Union Budget 2026: From Black Budget to Rollback Budget -- A look at India's most iconic Budgets

Every Union Budget leaves behind a set of numbers, but a few go on to leave behind a name. As the Union Budget 2026 for the financial year 2026-27 is set to be presented in Parliament on Sunday, February 1, 2026, at 11 am, it’s worth revisiting how certain Budgets came to be identified by labels that captured the mood of their moment, whether driven by economic stress, bold reform or political fallout.

These names were not officially coined but emerged organically, shaped by the economic context, political responses and public interpretation of each Budget’s impact.

The Black Budget (1973-74)

One of the earliest and most infamous named Budgets was presented by Yashwantrao B. Chavan in 1973-74 during the Government of India under Indira Gandhi. It earned the moniker Black Budget because of its large fiscal deficit of ₹550 crore, unusually high for the period and its tough stance on public financing amid rising oil and food prices. This Budget also included a proposal to nationalise coal mines, a move aimed at ensuring supply for energy and industry but that didn’t unfold as planned.

The Carrot and Stick Budget (1986)

Delivered in 1986 by V. P. Singh, this Budget combined incentives for taxpayers with strict measures against tax evasion and black marketing. It introduced MODVAT (Modified Value Added Tax) to reduce cascading taxes on goods and signalled early tax rationalisation efforts, leading people to refer to it as the Carrot and Stick Budget.

The Epochal Budget (1991)

The 1991 Union Budget presented during a severe balance-of-payments crisis was later dubbed the Epochal Budget because it marked the beginning of economic liberalisation. Slashing customs duties and opening up the economy, it set the stage for wide-ranging reforms that reshaped India’s economic outlook.

The Dream Budget (1997)

In 1997, P. Chidambaram introduced dramatic tax changes that significantly cut personal and corporate tax rates and simplified customs and excise duties. Inspired by economic theories about tax efficiency, this bold move earned the label Dream Budget thanks to its focus on growth and compliance.

The Millennium Budget (2000) and Rollback Budget (2002-03)

The budget at the turn of the millennium, steered by Yashwant Sinha, was called the Millennium Budget for its focus on nurturing technology and IT sectors by reducing customs duty on computers and related products. Shortly after, Sinha’s 2002-03 budget came to be known as the Rollback Budget because several proposals had to be pulled back amid political pressure.