Budget 2024: Modi government set to present 13th budget on July 23 | Key announcements from previous 12 budgets

Budget 2024-25: The Modi government, now in its third term under Prime Minister Narendra Modi's leadership, will present the budget for the financial year 2024-25 on July 23. Finance Minister Nirmala Sitharaman will present this budget and it will be her 7th budget as Finance Minister.

From 2014 to February 1, 2024, the Modi government has presented 12 budgets — 10 full budgets and 2 interim budgets. On July 23, the Finance Minister will present the 13th budget of the Modi government. But before the upcoming budget, let's check the major announcements from the budgets presented so far:

Budget 2014 (Finance Minister: Arun Jaitley)

- An interim budget was presented in February 2014 due to the Lok Sabha elections. After the BJP came to power, Finance Minister Arun Jaitley presented the full budget in July.
- The tax exemption limit was increased from Rs 2 lakh to Rs 2.5 lakh, and for senior citizens, from Rs 2.5 lakh to Rs 3 lakh.
- The tax deduction limit under section 80(C) was raised from Rs 1.1 lakh to Rs 1.5 lakh.

Budget 2015 (Finance Minister: Arun Jaitley)

- Wealth tax was abolished.
- Interest on investments in Sukanya Samriddhi Yojana was made tax-free.
- A Rs 50,000 tax exemption was introduced for investments in NPS.
- The tax deduction limit for personal health insurance premiums was increased from Rs 15,000 to Rs 25,000.

Budget 2016 (Finance Minister: Arun Jaitley)

- The tax rebate for those earning less than Rs 5 lakh was increased from Rs 2,000 to Rs 5,000.
- The tax exemption under section 80GG for those paying house rent was raised from Rs 24,000 to Rs 60,000.
- A 15% surcharge was imposed on individuals with an annual income of more than Rs 1 crore.

Budget 2017 (Finance Minister: Arun Jaitley)

- The general budget and the railway budget were combined for the first time.
- A tax rebate of Rs 12,500 was given to taxpayers.
- The tax rate for income between Rs 2.5 lakh and Rs 5 lakh was reduced from 10% to 5%.

Budget 2018 (Finance Minister: Arun Jaitley)

- A standard deduction of Rs 40,000 for salaried taxpayers was introduced.
- Tax exemption on interest income for senior citizens was increased from Rs 10,000 to Rs 50,000.
- Cess was increased from 3% to 4%.

Interim Budget 2019 (Acting Finance Minister: Piyush Goyal)

- An interim budget was presented due to elections, with Piyush Goyal acting as Finance Minister.
- A monthly pension of Rs 3,000 was announced for workers in the unorganized sector.
- The income tax limit for the middle class was doubled to Rs 5 lakh.
- HRA was increased to Rs 2.40 lakh.

Budget 2019 (Finance Minister: Nirmala Sitharaman)

- The tax rebate limit was increased from Rs 2,500 to Rs 12,500.
- The standard deduction was increased from Rs 40,000 to Rs 50,000.
- Interest up to Rs 40,000 on bank or post office deposits was made tax-free.
- An additional deduction of up to Rs 1.5 lakh was introduced under Section 80EEA for interest paid on home loans.
- The TDS limit on rent was raised from Rs 1.80 lakh to Rs 2.40 lakh.

Budget 2020 (Finance Minister: Nirmala Sitharaman)

- A new tax regime was introduced, offering taxpayers the option to choose between the new and old tax regimes.
- The additional deduction of up to Rs 1.5 lakh under Section 80EEA for purchasing affordable housing was extended by one year.
- DDT on dividends paid by companies and mutual funds was abolished.

Budget 2021 (Finance Minister: Nirmala Sitharaman)

- Allocation for rural infrastructure development was increased to Rs 40,000 crore.
- The FDI limit in the insurance sector was raised from 49% to 74%.
- The creation of five major fishing hubs was announced.

Budget 2022 (Finance Minister: Nirmala Sitharaman)

- The construction of 80 lakh houses under the Pradhan Mantri Awas Yojana was announced.
- A promise was made to create 60 lakh jobs for the youth.

Budget 2023 (Finance Minister: Nirmala Sitharaman)

- The last full budget of the Modi government’s second term.
- Under the new tax regime, there was no tax on annual income up to Rs 7 lakh.
- Allocations were made for various ministries and departments, and the government's future direction was outlined with 7 priorities: inclusive growth, reaching the last mile, infrastructure and investment, unleashing potential, growth in green energy, youth power, and the financial sector.

Interim Budget 2024 (Finance Minister: Nirmala Sitharaman)

- Due to elections, an interim budget was presented on February 1, 2024.
- The government prioritized the upliftment of the poor, youth, farmers, and women (GYAN).
- A fund of Rs 1 lakh crore was announced with a fifty-year interest-free loan for the youth.
- Capital expenditure outlay for the next year was increased by 11.1% to Rs 11,11,111 crore, which will be 3.4% of the GDP.