From independence to liberalisation and beyond: India's top 10 Union Budgets

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• India's first post-independence budget focused on defence due to partition violence.
• Key budgets introduced wealth tax, ended License Raj, and spurred liberalization
• Reforms: GST prep, IT boom, infrastructure push, COVID stimulus

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The countdown has begun for the most important financial presentation for the Indian economy. For the first time ever, India will see the Union Budget Speech on a Sunday. The record-making February 1st speech by Union Finance Minister Nirmala Sitharaman set the tone for India’s economic plan and fiscal roadmap. Amid geopolitical volatility, everyone will be looking for signs of growth and expansion in the Indian economy. But as we move forward in the future, it is necessary to look back at the past. So, here are top 10 Union Budgets that shaped India as we know it today:

1947 Budget: RK Shanmukham Chetty presented India's first post-independence budget on November 26, 1947, estimating revenue at Rs 171.15 crore and expenditure at Rs 194.39 crore. It prioritized defence spending at Rs 93 crore amid partition violence and refugee crises, laying the foundation for fiscal planning.

1957-58 Budget: TT Krishnamachari introduced India's first wealth tax on assets exceeding Rs 5 lakh, aiming to reduce inequality and fund development. This progressive measure symbolized socialist policies but faced criticism for administrative burdens.

1973-74 Budget: Yashwantrao B. Chavan's "Black Budget" revealed a Rs 550 crore deficit during the oil shock and droughts. It funded bank nationalisations and subsidies, earning its somber name from stark deficit disclosures.

1986-87 Budget: V.P. Singh's "Long Term Fiscal Policy" dismantled License Raj controls, introduced MODVAT for value-added tax, and cracked down on tax evasion with raids. It balanced incentives ("carrot") with penalties ("stick"), boosting compliance.

1991-92 Budget: Manmohan Singh's "Epochal Budget" rescued India from forex crisis by devaluing the rupee 18-19%, slashing import duties from 220% to 150%, and ending License Raj for most industries. It ushered in liberalization, FDI, and globalization.

1997-98 Budget: P. Chidambaram's "Dream Budget" cut peak personal income tax to 30% from 40%, corporate tax to 35%, and launched Voluntary Disclosure of Income Scheme. It spurred investment and growth, living up to its optimistic moniker.

2000-01 Budget: Yashwant Sinha's "Millennium Budget" halved computer duties to zero, exempted IT exports from income tax until 2009, and promoted e-commerce. It catalyzed India's IT boom and digital economy.

2003-04 Budget: Jaswant Singh allocated Rs 75,000 crore for the Golden Quadrilateral highway project, urban renewal, and rural roads. It emphasized infrastructure, enabling connectivity and economic expansion.

2017-18 Budget: Arun Jaitley's budget merged the separate Railway Budget after 92 years, streamlining processes. It featured GST implementation prep, affordable housing push, and health insurance for 5 crore vulnerable families.

2020-21 Budget: Nirmala Sitharaman delivered the longest speech (2h42m), introducing a new tax regime without exemptions, Vivad se Vishwas dispute resolution, and Rs 1.34 lakh crore for Atmanirbhar Bharat. It addressed COVID impacts with stimulus.