‘Millennium’, ‘Dream’, ‘Once-in-a-Century’: Here are the most remarkable budgets in Indian history

Also Read: Budget 2024: These are the 6 key Budget promises delivered in recent past

The full budget will be presented after the formation of the new government post-Lok Sabha elections. In the Union Budget, the central government presents the proposed financial objectives and policy updates for that year. Several Union Budgets presented under different governments are remembered for their landmark decisions and policy announcements. Here are the top remarkable Union Budgets of India. 

Also Read: Union budget 2024: A wishlist of the middle class

The Black Budget

The Union Budget was presented by Yashwantrao B Chavan during the Indira Gandhi government in the year 1973-74. It was termed the Black Budget because of the high fiscal deficit of ₹550 crore during that year, according to PTI. The nation was going through acute financial hardships at that time. 

Carrot and Stick Budget

Presented by then Finance Minister VP Singh, the Union Budget of 1986 was called as ‘Carrot & Stick’ Budget because it was the first step towards demolishing the licence raj in India. 

The Budget presented in 1986 earned the name because of its dual nature. On the one hand, the government introduced the MODVAT (Modified Value Added Tax) credit to lower the cascading effect of tax that consumers had to pay, on the other hand, it also launched an intense drive against smugglers, black marketers, and tax evaders.

Epochal Budget of 1991

The economic reforms introduced by the central government in the year made it one of the most iconic budgets presented so far. Presented by Manmohan Singh in 1991, the budget was the final blow to end licence raj. Moreover, it brought the era of liberalisation. Hence, it is famously known as the ‘Epochal budget’, according to PTI.

The budget was presented at a time when India was on the verge of an economic collapse. In that year, the government significantly reduced customs duty from 220 per cent to 150 per cent and took steps to promote exports.

Dream Budget

Former Finance Minister P Chidambaram announced a significant tax cut while presenting the Union Budget in 1998. He slashed the maximum marginal income rate for individuals from 40 per cent to 30 per cent and that for domestic companies to 35 per cent. Apart from these measures, the government also announced a voluntary disclosure of income scheme to recover black money. In that year, the government also trimmed customs duty to 40 per cent.

Millennium Budget

The Union Budget presented by Yashwant Sinha presented the road map for the growth of the Information Technology (IT) industry of the country. To boost the Indian sector, it also phased out incentives on software exporters and lowered customs duty on 21 items like computers and computer accessories.

Rollback Budget

The budget presented by Yashwant Sinha during the NDA government in the year 2002-03 was famously called as the Rollback Budget. It earned this name because of the withdrawal of several proposals and policies by the Atal Bihari Vajpayee government.

Once-in-a-Century Budget

Finance Minister Nirmala Sitharaman’s Union Budget of 2021 is popularly known as the ‘once-in-a-century budget’ because of its enhanced focus on privatisation, robust tax collections, and investment in infrastructure and healthcare.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Published: 31 Jan 2024, 07:00 AM IST