The Union Budget 2026 is expected to focus on infrastructure, digital and AI projects, and support for spending. It may include higher government spending, tax changes for the middle class and small businesses, incentives for manufacturing and technology, rural development, better broadband, and help for farmers, all aimed at building a strong and inclusive economy.
Over the years, some budgets have stood out as turning points, shaping reforms, managing crises, or setting new directions.
5 Landmark Budgets Of India
First Union Budget Of India (1947)
The first budget after independence, presented by RK Shanmukham Chetty on November 26, 1947, set the foundation for India's fiscal policy. Covering only seven and a half months, it focused on stabilising the economy after partition, rebuilding resources, and establishing administrative frameworks.
Introduction Of The Wealth Tax (1957)
The 1957-58 budget presented by TT Krishnamachari became known for introducing the wealth tax, a reform aimed at reducing inequality and broadening the tax base. By levying a tax on the total assets of individuals, the government expanded its fiscal toolkit and shifted toward more sophisticated economic management.
The wealth tax remained a part of Indian tax law for decades until its abolition in 2015.
The ‘Black Budget' (1973)
The 1973-74 budget, called the ‘Black Budget' and presented by Yashwantrao Chavan, highlighted India's economic challenges. A large fiscal deficit, rising oil prices, and food shortages showed the limits of government finances. The budget signalled the need for fiscal discipline, reforms, and a move toward market-oriented policies, lessons that shaped later economic stabilisation efforts.
The Epochal Budget (1991)
The 1991-92 Union Budget, presented by Dr Manmohan Singh, is one of the most important in India's history. At the time, India faced a balance-of-payments crisis and low foreign exchange reserves. The government responded with major reforms. It cut import tariffs, removed restrictive licenses, deregulated industries, and opened the economy to foreign investment. This budget started the era of liberalisation, privatisation, and globalisation (LPG), moving India from a state-controlled economy to a more open and competitive one. These changes boosted growth, attracted foreign capital, and increased India's role in the global economy.
The Dream Budget (1997)
Finance Minister P Chidambaram's 1997-98 ‘Dream Budget' simplified the tax system by reducing personal income tax rates and corporate taxes. It aimed to boost investment, modernise fiscal policies, and make India's tax system more competitive. This budget is remembered for making India more investor-friendly and growth-oriented.
