As India awaits Budget 2024, a quick recap of past Budgets under current regime

All eyes will be on Finance Minister Nirmala Sitharaman when she rises to present the Union Budget 2024 in Parliament on February 1, 2024. Although no big announcements are expected this time around, given that this will be a Vote on Account or interim Budget, it will be the final opportunity for the Narendra Modi government to highlight its achievements before the general elections, due in April-May 2024. 

An interim Budget is a temporary Budget meant to cover the incumbent administration's expenditures for the period before general polls to elect a new government.

Here's a summary of some of the past Budgets of the current regime: 

2014-15

• Rs 7,060 crore for development of smart cities 
• Rs 1,000 crore for irrigation
• Rs 200 crore for agriculture universities
• Rs 37,000 crore for NHAI and state highways
• Rs 3,000 crore for roads in Northeast
• Tax exemption limit raised to Rs 2.5 lakh for general public, Rs 3 lakh for senior citizens 

2015-16

• Fiscal deficit seen at 3.9 per cent of GDP
• GDP growth seen at 8-8.5 per cent
• Nominal economic growth seen at 11-12 per cent 
• Government targets Rs 41,000 crore from stake sales in companies        

2016-17

• Public investment in infrastructure increased 22.5 per cent
• Fiscal deficit seen at 3.5 per cent of GDP 
• Planned expenditure at Rs 5.5 lakh crore
• Rural jobs programme allocated Rs 38,500 crore
• Farmer welfare budget at Rs 35,984 crore
• Rs 19,000 crore for rural road development  
• Rs 5,500 crore for crop insurance programme
• Rationalisation of corporate tax for new manufacturing companies

2017-18

• Corporate tax for SMEs with turnover up to Rs 50 crore cut to 25 per cent, to benefit 96 per cent companies
• Fiscal deficit pegged at 3.2 per cent
• Political parties barred from accepting cash donation beyond Rs 2,000 per individual
• They can receive donations via cheques, electronic mode; Electoral bonds to be issued by RBI
• Railway capex at Rs 1.31 lakh crore
• Tax rates halved to 5 per cent for income of Rs 2.5-5 lakh; slabs unchanged
• 10 per cent surcharge on people earning between Rs 50 lakh-1 crore 
• 15 per cent surcharge on annual income above Rs 1 crore to continue 

2018-19

• GDP growth seen at 7.2 per cent; path set for 8-plus per cent growth soon
• Fiscal deficit seen at 3.3 per cent of GDP
• Defence sector outlay at Rs 2.83 lakh crore
• Rs 1.38 lakh crore for health, education and social security
• Railway capex at Rs 1.49 lakh crore
• Reduction in corporate tax to 25 per cent for companies with turnover of up to Rs 250 crore
• No change in income tax rate structure for individuals
• Standard deductions of Rs 40,000 allowed to salaried employees in lieu of transport allowance and miscellaneous medical expenses
• Senior citizens get higher exemptions on incomes from interest on bank deposits, health insurance premium
• 10 per cent long-term capital gains tax on listed equities on gains exceeding Rs 1,00,000 
• Hike in health and education cess to 4 per cent from 3 per cent
• Rs 14.34 lakh crore for rural infrastructure
• Up to Rs 11 lakh crore credit for agricultural activities

2019-20

• Fiscal deficit seen at 3.3 per cent of GDP

• Net borrowings pegged at Rs 4.73 lakh crore via bonds

• Net tax revenue seen at Rs 16.49 lakh crore

• Tax deduction at source of 2 per cent for cash withdrawals exceeding Rs 1 crore/year

• Relief in securities transaction tax

• Companies with annual turnover of Rs 400 crore under 25 per cent tax bracket

   

• Total government spending seen at Rs 27.86 lakh crore

• $14.5 billion target for disinvestment proceeds

2020-21

• Nominal GDP growth seen at 10 per cent 

• Fiscal deficit pegged at 3.5 per cent of GDP

• Government to buy back Rs 30,000-crore government bonds 

• Defence budget at Rs 3.23 lakh crore

• Rs 69,000 crore for healthcare spending

• Rs 2.83 lakh crore for agriculture and allied activities

• Rs 3.6 lakh crore for central water scheme

• Rs 99,300 crore for education

• Food subsidy seen at Rs 1.15 lakh crore

• Divestment target pegged at Rs 2.1 lakh crore

• Health cess of 5 per cent on import of medical devices

• Rs 22,000 crore for power and renewables

2021-22

• Fiscal deficit pegged at 6.8 per cent of GDP
• Rs 1,10,055 crore for Railways of which Rs. 1,07,100 crore is for capital expenditure
• Rs 5.54 lakh crore capital expenditure
• Rs 1,75,000 crore estimated receipts from disinvestment
• Rs 1,18,101 lakh crore, highest ever outlay, for Ministry of Road Transport and Highways
• Rs 2,23,846 crore outlay for Health and Wellbeing
• Rs 35,000 crore for COVID-19 vaccine
• Rs 2,87,000 crore over 5 years for Jal Jeevan Mission
• Rs 1,41,678 crore over 5 years for Urban Swachh Bharat Mission 2.0
• Rs 1.97 lakh crore in next 5 years for PLI schemes in 13 Sectors
• Rs 3,05,984 crore over 5 years for a revamped, reforms-based and result-linked new power distribution sector scheme

2022-23

• Fiscal deficit pegged at 6.4 per cent of GDP
• Nominal GDP seen growing 11.1 per cent 
• Net borrowing seen at Rs 11.59 lakh crore
• Disinvestment receipts pegged at Rs 65,000 crore
• Total expenditure pegged at Rs 39.45 lakh crore 
• Fertiliser subsidy at Rs 1.05 lakh crore
• Import duty halved on coal, coke, coal gas to 5 per cent from 10 per cent
• 10 per cent import duty on aviation gasoline scrapped
• Import duty cut on jet fuel halved to 5 per cent from 10 per cent
• Import duty on LPG halved to 5 per cent from 10 per cent
• Rs 48,000 crore for affordable housing

With inputs from agencies