On this historic Sunday, February 1, 2026, Finance Minister Nirmala Sitharaman will step up to the podium to deliver her ninth consecutive Union Budget—a feat that cements her place in India’s economic history. But this isn’t just another budget speech. It’s the culmination of a journey that began in 2019 with a symbolic break from tradition and has evolved into a sophisticated blueprint for a modern, resilient Indian economy.
From ditching the colonial-era briefcase for a traditional ‘bahi-khata’ to embracing a sleek, paperless tablet, the physical evolution of the budget presentation mirrors the profound shifts in India’s economic strategy. The upcoming Budget for FY27 is expected to double down on a delicate balancing act: fueling robust growth while maintaining strict fiscal discipline [[11]].
Table of Contents
- The Symbolic Start: ‘Bahi-Khata’ and a New Era
- The Sitharaman Union Budget Evolution: Key Themes from 2019 to 2025
- What to Expect from the FY27 Budget: Growth Meets Prudence
- The Paperless Revolution: A Digital Milestone
- Conclusion: A Legacy of Modernization and Stability
- Sources
The Symbolic Start: ‘Bahi-Khata’ and a New Era
In 2019, Sitharaman made a powerful statement before she even spoke a word. She replaced the iconic red leather briefcase, a symbol of British legacy used by every Finance Minister since 1947, with a simple yet profound ‘bahi-khata’—a traditional Indian ledger book wrapped in a red cloth [[24]]. This wasn’t just a photo op; it was a declaration of intent to root India’s economic policy in its own cultural and administrative heritage.
That first budget set the tone for her tenure, focusing on long-term structural reforms like merging banks and providing a massive capital infusion to public sector lenders. It was a clear signal that her approach would be one of foundational change rather than short-term populism.
The Sitharaman Union Budget Evolution: Key Themes from 2019 to 2025
Over the next seven budgets, Sitharaman navigated India through unprecedented challenges and opportunities. Her economic narrative has been a masterclass in adaptive policymaking:
- The Pandemic Pivot (2020-2021): Faced with a global health crisis, her budgets shifted focus to survival and stimulus. The 2021 budget was a landmark, being India’s first-ever paperless presentation, where she used a digital tablet in a ‘bahi-khata’ style pouch [[22]]. The emphasis was on healthcare infrastructure, liquidity support for businesses, and protecting the most vulnerable.
- The Reform Acceleration (2022-2024): As the economy recovered, the focus turned to unlocking growth engines. Key themes included empowering MSMEs as a critical economic pillar, boosting agricultural productivity, and making significant investments in national infrastructure like roads, railways, and digital connectivity [[1], [3]].
- The Consolidation Phase (2025): With the economy on a firmer footing, the 2025 budget began a more aggressive push towards fiscal consolidation, aiming to bring the fiscal deficit below 4.5% of GDP while still supporting growth through strategic capital expenditure [[10]].
What to Expect from the FY27 Budget: Growth Meets Prudence
The FY27 Budget is poised to be a critical juncture. Having achieved significant fiscal consolidation, the government now aims to translate that stability into broad-based, sustainable growth [[17]].
Analysts and industry leaders anticipate several key pillars:
- Sustained Capital Expenditure: Expect continued high levels of government spending on infrastructure to crowd in private investment and create jobs [[12]].
- Boosting Consumption: Measures to increase disposable income for the middle class and support rural demand are likely to be central, anchoring domestic growth [[13], [16]].
- Reform Momentum: A renewed push for deregulation, decriminalization, and simplifying business approvals is expected to make India a more attractive destination for both domestic and foreign investment [[4]].
- Future-Proofing the Economy: Sectors like defence manufacturing, electric mobility, AI, and the digital economy are likely to receive targeted support to position India as a global leader in the industries of tomorrow [[3], [7]].
The Paperless Revolution: A Digital Milestone
Perhaps the most visible symbol of Sitharaman’s modernizing agenda is the shift to a paperless budget. What started as a necessity during the pandemic in 2021 has become a permanent feature of India’s fiscal presentation [[21]].
This move is more than just eco-friendly; it represents a broader commitment to digital governance and efficiency. By presenting from a ‘Made in India’ tablet, the Finance Minister embodies the government’s ‘Digital India’ vision, signaling that the nation’s economic management is as modern and forward-looking as its presentation [[27]]. This digital format has now become an integral part of the Sitharaman Union Budget legacy.
Conclusion: A Legacy of Modernization and Stability
Nirmala Sitharaman’s journey from the ‘bahi-khata’ to the digital tablet is a powerful metaphor for India’s own economic journey under her stewardship. She has overseen a transition from a period of reactive crisis management to one of proactive, strategic nation-building.
Her ninth budget is not just a financial statement; it’s a testament to a consistent philosophy that blends respect for tradition with an unwavering commitment to a modern, growth-oriented, and fiscally responsible future. As she presents the FY27 roadmap, the world will be watching to see how India plans to leverage its hard-won stability to achieve its ambitious goal of becoming a $5 trillion economy. For a deeper dive into the government’s official stance, you can refer to the latest Economic Survey on the [Ministry of Finance website][INTERNAL_LINK:economic-survey-india].
Sources
- [[1]] Ministry of Finance, Government of India. (2025). Budget 2025-2026.
- [[4]] Thurro Insight. (2026). Union Budget 2019-2026: Shift from Job Creation to…. LinkedIn.
- [[10]] NDTV. (2026). Nirmala Sitharaman’s Big Break From 75-Year-Old Budget….
- [[11]] Tax TMI. (2026). Budget FY27: FM may unveil measures to steady growth….
- [[12]] The Economic Times. (2026). Budget FY27: FM may unveil measures to steady growth….
- [[13]] Moneycontrol. (2026). Budget 2026-27 must balance growth and fiscal discipline.
- [[16]] LinkedIn. (2026). India FY27 Budget Focuses on Consumption, Industrial….
- [[17]] LinkedIn. (2026). India FY27 Budget: Investment-Focused Fiscal Policy.
- [[21]] Uniindia. (2026). Nirmala Sitharaman to present record ninth union Budget….
- [[22]] Wikipedia. (2026). Union budget of India.
- [[24]] NDTV. (2024). Briefcase To ‘Bahi Khata’: How Budget Presentation Changed….
- [[27]] Herald Goa. (2026). Why India’s Budget File Is Red: The History, Meaning….