5 Historic Union Budget Announcements in India

First Union Budget of India (1947): Presented by R. K. Shanmukham Chetty on November 26, 1947. Focused on handling post-independence economic challenges.

The Black Budget (1973-74): Presented by Yashwantrao Chavan in 1973. Called "Black Budget" due to a high fiscal deficit of ₹550 crore, aimed at poverty reduction.

Economic Liberalization Budget (1991-92): Presented by Dr. Manmohan Singh under PM P. V. Narasimha Rao. Introduced LPG (Liberalization, Privatization, Globalization) reforms, ending the License Raj.

Introduction of GST (2017-18): Presented by Arun Jaitley, merging multiple indirect taxes into Goods and Services Tax (GST). First Union Budget to eliminate the separate Railway Budget.

Digital Budget (2021-22): First-ever paperless budget, presented by Nirmala Sitharaman. Focused on post-COVID economic recovery, infrastructure, and healthcare reforms.