was a significant step toward liberalising India’s economy and opening it up to global trade, marking the beginning of a new era of economic growth.

The Dream Budget (1997)
Presented by P Chidambaram, the 1997 Budget, also called the “Dream Budget,” brought hope to millions by reducing income tax rates from 40% to 30%. It also introduced reforms in corporate taxes and abolished several cesses, making it a landmark in India’s tax restructuring.

The Millennium Budget (2000)
In the year 2000, Yashwant Sinha’s Budget focused on fostering technological growth, lowering customs duties on key items like computers and CD-ROMs. This was a decisive move towards modernizing India’s technology sector, further cementing its position as a hub for software exports.

The Roll-Back Budget (2002)
Yashwant Sinha was forced to present a “Roll-Back Budget” in 2002 due to political pressures, notably reversing an unpopular hike in LPG prices. This highlighted the challenges of implementing fiscal policies while managing political realities.

The Aam Aadmi Budget (2005)
P Chidambaram’s 2005 Budget introduced key welfare initiatives, including the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Right to Information Act, both of which aimed at improving the lives of the common people.

Once-in-a-Century Budget (2021)
In 2021, Finance Minister Nirmala Sitharaman presented a Budget designed to revive India’s pandemic-stricken economy. The Budget focused heavily on healthcare, infrastructure development, and tax reforms, positioning these as key drivers of future growth and recovery.

These budgets, each in their unique way, have reshaped India’s economic trajectory and demonstrated the power of strategic fiscal policy in navigating the nation through critical junctures in its history.