As Finance Minister Nirmala Sitharaman prepares to present the interim budget on February 1, ahead of the Lok Sabha elections, let's take a look at India's landmark budgets:
First Budget of the Republic of India (1947): John Mathai's inaugural budget paved the way for the Planning Commission and set the groundwork for India's economic planning.
The Black Budget (1973-74): Presented by Yashwantrao B Chavan during the Indira Gandhi era, this budget earned its name due to a fiscal deficit of ₹550 crore.
Carrot and Stick Budget (1986): VP Singh's budget marked the beginning of dismantling the license raj, a crucial step towards economic liberalisation in India.
Epochal Budget (1991): Manmohan Singh's budget further dismantled the license raj and paved the way for economic liberalisation.
Dream Budget (1997-98): P Chidambaram's budget lowered tax rates, especially for corporates and encouraged foreign investments.
Millennium Budget (2000): Yashwant Sinha's budget laid the foundation for the growth of India's Information Technology (IT) industry.
Rollback Budget (2002-03): Yashwant Sinha's budget, during the NDA government, was notable for its rollback of several proposals and policies.
Budget 2012-13: Pranab Mukherjee introduced General Anti Avoidance Rules (GAAR) to counter aggressive tax avoidance, creating controversy with retrospective changes affecting the Vodafone-Hutchison deal.
Railway Budget Merger (2017): Arun Jaitley's budget merged the Railway Budget with the General Budget, ending the 92-year-old tradition of a separate Railway Budget.
Once-in-a-Century Budget (2021): Nirmala Sitharaman's budget garnered attention for its heightened focus on privatisation, tax collections, and significant investments in infrastructure and healthcare.