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

All eyes will be on Finance Minister Nirmala Sitharaman as she reveals what's in store for the economy, India Inc and the common man in the form of Union Budget in Parliament on February 1, 2024.

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:

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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