2019 to 2026: Of Sitharaman's saris, weaves and the fiscal fine print

Each drape, border and weave has echoed the fiscal moment-tight seams in lean years, bolder colours in recovery, steadier textures as India's economic story unfolded, measured carefully in six yards

2019

Pink pleats, hard cuts, first-test Budget

 

Nirmala Sitharaman presented her first Budget as finance minister after the Bharatiya Janata Party returned to power for a second term, unveiling the now-iconic red-velvet bahi-khata — traditional cloth ledgers long used by traders. Draped in a fuchsia pink sari, with her parents watching from the Speaker’s Gallery, she delivered a Budget marked by squeezed capital expenditure (capex), higher taxes on top earners, and higher cess on petrol and diesel.

 

2020

Mustard silk, marathon speech, calm before storm

 

This year saw Sitharaman deliver her longest Budget speech — two hours and 37 minutes — as she powered through visible fatigue. Her mustard silk sari suggested optimism and recovery. Fiscal slippage aside, the abolition of dividend distribution tax and higher Customs duties stood out. The looming pandemic remained unmentioned, even as Covid quietly edged closer to reshaping the global economy. 

 

2021

Handloom hues amid fiscal freefall

 

Her first post-pandemic Budget, delivered under unprecedented circumstances, pushed India off its fiscal consolidation path. Health spending moved centre stage as subsidies were trimmed, capex was pushed, and 74 per cent foreign direct investment in insurance was cleared. Sitharaman’s off-white and red Pochampally sari from Telangana signalled solidarity with handloom weavers amid the Vocal for Local push.

 

2022

Bomkai borders frame recovery and risk-taking

 

Draped in a brown and maroon Bomkai sari from Odisha, Sitharaman presented her fourth Budget, declaring a sharp recovery from the pandemic. The speech introduced taxation on cryptocurrency gains, pruned Customs exemptions, and reinforced the government’s public infrastructure thrust, underlining a capex-first approach to sustaining growth momentum.

 

2023

Ilkal red meets Amrit Kaal promise

 

The final full Budget of Narendra Modi’s second term stuck to fiscal discipline while offering modest taxpayer relief and pushing capex for a third straight year. Calling it the first Budget of “Amrit Kaal”, Sitharaman wore a bright red Ilkal sari from Karnataka, with black-and-gold temple borders and Kasuti threadwork, neatly echoing her red bahi-khata.

 

2024 (Interim)

Kantha calm in an election year

 

For the 2024–25 Interim Budget, Sitharaman chose a blue tussar silk sari adorned with West Bengal’s Kantha embroidery. She beat fiscal deficit targets, avoided populist giveaways, and used the speech to highlight a decade of development under the Modi sarkar, signalling continuity ahead of the general elections.

 

2024

Mangalgiri minimalism for a jobs-focused turn

 

In her record seventh Budget, presented in Modi’s third term, shifting politico-economic realities brought employment to the forefront, alongside agriculture and micro, small and medium enterprises (MSMEs). Fiscal prudence held firm, with renewed focus on lowering government debt and deficit. Sitharaman wore an off-white Mangalgiri sari from Andhra Pradesh, continuing her quiet tradition of spotlighting regional textiles. 

 

2025

Madhubani motifs and middle-class relief

 

Tax relief for the middle class dominated Sitharaman’s Budget, paired with a clear push towards consumption-led growth. A key shift saw the fiscal anchor move to a debt-to-gross domestic product ratio from 2025-26 (FY26). Her off-white sari, detailed with intricate Madhubani artwork, mirrored steps towards transparency, including disclosures on unspent funds with states.

 

2026

Kanjeevaram gravitas in a clouded world

 

Clad in a deep magenta-maroon handwoven Kanjeevaram sari from Tamil Nadu, Sitharaman carried the Budget on a tablet tucked into the familiar red-velvet bahi-khata sleeve. Her record ninth Budget focused on MSMEs, manufacturing, and financial services, while meeting FY26 fiscal consolidation targets amid global uncertainty, balancing capex support with calibrated tax measures.