Independent India's first budget in 1947, and the 1957 Budget, when India first introduced wealth tax, are among India's most-notable budgets that shaped India's trajectory. The 1973 "Black Budget" saw a ₹550-crore deficit, 1986 Budget dismantled License Raj controls, and the iconic 1991 Budget brought liberalisation, privatisation and globalisation. The 1997 Budget cut income tax from 40% to 30%.