Updated - February 01, 2026 11:18 am IST Members of the Planning Commission met the Congress Working Committee members in New Delhi on October 16, 1952, to discuss the Planning Commission's tentative recommendations in the final report of the Five Year Plan. | Photo Credit: HINDU PHOTO ARCHIVES The history of India’s Union Budget is effectively the biography of a nation in transformation. This timeline traces the shifting centre of economic gravity through five decisive phases and how the ‘Briefcase’ has carried India’s destiny — from grain sacks to smartphones — in each Finance Minister’s own words.