India’s budget has seen various phases of economic changes since it was first drafted by the independent government in 1947. India's budget from independence to the present times has seen wars, rise of tech, and more. India’s budget has seen various phases of economic changes since it was first drafted by the independent government in 1947. The Budget was special as it focused on the priorities of a newly born nation, security, administration and economic stabilisation. 1985-86, 1986-87- Tax reform and removing the Licence RajUnder VP Singh, budgets simplified personal income tax, reduced slabs, lowered peak rates and introduced MODVAT to reduce snowballing taxes.

Source: dna January 31, 2026 15:02 UTC