Budget Recap: 5 Historic Budgets That Shaped India's Economic Landscape
Published on: Jan. 25, 2026, 3:11 p.m. | Source: scanx.trade
India's Union Budget history showcases five transformative fiscal presentations that reshaped the nation's economic landscape. Beginning with TT Krishnamachari's 1957 wealth tax introduction and progressing through crisis management during the 1973 'Black Budget' with its ₹ 550 crore deficit, these budgets demonstrate fiscal evolution. VP Singh's 1986 'Carrot and Stick' budget initiated License Raj dismantling, while Dr Manmohan Singh's epochal 1991 budget introduced comprehensive liberalization during a balance of payments crisis. P Chidambaram's 1997 'Dream Budget' revolutionized tax structures, and Nirmala Sitharaman's recent 2025 budget provided significant relief by exempting taxpayers earning up to ₹ 12 lakh from income tax, boosting consumption nationwide.
