 "Budget 2024: Key highlights of last 5 Budgets under FM Nirmala Sitharaman")
Union Finance Minister Nirmala Sitharaman will present the Budget on February 1 at 11 am in the Parliament. As this is an election year, the Interim Budget will be released, while a full Budget will be presented after the 2024 general elections. This marks Nirmala Sitharaman's sixth Budget presentation. To mark the occasion, here are the highlights of the last five Budget presentations under FM Sitharaman.
Budget 2023: "Amrit Kaal" vision
Vision centred on opportunities for citizens, emphasising youth, growth, job creation, and a strong macro-economic environment.
Proposed spending of Rs 45,03,097 crore, with revenue expenditure estimated at Rs 35,02,136 crore.
Increased income limit for income tax rebate from Rs 5 lakh to Rs 7 lakh in the new regime.
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Highest surcharge rate on income above Rs 5 crore reduced from 37 per cent to 25 per cent.
Tax exemption limit raised to Rs 25 lakh on leave encashment on retirement for private sector employees.
Capital investment outlay increased by 33 per cent to Rs 10 trillion.
Proposed budget for the financial year: Rs 45 trillion
Budget 2022: Focus on green economy and AtmaNirbhar Bharat
FM Nirmala Sitharaman's shortest Budget speech with no changes in income tax slabs or exemptions.
Emphasis on a greener economy and support for made-in-India initiatives.
Introduction of Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat.
Proposal for a 30 per cent tax on income from transactions in cryptocurrencies and 1 per cent TDS on such transactions above a certain threshold.
Announcement of 'Digital Rupee' based on blockchain technology and e-passports with embedded chips.
Spectrum auction announced the roll-out of 5G mobile services by private firms within the financial year 2022-23.
Proposed budget for the financial year: Rs 39.44 trillion
Budget 2021: Economic recovery post-pandemic
Focus on economic recovery post the pandemic with increased spending on healthcare and infrastructure.
Introduction of Agriculture Infrastructure Fund (AIF) and voluntary vehicle scrappage policy.
Fiscal deficit target set at 6.8 per cent of GDP.
Proposed budget for the financial year: Rs 34.83 trillion.
Budget 2020: Navigating Covid-19 pandemic
Aimed at boosting economic growth but faced challenges with the onset of the Covid-19 pandemic.
Focus on healthcare, agriculture, and infrastructure development.
Revised fiscal deficit target to 9.5 per cent of GDP.
Proposed budget for the financial year: Rs 30.42 trillion.
Budget 2019: 10-Point vision for the decade
Focused on a 10-point vision for the decade, emphasising economic development, infrastructure, and social justice.
Reduction of the corporation tax rate for existing companies to boost economic growth.
Introduction of schemes like Pradhan Mantri Kisan Samman Nidhi and Pradhan Mantri Laghu Vyapari Maan-dhan.
Proposed budget for the financial year: Rs 27.86 trillion.
Budget 2024: Where to watch?
The 2024 Interim Budget session will be broadcast live on DD news on February 1. It can also be streamed on the Business Standard website. Follow the full coverage of Budget 2024 here.