PM Modi-led government’s first full-fledged budget was tabled by then Union Finance Minister Arun Jaitley in the year 2015-16. Being the budget of a new government, it gained enormous significance. The budget went on to cater sections ranging from agriculture to corporate. In 2017, Modi government departed from the colonial-era tradition of presenting the Union Budget on the last working day of February. The then Finance Minister Arun Jaitley presented it on the first day of February in 2017. Additionally Rail Budget, presented separately for 92 Years, merged with union budget. However, in the year 2019, the interim union budget was presented by Piyush Goyal, as Arun Jaitley was unwell. Whereas, the full budget for the year 2019-20 was presented by Finance Minister Nirmala Sitharman on July 5, 2019. Until 2018, as a part of tradition, Finance ministers carried the budget in a leather briefcase. In 2019, the tradition was broken by Nirmala Sitharaman by carrying the budget in a Bahi-Khata. Below are major takeaways of last five budgets of Modi government.
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The first full-fledged budget of PM Modi-led NDA government was presented by then Finance Minister Arun Jaitley in 2015-16. The highlight of PM Modi-led centre’s first budget was tax exemption and monetising gold.
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On February 29, 2016, the then Finance Minister Arun Jaitley presented second full budget of PM Modi-led NDA government. The budget gave overall push to agriculture, rural development and social sector. New health insurance scheme was announced.
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The Union Budget of India for 2017–18 was presented by then Finance Minister Arun Jaitley on February 1, 2017. Tax reduction, soil health card, and Mission Antyodaya were focused in the budget 2017-18.
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The Union Budget of India for 2018–19 was presented by then Finance Minister Arun Jaitley on February 1, 2018. Agriculture and Rural Economy, MSMEs, Employment Generation, Railways, and Digital Economy, among others were focused in the budget 2018–19.
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The Interim Union Budget for 2019–2020 was presented by Piyush Goyal on February 1,2019 as then Finance Minister Arun Jaitley was unwell. However, the full-fledged budget for 2019–20 was presented by Nirmala Sitharaman on July 5, 2019. Tax reduction, affordable housing, and ease of living, among others were focused in the budget 2018–19.
Image: Finance Minister Nirmala Sitharaman - Photo Credit: PTI