Budget-making is one of the major exercises in India. From the times of the first five-year plan, the Union Budget has been the document that has been looked up by virtually all sections of the diverse Indian society, be it the tax-payers, traders and businessmen or the industrialists.

India since independence has evolved from a conservative, public-sector oriented socialist economy to a vibrant capital-based economy.

The successive Central Governments and their Finance Ministers have contributed their might to make the transition as smooth as possible.