Finance Minister Nirmala Sitharaman will present the 92nd Union Budget on February 1, 2024. This year, it is an interim Budget as general elctions will be held in a few months. As of now, India witnessed 77 Regular Budgets, while 14 Interim Budgets. In total, 91 Union Budgets were placed in Parliament to date. Here in the following is a complete timeline of all Budgets since India's independence.
Budget Flashback: 1947-2023
Union Budget 1947-48
Presented by Finance Minster, RK Shanmukham Chetty
The expenditure under the Budget was assigned Rs 197.39 crore, of which roughly Rs 92.74 crore or 46 per cent was allotted for Defence Services.
Union Budget 1948-49
Presented by the Finance Minster, RK Shanmukham Chetty
In the year 1948, the Finance Minister used the term 'Interim Budget' for the first time, which later became an institutional process.
Union Budget 1949-50
Presented by the Finance Minister, Dr John Matthai
In this Budget, the government abolished the Capital Gains Tax. However, it was later reinstated under the 1956-57 Budget.
Union Budget 1950-51
Presented by the Finance Minister, Dr John Matthai
The government formally announced the setup of the Planning Commission, primarily headed by the Prime Minister. The Planning Commission is made to direct well-defined programs for Inda's development.
Union Budget 1951-52
Presented by the Finance Minister, C.D. Deshmukh
The estimated total revenue under the budget was Rs 369.89 crore, and the total expenditure was kept at Rs 375.43 crore, leaving a deficit of Rs 5.54 crore.
Union Budget 1952-53
Presented by the Finance Minister, C.D. Deshmukh
The estimated revenue surplus in the Budget was Rs 3.23 crores, and the overall deficit was expected to be around Rs 75.6 crores.
Union Budget 1953-54
Presented by the Finance Minister, C.D. Deshmukh
The minimum income tax exemption limit for individual taxpayers was raised by approximately 17 per cent or up to Rs 4,200 from the previous Rs 3,600.
Union Budget 1954-55
Presented by the Finance Minister, C.D. Deshmukh
The estimated revenue in the budget was kept at Rs 441.03 crores, and expenditure at Rs 467.09 crores, leaving a deficit of Rs 26.06 crores.
Union Budget 1955-56
Presented by the Finance Minister, C.D. Deshmukh
In this budget, the government proposed different tax-exemption limits for married and unmarried individuals. Rs 2,000 was kept for married couples, while for unmarried individuals, the limit was maintained at Rs 1,000.
Union Budget 1956-57
Presented by the Finance Minister, Chintaman Dwarakanath Deshmukh
A total expenditure of Rs 545.43 crores was kept in the budget, out of which Rs 203.97 crores were allocated for defence services and Rs 341.46 crores for civil heads.
Union Budget 1957-58
Presented by the Finance Minister, T. T. Krishnamachari
In this Budget, the government unveiled the Wealth Tax, a novel direct taxation tool that persisted.
Union Budget 1958-59
Presented by the Prime Minister and Minister of External Affairs and Finance Minister Jawaharlal Nehru
For the first time in the history of Independent India, the Budget was presented by a Prime Minister. Then PM decided to carry out the responsibilities of presenting the Budget and introduced a new taxation instrument called the Gift Tax.
Union Budget 1959-60
Presented by the Finance Minister, Morarji R. Desai
In this Budget, a total revenue of Rs 757.51 crores and an expenditure of Rs 839.18 crores was kept, leaving a deficit of Rs 81.67 crores.
Union Budget 1960-61
Presented by the Finance Minister, Morarji R. Desai
In this budget, the government released projections for the PL480, an import agreement with the USA. This agreement, signed in 1959, allowed the Indian government to work with the US government to import food grains and other agricultural products worth Rs 122 crores at the time.
Union Budget 1961-62
Presented by the Finance Minister, Morarji R. Desai
In this budget, a total revenue of Rs 962.92 crores and an expenditure of Rs 1023.52 crores was kept, leaving a deficit of Rs 60.60 crores.
Union Budget 1962-63
Presented by the Finance Minister, Morarji R. Desai
The revenue was estimated at Rs 1,305.87 crore and expenditure at Rs 1,369.33 crore, leaving a deficit of Rs 63.46 crore.
Union Budget 1963-64
Presented by the Finance Minister, Morarji R. Desai
The introduction of the super-profits tax, an extra tax imposed on India's wealthiest individuals and corporations on top of the country's regular income tax drew harsh condemnation from a wide range of industries.
Union Budget 1964-65
Presented by the Finance Minister, T. T. Krishnamachari
In this budget, the expenditure tax was put in place under a direct taxation tool levied on all expenditures above Rs 36,000 per annum. However, it was abolished under the budget of 1966-67 after facing backlash from corporates.
Union Budget 1965-66
Presented by the Finance Minister, T. T. Krishnamachari
Under this budget, the government launched the Voluntary Disclosure Scheme for Unaccounted Wealth. The program was the government's first attempt to combat tax evasion and black money.
Union Budget 1966-67
Presented by the Finance Minister, Sachindra Chaudhuri
The expenditure under this Budget was assigned Rs 2,407 crore, and revenue was Rs 2,617 crores, accounting for a surplus of Rs 210 crores.
Union Budget 1967-68
Presented by the Finance Minister, Morarji R. Desai
In this Budget, the Finance Minister estimated a deficit of around Rs 68 crore after considering all aspects.
Union Budget 1968-69
Presented by the Finance Minister, Morarji R. Desai
After the government noticed taxpayers misusing a tax instrument known as the “Spouse Allowance” this instrument was abolished in this budget.
Union Budget 1969-70
Presented by the Finance Minister, Morarji R. Desai
In this budget, the government announced the extension of tax holiday concession for new industrial undertakings and ships.
Union Budget 1970-71
Presented by the Prime Minister and Finance Minister, Indira Gandhi
In the history of Independent India, this was the only budget presented by a woman (before Nirmala Sitharaman presented the Union Budget 2019-20).
Union Budget 1971-72
Presented by the Finance Minister, Yashwantrao Chavan
In this budget, the government implemented a new tax regime, imposing an extra 20 per cent tax rate on all airline tickets bought in rupees.
Union Budget 1972-73
Presented by the Finance Minister, Yashwantrao Chavan
In this budget, the government proposed to increase budgetary provision for centre-sponsored planned schemes to Rs 1787 from Rs 1455 to accelerate the pace of growth and social welfare.
Union Budget 1973-74
Presented by the Finance Minister, Yashwantrao Chavan
This Budget was known as the Black Budget, as the fiscal deficit was Rs 550 crore during that year. It was during the time when India was going through acute financial crisis.
Union Budget 1974-75
Presented by the Finance Minister, Yashwantrao Chavan
The government aimed to pave the stage for restructuring India's income tax system with this budget. As a result, the government chose to lower the maximum marginal income tax rate from 97.75 per cent to 75 per cent.
Union Budget 1975-76
Presented by the Finance Minister, Chidambaram Subramaniam
The revenue was estimated at Rs 10,521 crore and expenditure at Rs 10,768 crore, leaving a deficit of Rs 247 crore.
Union Budget 1976-77
Presented by the Finance Minister, Chidambaram Subramaniam
This year’s budget estimated a deficit of Rs 490 compared to Rs 247 of the previous year.
Union Budget 1977-78
Presented by the Finance Minister, Hirubhai M. Patel
In this budget, there was an emphasis on the need for fundamental change in economic policies and programmes.
Union Budget 1978-79
Presented by the Finance Minister, Hirubhai M. Patel
This budget was presented less than a month after the Janata Party government decided to eliminate Rs 1,000, Rs 5,000, and Rs 10,000 notes as of January 16, 1978, to curb illicit activities. The main goal of the budget address was to defend this step.
Union Budget 1979-80
Presented by the Deputy Prime Minister and Finance Minister, Charan Singh
This year’s budget accepted the recommendations of the 7th Finance Commission. It also absorbed the effects of the states' share of Union excise charges doubling from 20 to 40 per cent.
Union Budget: 1980 – 81
Regular Union Budget for the year 1980-81 was tabled in the Lok Sabha by then Finance Minister R Venkatraman. Indira Gandhi was the prime minister of India.
Union Budget: 1981 – 82
The Union Budget was presented on February 28, 1981 in Parliament by then Finance Minister R Venkatraman
Union Budget: 1982 - 83
On February 27, 1982, then Finance Minister Pranab Mukherjee tabled the Union Budget. Indira Gandhi was the PM at that time.
Union Budget: 1983 - 84
On February 28, 1983, Pranab Mukherjee presented India’s General Budget
Union Budget: 1984 - 85
On February 29, 1984, then Finance Minister Pranab Mukherjee presented his last Budget under the prime ministership of Indira Gandhi.
Union Budget: 1985 - 86
On March 16, 1985, then Finance Minister tabled the V P Singh tabled the Union Budget in the Lok Sabha. After the assassination of Indira Gandhi, Rajiv Gandhi became the PM, while Singh was the minister of finance.
Union Budget: 1986 – 87
On February 28 in 1986, V P Singh again laid the Union Budget on the table of the Lok Sabha
Union Budget: 1987 - 88
On February 28, 1987, Rajiv Gandhi presented the Union Budget. He was then the prime minister
Union Budget: 1988 – 89
On February 29, 1988, under the leadership of then PM Rajiv Gandhi, Finance Minister N D Tiwari tabled the Union Budget. He only presented the Budget for that year only.
Union Budget: 1989 – 90
On February 28, 1989, Shankarrao Chavan became the new finance minister and tabled the Budget in the Lok Sabha. Gandhi was then the prime minister.
Union Budget: 1990 – 91
On March 19, 1990, Third Front Government came to power and VP Singh became the PM. Then FM, Madhu Dandavate, tabled the Union Budget.
Union Budget: 1991 – 92
On July 24, 1991 the Congress Party came to power under the prime ministership of PV Narasimha Rao. Manmohan Singh was appointed finance minister. Singh presented India’s first Budget, which could be described as the 'landmark' Budget in Indian history, the former RBI Governor ushered in a series of reforms.
Union Budget: 1992 – 93
On February 29, 1992, Manmohan Singh presented his second Budget as finance minister.
Union Budget: 1993 – 94
On February 27, 1993, Manmohan Singh tabled his third General Budget
Union Budget: 1994 – 95
On February 28, 1994, Manmohan Singh, then finance minister, presented the Union Budget.
Union Budget 1995 – 96
This was the last General Budget under Narasimha Rao’s govt. Singh tabled the Budget on March 15, 1995.
Union Budget 1996 - 97
On March 19, 1996 United Front govt was in power under the leadership of PM HD Deve Gowda. Then Finance Minister P Chidambaram presented the General Budget that year.
Union Budget 1997-98
This Budget was also called the Dream Budget by the Indian media was tabled in the Lok Sabha on February 28, 1997 by Finance Minister P Chidambaram. The Budget showed a road map of economic reforms which included lowering income tax rates, removal of the surcharge on corporate taxes, and reduced corporate tax rates
Union Budget 1998 – 99
The first NDA-led government under the leadership of PM Atal Bihari Vajpayee came to power. Then Finance Minister Yashwant Sinha presented the General Budget on June 1, 1998.
Union Budget 1999-2000
Finance Minister Yashwant Sinha tabled the Union Budget. Until 1999, the Union Budget was presented at 5 pm on the final day of February. In 1999, Sinha proposed that the Union Budget should be presented at 11 am.
Union Budget 2000-01
Presented by Finance Minister Yashwant Sinha, the millennium Budget focused on fiscal control and encouraged the IT sector by tax breaks and e-governance.
Union Budget 2001-02
FM Yashwant Sinha presented the budget which aimed to boost infrastructure, technology, and rural development. It simplified the corporate tax structure and highlighted the rural economy.
Union Budget 2002-03
Presented By Yashwant Sinha, the budget emphasised deregulation in agriculture, sugar, and drugs.
Union Budget 2003-04
FM Jaswant Singh presented the budget which gave a boost to the agriculture sector including hiked minimum support prices (MSPs) for crucial crops. Further,excise duty cuts were imposed on polyester to help revive the textile industry.
Interim Budget 2004-05
Presented by FM Jaswant Singh, the Interim Budget emphasised the NDA government’s ‘Panch priorities’, namely, poverty reduction, agriculture boost, infrastructure development, fiscal consolidation, and efficient manufacturing.
Union Budget 2004-05
FM P Chidambaram presented the budget of the newly formed UPA government and focused on a healthcare revamp. The budget introduced the National Health Insurance Scheme and also increased sectoral limits for FDI in telecom, aviation, and
insurance to lure investment.
Union Budget 2005-06
Presented by P Chidambaram, the budget boosted growth with tax cuts for domestic companies and individuals, attracting investment. Customs tariffs were also reduced, and spending was increased on education, healthcare, and infrastructure.
Union Budget 2006-07
FM P Chidambaram presented the budget which focused on education with the funding doubled for Maulana Azad Foundation, while minority schemes saw increased support. Further, infrastructure saw major investments with a push for
public-private partnerships.
Union Budget 2007-08
Presented by FM P Chidambaram, the budget enhanced rural development with increased NREGA coverage and irrigation funding. Further, spending on education was raised by 34 per cent.
Union Budget 2008-09
FM P Chidambaram presented the budget which focused on farm loan waivers, income tax breaks, and new IITs and universities, ahead of the elections next year.
Interim Budget 2009-10
FM Pranab Mukherjee presented the interim budget ahead of the elections and amidst the global financial crisis. The budget raised plan expenditure, especially for agriculture and infrastructure, increased income tax deductions for housing loans and educations, helping the middle-class.
Union Budget 2009-10
Presented by FM Pranab Mukherjee, the budget prioritised economic growth while protecting the vulnerable sections of the society during the financial crisis. It included tax cuts for individuals and businesses, along with increased spending on
education, infrastructure, and rural development.
Union Budget 2010-11
FM Pranab Mukherjee presented the budget emphasised boosting infrastructure and increased spending to create jobs and enhance rural livelihoods. It also simplified the system by providing cash subsidies for fuel and fertiliser instead of bonds.
Union Budget 2011-12
Presented by FM Pranab Mukherjee, the budget focused on social welfare and infrastructure, while aiming for fiscal stability. Increased spending on education by 24 per cent and health by 20 per cent.
Union Budget 2012-13
Presented by FM Pranab Mukherjee, the budget increased plan expenditure and also raise income tax exemption limit. It also hiked the service tax rate from 10 per cent to 12 per cent and took measures to boost domestic manufacturing and exports.
Union Budget 2013-14
FM P Chidambaram unveiled the budget that included increased spending for the fiscal year to be funded with higher revenues, from new taxes levied on the rich and large companies. The budget aimed to reduce the fiscal deficit and revive growth
amidst the country’s worst slowdown in a decade.
Interim Budget 2014-15
Presented by FM P Chidambaram, the budget aimed for fiscal stability in the election year. It included no tax changes, but levied excise duty cuts aimed to provide relief in manufacturing sector.
Union Budget 2014-15
FM Arun Jaitley presented the first budget of the newly elected PM Narendra Modi’s government. The budget focused on ‘Sabka Sath, Sabka Vikas’ and introduced the Skill India programmed for the youth in the country. Further, the budget allocated Rs 70.6 billion for Smart Cities, Rs 2.29 trillion for defense, and aimed the fiscal deficit at 4.1 per cent.
Union Budget 2015-16
Presented by FM Arun Jaitley, the budget aimed for fiscal consolidation and increased non-plan expenditure to boost defense, internal security, and infrastructure.
Union Budget 2016-17
Presented by FM Arun Jaitley, the budget highlighted three major schemes to help underprivileged, namely the Pradhan Mantri Fasal Yojana, health insurance scheme, and an initiative to ensure LPG connection for BPL families.
Union Budget 2017-18
FM Arun Jaitley presented the budget which included 3 major reforms, namely, the advancement of date of presentation, merger of railway budget with general budget, and the abolition of Plan and non-Plan expenditure.
Union Budget 2018-19
FM Arun Jaitley presented the budget and launched the Ayushman Bharat scheme to provide health insurance to the public. The budget also included a mass formalisation of the MSME industry after GST and demonetisation and the sector was
allocated Rs 3,794 crore capital support and industry subsidy by 2022.
Interim Budget 2019-20
Presented by FM Piyush Goyal ahead of the elections, the budget focused on providing immediate relief with schemes like the Kisan Samman Nidhi for farmers and included a full tax rebate for income up to Rs 5 lakh per annum.
Union Budget 2019-20
Presented by FM Nirmala Sitharaman, the budget aimed to provide tax relief to the middle class and boosted education, healthcare, and MSME support. It also made PAN card and Aadhaar card interchangeable.
Union Budget 2020-21
Presented by FM Nirmala Sitharaman, the budget proposed a new set of income tax rates for those earning up to Rs 15 lakh a year. The new income tax regime remained optional and allowed the taxpayer to choose the tax structure as per their
individual choice. It also announced Rs 100 lakh crore to be invested on infrastructure over the next 5 years.
Union Budget 2021-22
Presented by FM Nirmala Sitharaman, the budget came in the aftermath of the Covid-19 crisis, and focused on enhancing healthcare and increased allocation for vaccination to Rs 35,000 crore. The budget also imposed a Rs 2.5 per litre agri
infra cess on petrol and Rs 4 on diesel.
Union Budget 2022-23
FM Nirmala Sitharaman presented the Budget which allocated Rs 10 lakh crore capital investment, up by 33 per cent, to enhance growth potential and job creation, infrastructure development, crowd-in private investments, and provide a
cushion against global headwinds.
Union Budget 2023-24
Presented by FM Nirmala Sitharaman, the budget focused on ‘Amrit Kaal’ growth (referring to the next 25 years, by 2047), with the goal of making India a developed country in the period. The budget named the seven pillars or 'Saptarishi' to usher growth and development, namely, inclusive development, reaching last mile, infrastructure investment, unleashing potential, green growth, youth power, and financial sector. Further, the budget included a record budgetary allocation of Rs 2.4 trillion for the Indian Railways.