The Union Budget highlights are among the most tested current affairs topics in Banking, UPSC, SSC CGL, RBI Grade B, NABARD, and SEBI exams.
Presented annually by the Finance Minister in Parliament, the Union Budget outlines India’s revenue and expenditure plan, key policy announcements, tax changes, and flagship scheme launches. This page gives you a complete, year-wise summary of major Union Budget highlights from 1991–92 to 2025–26, with landmark firsts, scheme launches, and exam-critical facts for quick, focused revision.
⚡ Quick Facts
- The Union Budget is presented under Article 112 of the Indian Constitution as the Annual Financial Statement.
- Nirmala Sitharaman has presented the most consecutive Union Budgets by a Finance Minister — 9 budgets from 2019–20 to 2026–27, making her the longest-serving continuous FM.
- The Union Budget 2017 changed the presentation date from the last working day of February to 1 February — ending a 92-year-old tradition.
- Budget 2024–25 was presented twice — Interim (Feb 2024) and Full (July 2024) — due to general elections in April–May 2024.
- Manmohan Singh (1991–92) presented the historic liberalisation budget that opened India’s economy to the world.
Students often confuse the Budget presentation date change — it moved to 1 February from the 2017–18 Budget (presented 1 Feb 2017), not the 2016–17 Budget. Also: Morarji Desai holds the overall record for most budgets (10 total, including non-consecutive), but Nirmala Sitharaman holds the record for most consecutive budgets (9). Another trap: Indira Gandhi presented a budget as acting FM in 1970–71, but Nirmala Sitharaman is the first dedicated woman Finance Minister to present the budget.
✅ My Progress Tracker
📋 Union Budget Highlights — Year-wise List
| # ↕ | Budget Year ↕ | Finance Minister | Key Highlights / Major Announcements |
|---|---|---|---|
| 1 | 2025–26 | Nirmala Sitharaman | Zero income tax up to ₹12 lakh (₹12.75L for salaried) under new regime; MSME credit card scheme; National Manufacturing Mission; Bihar Makhana Board; iCET-linked schemes |
| 2 | 2024–25 (Full, Jul 2024) | Nirmala Sitharaman | Post-election full budget; Employment-linked Incentive (ELI) scheme; angel tax abolished for all; revised income tax slabs; MUDRA loan limit raised to ₹20 lakh; ₹11.11 lakh crore capex |
| 3 | 2024–25 (Interim, Feb 2024) | Nirmala Sitharaman | Pre-election interim budget; Viksit Bharat 2047 vision articulated; Lakhpati Didi target raised to 3 crore; solar rooftop push; no major tax changes |
| 4 | 2023–24 | Nirmala Sitharaman | Largest ever capex — ₹10 lakh crore for infrastructure; PM Vishwakarma scheme; new income tax slabs; Green Hydrogen Mission; Amrit Kaal vision |
| 5 | 2022–23 | Nirmala Sitharaman | Gati Shakti Master Plan formalised; Digital Rupee (CBDC) announced; 30% tax on crypto assets (Virtual Digital Assets) introduced; Vande Bharat trains push |
| 6 | 2021–22 | Nirmala Sitharaman | Post-COVID recovery; ₹35,000 crore for vaccines; National Monetisation Pipeline; DFI for infrastructure; first paperless Budget (tablets; COVID context) |
| 7 | 2020–21 | Nirmala Sitharaman | New optional income tax regime introduced; LIC IPO announced; Vivad se Vishwas scheme (tax dispute resolution); Krishi UDAN scheme |
| 8 | 2019–20 (Full) | Nirmala Sitharaman | First woman to present full Budget as dedicated FM; EV GST cut; ₹100 lakh crore infrastructure plan; carried bahi-khata instead of briefcase |
| 9 | 2019–20 (Interim) | Piyush Goyal | PM-KISAN announced (₹6,000/year for farmers); first interim budget with full tax relief; ₹5 lakh income tax exemption |
| 10 | 2018–19 | Arun Jaitley | Ayushman Bharat announced (world’s largest health insurance scheme); Long-Term Capital Gains (LTCG) tax reintroduced after 14 years; 8% growth target |
| 11 | 2017–18 | Arun Jaitley | Budget date changed to 1 February; Railway Budget merged with Union Budget (first time since 1924); BHIM UPI push |
| 12 | 2016–17 | Arun Jaitley | Startup India; Stand Up India; PMAY (urban push); announcement of Railway Budget merger with Union Budget |
| 13 | 2015–16 | Arun Jaitley | MUDRA Bank launched; Gold Monetisation Scheme; Sovereign Gold Bond Scheme; Micro Units Development & Refinance Agency (MUDRA) |
| 14 | 2014–15 | Arun Jaitley | PPP model revival; Make in India groundwork; Smart Cities Mission; AMRUT; Planning Commission abolished (replaced by NITI Aayog Jan 2015) |
| 15 | 2013–14 | P. Chidambaram | Fiscal consolidation; no new taxes; fiscal deficit target below 4.8% of GDP; PPP infrastructure push |
| 16 | 2012–13 | Pranab Mukherjee | GAAR (General Anti-Avoidance Rules) introduced (controversial); fiscal deficit target; infrastructure bonds |
| 17 | 2009–10 | Pranab Mukherjee | Post-global financial crisis stimulus budget; infrastructure spending; Mahatma Gandhi NREGS strengthened |
| 18 | 2004–05 | P. Chidambaram | “Dream Budget Mark II”; TDS reforms; education cess introduced (2%); Bharat Nirman programme |
| 19 | 1997–98 | P. Chidambaram | “Dream Budget” — major income tax rate cuts; corporate tax reduction to 35%; capital gains simplification; considered one of India’s best budgets |
| 20 | 1991–92 | Manmohan Singh | Historic liberalisation budget — devalued rupee; dismantled licence raj; opened economy to FDI; IMF conditionalities; turned BoP crisis into opportunity |
🏆 Key Budget Firsts & Records
| Record | Details |
|---|---|
| First Union Budget | 26 November 1947 — R.K. Shanmukham Chetty; total size: ₹197.39 crore |
| First dedicated woman FM to present Budget | Nirmala Sitharaman (2019 onwards); Indira Gandhi presented as acting FM in 1970–71 |
| Most budgets by one FM (consecutive) | Nirmala Sitharaman — 9 consecutive budgets (2019–20 to 2026–27); longest-serving continuous FM |
| Most budgets by one FM (total) | Morarji Desai — 10 budgets (including non-consecutive tenures) |
| Historic liberalisation Budget | 1991–92 — Manmohan Singh (triggered by BoP crisis) |
| “Dream Budget” | 1997–98 — P. Chidambaram (landmark income & corporate tax cuts) |
| First paperless Budget | 2021–22 — Nirmala Sitharaman (tablets used; COVID-19 context) |
| Budget date changed to 1 February | 2017–18 — Arun Jaitley (ended 92-year tradition) |
| Railway Budget merged with Union Budget | 2017–18 — first time since 1924 |
| Largest ever infrastructure capex | 2023–24 — ₹10 lakh crore; maintained at ₹11.11 lakh crore in 2024–25 |
⚖️ Compare Two Budgets
📝 Key Notes & Memory Tips
The Union Budget is presented under Article 112 of the Indian Constitution as the Annual Financial Statement. It has two parts — Part A (macroeconomic policy, schemes, welfare announcements) and Part B (taxation proposals). The Finance Minister presents it in the Lok Sabha. The Budget must be passed by both Houses of Parliament. The Economic Survey (prepared by the CEA) is released the day before the Budget.
- 1991–92 (Manmohan Singh): Historic liberalisation — India pledged gold, devalued rupee, opened FDI, dismantled licence raj under PM Narasimha Rao; triggered India’s modern economic growth story
- 1997–98 (P. Chidambaram): “Dream Budget” — slashed income tax from 40% to 30% (top rate), corporate tax to 35%, simplified capital gains; boosted market confidence
- 2017–18 (Arun Jaitley): Budget date moved from last February day to 1 February; Railway Budget merged with Union Budget for the first time since 1924
- First woman to present a full Budget as a dedicated Finance Minister: 2019–20
- Carried a red bahi-khata (traditional ledger) instead of a briefcase in 2019 — symbolic departure from colonial-era tradition
- First paperless Budget: 2021–22 (tablets used; COVID-19 context)
- Most consecutive Budgets by any FM: 9 (2019–20 to 2026–27); also the longest-serving continuous Finance Minister
- Budget 2025–26: Zero income tax up to ₹12 lakh — largest income tax relief in recent history
- MUDRA Bank: Budget 2015–16 — micro-finance for small businesses
- Ayushman Bharat: Budget 2018–19 — world’s largest government health insurance scheme
- PM-KISAN: Interim Budget 2019–20 — ₹6,000/year income support for farmers
- Digital Rupee (CBDC): Budget 2022–23 — Central Bank Digital Currency announced
- Crypto 30% Tax: Budget 2022–23 — Virtual Digital Assets taxation
- PM Vishwakarma: Budget 2023–24 — support for traditional artisans and craftspeople
- Employment Linked Incentive (ELI): Full Budget 2024–25 — first-time job creation incentive
India’s first Union Budget was presented on 26 November 1947 by R.K. Shanmukham Chetty — India’s first Finance Minister. The total Budget size was a mere ₹197.39 crore. Today, the Union Budget is over ₹48 lakh crore in total expenditure (2025–26) — a growth of over 24,000 times in absolute terms. This contrast is sometimes asked in GK trivia questions.
“Shanmukham Started, Manmohan Liberalised, Chidambaram Dreamed, Jaitley February’d, Sitharaman Sustained”
S = Shanmukham Chetty (First Budget, 1947) | M = Manmohan Singh (Liberalisation, 1991) | C = Chidambaram (Dream Budget, 1997) | J = Jaitley (Date change + Railway merge, 2017) | S = Sitharaman (9 consecutive budgets, 2019–2026)
🃏 Flashcards
Click a card to flip · Use arrows to navigate
🧩 Practice Quiz
5 questions · Answer all · Check your score
The Union Budget is presented under Article 112 of the Indian Constitution as the Annual Financial Statement. It shows the estimated receipts and expenditures of the Government of India for the coming financial year (April 1 to March 31). Article 112 mandates that the President shall cause to be laid before both Houses of Parliament a statement of estimated receipts and expenditure.
The Union Budget presentation date was changed to 1 February starting from the 2017–18 Budget, presented by Finance Minister Arun Jaitley on 1 February 2017. This ended a 92-year-old tradition set during British rule. The change was made to ensure Budget approvals are completed before the start of the new financial year on 1 April.
The Budget 1991–92, presented by Finance Minister Manmohan Singh under PM P.V. Narasimha Rao, is historically known as India’s liberalisation budget. It devalued the rupee, dismantled the licence raj, opened India to foreign direct investment, and set India on its modern high-growth path — triggered by the 1991 Balance of Payments crisis.
PM-KISAN (Pradhan Mantri Kisan Samman Nidhi) was announced in the Interim Budget 2019–20 presented by Piyush Goyal. Under this scheme, farmers receive ₹6,000 per year as direct income support, paid in three equal instalments of ₹2,000 each through Direct Benefit Transfer (DBT). It is one of the world’s largest direct farmer income support programmes.
Budget 2025–26, presented by Finance Minister Nirmala Sitharaman on 1 February 2025, made zero income tax applicable for individuals earning up to ₹12 lakh (₹12.75 lakh for salaried individuals with standard deduction) under the new tax regime. This was the largest income tax relief announced in a single Budget in recent Indian history and was expected to boost consumption demand.
✅ Key Takeaways
❓ Frequently Asked Questions
The Union Budget is presented under Article 112 of the Indian Constitution as the Annual Financial Statement. This article requires the President to cause to be laid before both Houses of Parliament a statement of estimated receipts and expenditures for the upcoming financial year (1 April to 31 March). The Finance Minister presents this statement in the Lok Sabha, usually on 1 February since 2017. The Budget includes both revenue and capital receipts and expenditures, and comes in two parts — Part A (policy and scheme announcements) and Part B (taxation proposals).
Nirmala Sitharaman has presented the most consecutive Union Budgets — 9 Budgets from 2019–20 to 2026–27, including one interim budget (February 2024) and one full post-election budget (July 2024) in the same financial year 2024–25. In terms of total budgets presented (including non-consecutive tenures), Morarji Desai holds the record with 10 budgets. P. Chidambaram presented 9 budgets across multiple stints. Sitharaman is the first dedicated woman Finance Minister to present the Budget and is also the longest-serving continuous FM.
Several budgets stand out. The 1947–48 Budget (R.K. Shanmukham Chetty) was India’s first independent Budget. The 1991–92 Budget (Manmohan Singh) was the landmark liberalisation Budget — dismantled the licence raj and opened India to FDI. The 1997–98 Budget (P. Chidambaram) is the “Dream Budget” for its landmark tax cuts. The 2017–18 Budget (Arun Jaitley) changed the presentation date and merged the Railway Budget. The 2023–24 Budget set a record ₹10 lakh crore infrastructure capex. The 2025–26 Budget provided the largest personal income tax relief — zero tax up to ₹12 lakh.
Union Budget highlights are among the highest-scoring current affairs topics in Banking Awareness (IBPS, SBI, RBI Grade B), NABARD, SEBI, UPSC GS Paper III, and SSC CGL. Key tested areas include the constitutional article (Article 112), Budget date (1 February since 2017), the FM with most consecutive budgets (Sitharaman — 9 consecutive), scheme launches (Ayushman Bharat 2018, PM-KISAN 2019, MUDRA 2015, Digital Rupee + 30% crypto tax 2022), landmark historical budgets (1991 liberalisation, 1997 Dream Budget), and specific announcements like capex records (₹10 lakh crore, 2023–24) and the ₹12 lakh zero-tax threshold (2025–26).
