India's Union Budget represents far more than a financial document—it serves as a comprehensive blueprint for the country's economic growth and signals policy direction to citizens, investors, and businesses. Since the first budget of independent India was delivered by RK Shanmukham Chetty on 26 November 1947, several landmark budgets have fundamentally reshaped the nation's economic landscape. These historic fiscal presentations have introduced transformative policies, navigated economic crises, and set the foundation for India's modern economy.

The Foundation: Wealth Tax Introduction (1957)

The Union Budget of 1957-58 marked a significant milestone in India's fiscal policy when Finance Minister TT Krishnamachari introduced the wealth tax for the first time in the country's history. This groundbreaking measure aimed to reduce inequality and broaden the tax base, expanding the government's fiscal toolkit.

This tax remained an integral part of India's tax law for nearly six decades before its eventual abolition in 2015.

Crisis Management: The Black Budget (1973)

The 1973 Budget, presented by Yashwantrao Chavan, earned the infamous moniker 'Black Budget' due to the severe economic challenges India faced at the time. The budget highlighted the limitations of government finances during a period of significant economic distress.

Reform Catalyst: Carrot and Stick Budget (1986)

Presented on 28 February 1986 by VP Singh under the Congress government, this budget marked the first significant step toward abolishing the License Raj system in India. The budget earned its distinctive name due to its dual approach of providing incentives while imposing strict penalties.

Economic Transformation: Manmohan Singh's Epochal Budget (1991)

Widely regarded as one of the most important budgets in India's history, the 1991 Union Budget presented by Dr Manmohan Singh fundamentally transformed the Indian economy. Delivered during a severe balance of payments crisis with critically low foreign exchange reserves, this budget introduced comprehensive economic reforms.

The epochal budget ushered in an era of liberalization, privatization, and globalization through several key measures:

• Removal of restrictive licenses
• Deregulation of industries
• Opening the Indian economy to foreign investments
• Transition from state-controlled to competitive market economy

These transformative changes boosted India's economic growth, attracted foreign capital, and significantly enhanced India's position in the global economy.

Tax Revolution: P Chidambaram's Dream Budget (1997)

P Chidambaram's 1997 budget earned the title 'Dream Budget' for its comprehensive overhaul of India's tax system. The budget focused on simplification and competitiveness, making fundamental changes to fiscal policy.

This budget is remembered for making India more growth-oriented and investor-friendly, establishing a foundation for sustained economic development.

Modern Impact: Nirmala Sitharaman's Tax Reforms (2025)

Union Finance Minister Nirmala Sitharaman's 2025 Budget stands as a landmark achievement in addressing India's consumption challenges. At a time when consumption was declining, the budget provided substantial relief to millions of taxpayers, particularly benefiting the middle class.

The introduction of new tax slabs and reduced income tax liabilities under the New Tax Regime delivered immediate results, providing taxpayers with increased disposable income and stimulating economic consumption.

India's Budget Session of Parliament 2026 is set to begin next week, marking the start of one of the most crucial legislative periods of the year. The government is expected to convene an all-party meeting ahead of the session to discuss the agenda and ensure smooth parliamentary functioning before the presentation of Union Budget 2026-27. These pre-session discussions follow established parliamentary tradition, allowing political parties to align on key issues and enabling the Opposition to raise concerns before major financial announcements.

Session Schedule and Duration

The Budget Session will span from January 28 to April 2, 2026, organized in two distinct phases to accommodate legislative requirements and parliamentary procedures.

The session will commence with President Droupadi Murmu's address to the joint sitting of both Houses, where she will outline the government's legislative and policy priorities for the year ahead.

All-Party Meeting Preparations

Following parliamentary tradition, an all-party meeting is likely to be held on January 27 or January 28, just before the session begins. While the Lok Sabha Secretariat has not officially confirmed the exact date, such meetings are typically chaired by senior ministers and attended by floor leaders of major political parties.

The meeting agenda is expected to cover several key areas:

• Priorities for the Budget Session
• Discussion on the President's address
• The tabling of the Economic Survey
• The presentation and passage of Union Budget 2026-27
• Ensuring smooth proceedings amid potential opposition demands and debates

Key Dates and Budget Timeline

The session's highlight will be Finance Minister Nirmala Sitharaman's presentation of Union Budget 2026-27, scheduled for February 1, 2026.

Expected Parliamentary Focus

The Budget Session 2026 is anticipated to feature intensive debates on critical economic issues. Parliamentary discussions are expected to center on economic growth, inflation, taxation policies, welfare spending allocations, and fiscal consolidation measures. These debates will provide a platform for comprehensive examination of the government's financial policies and economic direction for the upcoming fiscal year.