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UNION BUDGET 2023-24 NEWS
BUDGET glossary
PUBLIC ACCOUNTA fiscal deficit occurs when the government’s spending is more than their earning excluding the money they get from borrowing. Primary deficit is the difference between the fiscal deficit and interest payment on loans from previous year. While fiscal deficit shows the borrowing requirement of the government, including interest payments, primary deficit shows the borrowing requirement excluding interest payment.
WAYS AND MEANS ADVANCE (WMA)Ways and means advance is a type of temporary loan facility that Reserve Bank of India gives to the centre or state governments. The current limit set up by the RBI for 2019 is at Rs 75,000 crore. It was introduced in 1997 after putting an end to ad-hoc Treasury Bills to finance the central government deficit.
VOTE ON ACCOUNTEvery government presents a budget before the Parliament on how they are going to spend money for the next one financial year. The financial year begins from April 1 but if the government’s term is supposed to end soon, an interim budget is presented for the government to function for the next few months before the new government is elected. Other than presenting an interim budget, the government can also seek a vote on account. A vote on account is basically the permission granted by the parliament to the government to spend money for a few extra months before the elections are conducted and a fresh government comes to power, who then present their full union budget for the year.
VALUE-ADDED TAX (VAT)Value-added tax (VAT) is a tax on goods and services that is added at every stage of production or distribution. It was introduced on April 1, 2005 to eliminate the presence of double taxation. Each state has its own VAT that they levy on different products according to the laws.
SURCHARGEA surcharge is an additional fee, charge, or tax that is added to the cost of a good or service beyond the marked price. It is generally charged to the richest so that there is equity in the society. The richer have to pay surcharges while the welfare policies are made for the poor with the rich contributing to these policies. Currently, people earning between Rs 50 lakh and Rs 1 crore in India have to pay a surcharge of 10%, while those earning above Rs 1 crore have to pay a surcharge of 15%.
SUBVENTIONIt refers to a grant of money in aid by the government. In every budget, the government makes a mention of subvention. In the Indian context, for instance, the government sometimes asks financial institutions to provide loans to farmers at below market rates. The loss is usually made good through subventions. The government offers subvention on home, crop and education loans.
SERVICE TAXIt is a type of indirect tax that one is liable to pay to the government once you consume the taxable services offered by different service providers such as restaurants, cab services, hotels, travel agents, cable providers etc. The consumer pays the service tax to the service provider while paying the bill (for example, your restaurant bill has a component of service tax). The government in turn collects the tax from the service providers.
SECURITIES TRANSACTION TAX (STT)Securities transaction tax is a direct tax levied on sale and purchase of securities recognized by the stock exchanges in India. The tax was introduced in the 2004 Union Budget and came into effect from October 2004. The tax is meant to curb tax evasion on capital gains tax on profits earned by transacting securities.
REVENUE RECEIPT/EXPENDITURERevenue receipts are of two types- tax and non-tax. Tax revenue receipts include money earned through collection of various taxes like income tax, corporate tax etc. Non-tax revenue receipts include money from investments, interest received on loans etc. The money earned through revenue receipts is spent on day-to-day functioning of the government and it is called revenue expenditure. The difference between revenue receipts and expenditure is called revenue deficit, which is usually negative
REVENUE DEFICITA revenue deficit is when the actual net income is less than the expected or projected income. A revenue deficit is not good for the country as it suggests that the government does not have enough money to cover its basic operations. A revenue deficit does not imply that the government has incurred a loss, it simply means that the government did not earn as much as they were expecting to earn.
REVENUE BUDGETA revenue budget consists of the government’s revenue receipts and the expenditure they cover through these receipts. Revenue receipts include money collected through various taxes, interest on loans and dividend on investment like PSUs etc. Revenue expenditure is the money spent on the day to day functioning of the government. The money that is earned through revenue receipts is spent on revenue expenditure.
RE-APPROPRIATIONSThe government is allowed to re-appropriate provisions from one sub-head to another within the same grant, thus altering the destination of an original provision for one purpose to another, subject to some limits and restrictions. Appropriation of funds means setting aside money for a specific purpose. A government usually appropriates funds for meeting the cash demands of its business operations or meeting an unexpected need for cash. Appropriations have to be passed by the Parliament and are set for one year at a time.
PUBLIC ACCOUNTA fiscal deficit occurs when the government’s spending is more than their earning excluding the money they get from borrowing. Primary deficit is the difference between the fiscal deficit and interest payment on loans from previous year. While fiscal deficit shows the borrowing requirement of the government, including interest payments, primary deficit shows the borrowing requirement excluding interest payment.
WAYS AND MEANS ADVANCE (WMA)Ways and means advance is a type of temporary loan facility that Reserve Bank of India gives to the centre or state governments. The current limit set up by the RBI for 2019 is at Rs 75,000 crore. It was introduced in 1997 after putting an end to ad-hoc Treasury Bills to finance the central government deficit.
VOTE ON ACCOUNTEvery government presents a budget before the Parliament on how they are going to spend money for the next one financial year. The financial year begins from April 1 but if the government’s term is supposed to end soon, an interim budget is presented for the government to function for the next few months before the new government is elected. Other than presenting an interim budget, the government can also seek a vote on account. A vote on account is basically the permission granted by the parliament to the government to spend money for a few extra months before the elections are conducted and a fresh government comes to power, who then present their full union budget for the year.
VALUE-ADDED TAX (VAT)Value-added tax (VAT) is a tax on goods and services that is added at every stage of production or distribution. It was introduced on April 1, 2005 to eliminate the presence of double taxation. Each state has its own VAT that they levy on different products according to the laws.
SURCHARGEA surcharge is an additional fee, charge, or tax that is added to the cost of a good or service beyond the marked price. It is generally charged to the richest so that there is equity in the society. The richer have to pay surcharges while the welfare policies are made for the poor with the rich contributing to these policies. Currently, people earning between Rs 50 lakh and Rs 1 crore in India have to pay a surcharge of 10%, while those earning above Rs 1 crore have to pay a surcharge of 15%.
SUBVENTIONIt refers to a grant of money in aid by the government. In every budget, the government makes a mention of subvention. In the Indian context, for instance, the government sometimes asks financial institutions to provide loans to farmers at below market rates. The loss is usually made good through subventions. The government offers subvention on home, crop and education loans.
SERVICE TAXIt is a type of indirect tax that one is liable to pay to the government once you consume the taxable services offered by different service providers such as restaurants, cab services, hotels, travel agents, cable providers etc. The consumer pays the service tax to the service provider while paying the bill (for example, your restaurant bill has a component of service tax). The government in turn collects the tax from the service providers.
SECURITIES TRANSACTION TAX (STT)Securities transaction tax is a direct tax levied on sale and purchase of securities recognized by the stock exchanges in India. The tax was introduced in the 2004 Union Budget and came into effect from October 2004. The tax is meant to curb tax evasion on capital gains tax on profits earned by transacting securities.
REVENUE RECEIPT/EXPENDITURERevenue receipts are of two types- tax and non-tax. Tax revenue receipts include money earned through collection of various taxes like income tax, corporate tax etc. Non-tax revenue receipts include money from investments, interest received on loans etc. The money earned through revenue receipts is spent on day-to-day functioning of the government and it is called revenue expenditure. The difference between revenue receipts and expenditure is called revenue deficit, which is usually negative
REVENUE DEFICITA revenue deficit is when the actual net income is less than the expected or projected income. A revenue deficit is not good for the country as it suggests that the government does not have enough money to cover its basic operations. A revenue deficit does not imply that the government has incurred a loss, it simply means that the government did not earn as much as they were expecting to earn.
REVENUE BUDGETA revenue budget consists of the government’s revenue receipts and the expenditure they cover through these receipts. Revenue receipts include money collected through various taxes, interest on loans and dividend on investment like PSUs etc. Revenue expenditure is the money spent on the day to day functioning of the government. The money that is earned through revenue receipts is spent on revenue expenditure.
RE-APPROPRIATIONSThe government is allowed to re-appropriate provisions from one sub-head to another within the same grant, thus altering the destination of an original provision for one purpose to another, subject to some limits and restrictions. Appropriation of funds means setting aside money for a specific purpose. A government usually appropriates funds for meeting the cash demands of its business operations or meeting an unexpected need for cash. Appropriations have to be passed by the Parliament and are set for one year at a time.
PUBLIC ACCOUNTA fiscal deficit occurs when the government’s spending is more than their earning excluding the money they get from borrowing. Primary deficit is the difference between the fiscal deficit and interest payment on loans from previous year. While fiscal deficit shows the borrowing requirement of the government, including interest payments, primary deficit shows the borrowing requirement excluding interest payment.
2018Arun JaitleyBudget 2018 was a step towards India's road to a high growth of over 8% with manufacturing, services and exports back on good growth path. Then Finance Minister, Arun Jaitley while presenting the General Budget 2018-19 in Parliament said that Indian society, polity and economy had shown remarkable resilience in adjusting with the structural reforms like GST and demonetisation. The Budget also worked towards doubling of farmer's income by 2022.
2019Piyush Goyal(Interim Budget) The Interim Budget 2019-20 presented in Parliament on 1 February 2019 had a major scheme for farmers and provided for income tax sops. The then Finance Minister Piyush Goyal said the government brought down average inflation to 4.6%, lower than the tenure of any other previous government.
2020Nirmala SitharamanFinance minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
2021Nirmala SitharamanTo revive the Indian economy amid the coronavirus pandemic, finance minister Nirmala Sitharaman focussed on six pillars in Union Budget 2021 — health and wellbeing, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government maximum governance. Several direct tax reforms such as income tax relaxation for senior citizens of 75 years age and above, national faceless income tax appellate tribunal centre, pre-filing returns, advance tax on dividend income were proposed among others.
2022Nirmala SitharamanThe Budget 2022, which came after two years of the coronavirus pandemic, focussed more on the infrastructure development in the country and the domestic defence sector, to offer a progressive blueprint of the Indian economy in the long run. Apart from this, capital expenditure also got a boost to support the pandemic-hit economy. Finance Minister Nirmala Sitharaman proposed no change in personal income tax rates or slabs in the Budget 2022.
1991Manmohan Singh1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.
1992Manmohan SinghThe Budget aimed at near full employment in a span of ten years. The ’92 Budget called for reduction in fiscal deficits. The government aimed at increasing tax and non-tax revenues. The finance minister also hiked the defence budget from Rs 16,350 crores to Rs 17,500 — a steep rise of 7%.
1993Manmohan SinghThe Budget extensively discussed agricultural credit with an aim to promote rural development. "Our strategy will gradually reduce high levels of protection to the Indian industry. It will moderate the high industrial prices which the farmer has to pay," said the finance minister in his Budget speech.
1994Manmohan SinghThe 1994-95 budget witnessed service tax being introduced at the rate of 5 percent as the sector was contributing 40 percent to the national GDP. The primary aim was to widen the indirect tax base. The tax was initially levied on telephones, non-life insurance and stockbrokers.
1995Manmohan Singh1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.
1995Manmohan SinghIncentives for software exporters was slowly done away with. This was brought about to improve the ratio of taxes to GDP and promote India as a major software development center globally.
1996Manmohan SinghThe Budget revolved around 100 percent coverage of provisions for safe drinking water, 100 percent coverage of primary health centers, universalisation of primary education, public housing assistance to all shelter-less poor families, extension of mid-day meal schemes, road connectivity to all villages and habitations and streamlining the Public Distribution System meant for families below the poverty line.
1997P ChidambaramThe 1997 Budget made tax rates moderate for individuals as well as companies. It allowed companies to adjust MAT paid in earlier years against tax liability of subsequent years. The government also launched the Voluntary Disclosure of Income Scheme (VDIS), to uncover black money.
1998P ChidambaramPersonal income tax collections increased many folds and VDIS garnered about Rs 10,000 crore. Higher disposable income in the hands of taxpayers helped generate demand. The incremental tax revenues were leveraged to increase public expenditure on social welfare and infrastructure.
1999Yashwant SinhaProcess to restore fiscal health of nation by reducing revenue and fiscal deficits was initiated. Several programmes were taken up by the human resource development ministry to empower the poor.
2000Yashwant SinhaIncentives for software exporters slowly done away with. Transfer pricing regulations also introduced, which required transactions between associated enterprises to be transparent.
2001Yashwant SinhaIntensification of infrastructure investment, continued reforms in the financial sector and capital markets, deepening of structural reforms were some of the key aspects. Reduction in non-productive expenditure and rationalisation of subsidies was undertaken. The government also aimed at acceleration of the privatisation process and restructuring of public enterprises along with widening of the tax base.
2002Yashwant SinhaTwo percent earthquake tax abolished. A fine of Rs 10,000 announced on detection of false PAN. Multiplex theatres in non-metro cities were given a tax relief. This was also the year when cell phones and cordless phones got cheaper.
2003Yashwant SinhaThe government introduced a new health insurance scheme in which an individual could get insurance with a premium of only Re 1/day for 365 days. A family of five could get insured for Rs 1.50/day and Rs 2/day for a family of seven, including dependants and could be eligible for a benefit of Rs 30,000 in case of hospitalisation. In the event of death, the family would get Rs 25,000.
2004Yashwant SinhaAmid rising concerns over poverty in India, 2 crore families below the poverty line were planned to be covered under subsidised PDS. Long term capital gains tax was abolished and short term capital gains tax reduced to 10%. The government also allocated Rs 259 crore on AIDS control programmes.
2005P ChidambaramDirect taxation was the major highlight of this Budget. Income up to Rs 1,00,000 per annum was exempted from tax. Income between Rs 1-1.5 lakh was taxed at 10%, Rs 1.5-2.5 lakh income at 20% and income above Rs 2.5 lakh was taxed at 30%. The government also proposed 50 paise per litre cess on petrol and diesel to fund highways.
2006P ChidambaramP Chidambaram, Minister of Finance of the UPA II, for the first time set out with implementation of Goods and Services Tax (GST) by April 1, 2010.
2007P ChidambaramExemption limit for women for personal tax was increased to Rs 1,45,000 and for senior citizens to Rs 1,95,000. Dividend distribution tax rose from 12.5 percent to 15 percent.
2008P ChidambaramTotal plan spending in 2008 was pegged at Rs 2.4 trillion, while non-plan spending was at Rs 5.07 trillion. The government waived debts of small farmers and the total cost of the farm debt waiver was Rs 600 billion.
2009Pranab MukherjeeAllocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) was stepped up by 87 percent to Rs 12,887 crore. Allocation for housing and provision of basic amenities to urban poor was enhanced, this included provisions for Rajiv Awas Yojana (RAY), a new scheme.
2010Pranab MukherjeeThe Budget for financial year 2010-11 aimed to revive the agriculture sector but mentioned no incentives for organic fertilizers and sustainable farming. Monetary policy measures were expected to further moderate inflation in the coming months.
2011Pranab MukherjeeMonetary allocation for the social sector was raised by 17 percent to Rs 1,60,887 crore along with allocation for Bharat Nirman programme increased by Rs 10,000 crore. Plan allocation for education was hiked by 24 percent and health by 20 percent. Eligibility for old age pension scheme was reduced from 65 years to 60 years.
2012Pranab MukherjeePranab Mukherjee increased and facilitated poor people’s access to credit. The aimed monetary target for agricultural credit was raised from Rs 1,00,000 crore to Rs 5,75,000 crore. The Budget brought about private sector reforms through various fiscal initiatives like amending the Fiscal Responsibility and Budget Management Act of 2003 (FRBM Act).
2013P ChidambaramRs 1,000 crore was allocated for skill development of the youth. Food subsidies found an allocation of Rs 10,000 in anticipation of the passing of National Food Security Bill. The 2013 Budget announced a "Nirbhaya" fund of Rs 1,000 crore in memory of the December 16, 2012 gang rape-and-murder victim.
2014Arun JaitleyWhile several announcements were made pertaining to the health sector, most of them were focussed on medical education and establishment of institutions. The finance minister also looked at big solar power projects. The 2014 Budget planned to set up an integrated Ganga conservation mission, the Namami Gange project and allocated Rs 2,037 crore for it.
2015Arun JaitleyThis was the first full-fledged Budget by the National Democratic Alliance government. However, the social sector was left wanting. Experts pointed out that the Union Budget 2015-16 fell short of making investments for transmission infrastructure. This was not in line with the government’s intention of producing 175 GW renewable energy by 2020.
2016Arun JaitleyThe Centre granted Rs 9,000 crore to the Swachh Bharat Abhiyan (SBA) for rural sanitation. One of the far-fetched and ambitious promises made by the Finance Minster was to double the income of farmers by 2022.
2017Arun JaitleyWith demonetisation hitting the country three months prior to the Budget, Jaitley’s 2017 Budget was being watched by the country very closely. Additionally, 2017 also witnessed the merger of the Railway Budget with the General Budget. Income Tax rate was cut to 5 percent for individuals with an income between Rs 2.5 lakh to Rs 5 lakh.
2018Arun JaitleyBudget 2018 was a step towards India's road to a high growth of over 8% with manufacturing, services and exports back on good growth path. Then Finance Minister, Arun Jaitley while presenting the General Budget 2018-19 in Parliament said that Indian society, polity and economy had shown remarkable resilience in adjusting with the structural reforms like GST and demonetisation. The Budget also worked towards doubling of farmer's income by 2022.
2019Piyush Goyal(Interim Budget) The Interim Budget 2019-20 presented in Parliament on 1 February 2019 had a major scheme for farmers and provided for income tax sops. The then Finance Minister Piyush Goyal said the government brought down average inflation to 4.6%, lower than the tenure of any other previous government.
2020Nirmala SitharamanFinance minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
2021Nirmala SitharamanTo revive the Indian economy amid the coronavirus pandemic, finance minister Nirmala Sitharaman focussed on six pillars in Union Budget 2021 — health and wellbeing, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government maximum governance. Several direct tax reforms such as income tax relaxation for senior citizens of 75 years age and above, national faceless income tax appellate tribunal centre, pre-filing returns, advance tax on dividend income were proposed among others.
2022Nirmala SitharamanThe Budget 2022, which came after two years of the coronavirus pandemic, focussed more on the infrastructure development in the country and the domestic defence sector, to offer a progressive blueprint of the Indian economy in the long run. Apart from this, capital expenditure also got a boost to support the pandemic-hit economy. Finance Minister Nirmala Sitharaman proposed no change in personal income tax rates or slabs in the Budget 2022.
1991Manmohan Singh1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.
1992Manmohan SinghThe Budget aimed at near full employment in a span of ten years. The ’92 Budget called for reduction in fiscal deficits. The government aimed at increasing tax and non-tax revenues. The finance minister also hiked the defence budget from Rs 16,350 crores to Rs 17,500 — a steep rise of 7%.
1993Manmohan SinghThe Budget extensively discussed agricultural credit with an aim to promote rural development. "Our strategy will gradually reduce high levels of protection to the Indian industry. It will moderate the high industrial prices which the farmer has to pay," said the finance minister in his Budget speech.
1994Manmohan SinghThe 1994-95 budget witnessed service tax being introduced at the rate of 5 percent as the sector was contributing 40 percent to the national GDP. The primary aim was to widen the indirect tax base. The tax was initially levied on telephones, non-life insurance and stockbrokers.
1995Manmohan Singh1991 ushered the era of economic liberalisation for India. Import-export policy was revamped and import duties slashed to introduce the Indian industry to competition from abroad. The government also reduced the peak customs duty from 220 percent to 150 percent.
1995Manmohan SinghIncentives for software exporters was slowly done away with. This was brought about to improve the ratio of taxes to GDP and promote India as a major software development center globally.
1996Manmohan SinghThe Budget revolved around 100 percent coverage of provisions for safe drinking water, 100 percent coverage of primary health centers, universalisation of primary education, public housing assistance to all shelter-less poor families, extension of mid-day meal schemes, road connectivity to all villages and habitations and streamlining the Public Distribution System meant for families below the poverty line.
1997P ChidambaramThe 1997 Budget made tax rates moderate for individuals as well as companies. It allowed companies to adjust MAT paid in earlier years against tax liability of subsequent years. The government also launched the Voluntary Disclosure of Income Scheme (VDIS), to uncover black money.
1998P ChidambaramPersonal income tax collections increased many folds and VDIS garnered about Rs 10,000 crore. Higher disposable income in the hands of taxpayers helped generate demand. The incremental tax revenues were leveraged to increase public expenditure on social welfare and infrastructure.
1999Yashwant SinhaProcess to restore fiscal health of nation by reducing revenue and fiscal deficits was initiated. Several programmes were taken up by the human resource development ministry to empower the poor.
2000Yashwant SinhaIncentives for software exporters slowly done away with. Transfer pricing regulations also introduced, which required transactions between associated enterprises to be transparent.
2001Yashwant SinhaIntensification of infrastructure investment, continued reforms in the financial sector and capital markets, deepening of structural reforms were some of the key aspects. Reduction in non-productive expenditure and rationalisation of subsidies was undertaken. The government also aimed at acceleration of the privatisation process and restructuring of public enterprises along with widening of the tax base.
2002Yashwant SinhaTwo percent earthquake tax abolished. A fine of Rs 10,000 announced on detection of false PAN. Multiplex theatres in non-metro cities were given a tax relief. This was also the year when cell phones and cordless phones got cheaper.
2003Yashwant SinhaThe government introduced a new health insurance scheme in which an individual could get insurance with a premium of only Re 1/day for 365 days. A family of five could get insured for Rs 1.50/day and Rs 2/day for a family of seven, including dependants and could be eligible for a benefit of Rs 30,000 in case of hospitalisation. In the event of death, the family would get Rs 25,000.
2004Yashwant SinhaAmid rising concerns over poverty in India, 2 crore families below the poverty line were planned to be covered under subsidised PDS. Long term capital gains tax was abolished and short term capital gains tax reduced to 10%. The government also allocated Rs 259 crore on AIDS control programmes.
2005P ChidambaramDirect taxation was the major highlight of this Budget. Income up to Rs 1,00,000 per annum was exempted from tax. Income between Rs 1-1.5 lakh was taxed at 10%, Rs 1.5-2.5 lakh income at 20% and income above Rs 2.5 lakh was taxed at 30%. The government also proposed 50 paise per litre cess on petrol and diesel to fund highways.
2006P ChidambaramP Chidambaram, Minister of Finance of the UPA II, for the first time set out with implementation of Goods and Services Tax (GST) by April 1, 2010.
2007P ChidambaramExemption limit for women for personal tax was increased to Rs 1,45,000 and for senior citizens to Rs 1,95,000. Dividend distribution tax rose from 12.5 percent to 15 percent.
2008P ChidambaramTotal plan spending in 2008 was pegged at Rs 2.4 trillion, while non-plan spending was at Rs 5.07 trillion. The government waived debts of small farmers and the total cost of the farm debt waiver was Rs 600 billion.
2009Pranab MukherjeeAllocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) was stepped up by 87 percent to Rs 12,887 crore. Allocation for housing and provision of basic amenities to urban poor was enhanced, this included provisions for Rajiv Awas Yojana (RAY), a new scheme.
2010Pranab MukherjeeThe Budget for financial year 2010-11 aimed to revive the agriculture sector but mentioned no incentives for organic fertilizers and sustainable farming. Monetary policy measures were expected to further moderate inflation in the coming months.
2011Pranab MukherjeeMonetary allocation for the social sector was raised by 17 percent to Rs 1,60,887 crore along with allocation for Bharat Nirman programme increased by Rs 10,000 crore. Plan allocation for education was hiked by 24 percent and health by 20 percent. Eligibility for old age pension scheme was reduced from 65 years to 60 years.
2012Pranab MukherjeePranab Mukherjee increased and facilitated poor people’s access to credit. The aimed monetary target for agricultural credit was raised from Rs 1,00,000 crore to Rs 5,75,000 crore. The Budget brought about private sector reforms through various fiscal initiatives like amending the Fiscal Responsibility and Budget Management Act of 2003 (FRBM Act).
2013P ChidambaramRs 1,000 crore was allocated for skill development of the youth. Food subsidies found an allocation of Rs 10,000 in anticipation of the passing of National Food Security Bill. The 2013 Budget announced a "Nirbhaya" fund of Rs 1,000 crore in memory of the December 16, 2012 gang rape-and-murder victim.
2014Arun JaitleyWhile several announcements were made pertaining to the health sector, most of them were focussed on medical education and establishment of institutions. The finance minister also looked at big solar power projects. The 2014 Budget planned to set up an integrated Ganga conservation mission, the Namami Gange project and allocated Rs 2,037 crore for it.
2015Arun JaitleyThis was the first full-fledged Budget by the National Democratic Alliance government. However, the social sector was left wanting. Experts pointed out that the Union Budget 2015-16 fell short of making investments for transmission infrastructure. This was not in line with the government’s intention of producing 175 GW renewable energy by 2020.
2016Arun JaitleyThe Centre granted Rs 9,000 crore to the Swachh Bharat Abhiyan (SBA) for rural sanitation. One of the far-fetched and ambitious promises made by the Finance Minster was to double the income of farmers by 2022.
2017Arun JaitleyWith demonetisation hitting the country three months prior to the Budget, Jaitley’s 2017 Budget was being watched by the country very closely. Additionally, 2017 also witnessed the merger of the Railway Budget with the General Budget. Income Tax rate was cut to 5 percent for individuals with an income between Rs 2.5 lakh to Rs 5 lakh.
2018Arun JaitleyBudget 2018 was a step towards India's road to a high growth of over 8% with manufacturing, services and exports back on good growth path. Then Finance Minister, Arun Jaitley while presenting the General Budget 2018-19 in Parliament said that Indian society, polity and economy had shown remarkable resilience in adjusting with the structural reforms like GST and demonetisation. The Budget also worked towards doubling of farmer's income by 2022.
2019Piyush Goyal(Interim Budget) The Interim Budget 2019-20 presented in Parliament on 1 February 2019 had a major scheme for farmers and provided for income tax sops. The then Finance Minister Piyush Goyal said the government brought down average inflation to 4.6%, lower than the tenure of any other previous government.
2020Nirmala SitharamanFinance minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
2021Nirmala SitharamanTo revive the Indian economy amid the coronavirus pandemic, finance minister Nirmala Sitharaman focussed on six pillars in Union Budget 2021 — health and wellbeing, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government maximum governance. Several direct tax reforms such as income tax relaxation for senior citizens of 75 years age and above, national faceless income tax appellate tribunal centre, pre-filing returns, advance tax on dividend income were proposed among others.
2022Nirmala SitharamanThe Budget 2022, which came after two years of the coronavirus pandemic, focussed more on the infrastructure development in the country and the domestic defence sector, to offer a progressive blueprint of the Indian economy in the long run. Apart from this, capital expenditure also got a boost to support the pandemic-hit economy. Finance Minister Nirmala Sitharaman proposed no change in personal income tax rates or slabs in the Budget 2022.
- 1991-1995
Sectoral Report
