India's Iconic Budgets: From 'Black' to 'Dream' and 'Millennium'
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News18•31-01-2026, 12:00
India's Iconic Budgets: From 'Black' to 'Dream' and 'Millennium'
- •The 1973-74 'Black Budget' by Yashwantrao B. Chavan was marked by an unprecedented fiscal deficit of Rs 550 crore and proposed coal mine nationalisation.
- •V. P. Singh's 1986 'Carrot and Stick Budget' introduced MODVAT, blending tax incentives with strict anti-evasion measures.
- •The 1991 'Epochal Budget' initiated India's economic liberalisation, reducing customs duties and opening up the economy during a balance-of-payments crisis.
- •P. Chidambaram's 1997 'Dream Budget' brought sweeping tax reforms, lowering personal and corporate tax rates to boost growth and compliance.
- •Yashwant Sinha's 2000 'Millennium Budget' focused on technology by reducing customs duty on computers, while his 2002 'Rollback Budget' saw proposals withdrawn due to political pressure.
Why It Matters: India's Union Budgets have historically shaped its economic trajectory, from liberalisation to tax reforms.
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