Budget 2025: Two interim and 11 full budgets of Modi government since 2014, know which finance minister made what big announcement..
13 Budgets of Modi Government Since 2014: The Modi government has presented a total of 13 budgets since 2014. These 13 budgets also include two interim budgets presented in the election year during the first and second terms. In the first term, the then Finance Minister Arun Jaitley presented the budget five times. At the same time, due to the Lok Sabha elections in 2019, the interim budget was presented in February 2019 and then the full budget was presented in July 2019. Union Finance Minister Nirmala Sitharaman presented the first budget of the third term of the Modi government on 23 July 2024 and the 13th budget after Narendra Modi became the Prime Minister. On 01 February 2025, Nirmala Sitharaman will present the 14th budget of the Modi government. This will also be Sitharaman's eighth budget as a full-time female Finance Minister. In the budgets presented so far in the Modi government, while on the one hand many traditions that have been going on since the British era were changed, many big announcements were also made for the common man as well as the elite. Let us take a look at the key points of the budget presented during the tenure of the Modi government.
13 budgets have been presented during the tenure of Narendra Modi as Prime Minister
The Modi government has presented a total of 13 budgets since 2014. In the first term, the then Finance Minister Arun Jaitley presented the budget five times. At the same time, due to the Lok Sabha elections in 2019, an interim budget was presented in February 2019. Due to the ill health of the then Finance Minister Arun Jaitley, it was presented by Union Minister Piyush Goyal. Then in July 2019, the first full-time woman Finance Minister Nirmala Sitharaman presented the full budget. In the budgets presented by the Modi government since 2014, along with announcements related to taxpayers, many big announcements including railways, and FDI were made.
Budget 2014 (Finance Minister: Arun Jaitley)
Due to the Lok Sabha elections in 2014, the interim budget was presented in February and after winning the elections, when the Modi government came to power, the then Finance Minister Arun Jaitley presented the full budget in July 2014. Talking about the main points of the 2014 budget, the tax exemption limit was increased from Rs 2 lakh to Rs 2.5 lakh. Apart from this, this limit for senior citizens was increased from Rs 2.5 lakh to Rs 3 lakh. Apart from this, the limit of tax deduction under section 80 (C) was increased from Rs 1.1 lakh to Rs 1.5 lakh.
Budget 2015 (Finance Minister: Arun Jaitley)
Making the biggest announcement in the 2015 budget, the then Finance Minister Arun Jaitley abolished the wealth tax. The surcharge on individuals with an annual income of more than Rs 1 crore was increased from 10 percent to 12 percent. Apart from this, if we look at other major announcements, it was announced that the interest on investment in Sukanya Samridhi Yojana will be made tax-free. A tax exemption of Rs 50,000 was also announced on investment in NPS. Giving benefits to the insurance sector, the Finance Minister increased the tax deduction limit on personal health insurance premiums from Rs 15,000 to Rs 25,000.
Budget of 2016 (Finance Minister: Arun Jaitley)
Talking about the major points of the Modi government's 2016 budget, the tax rebate for those with income less than Rs 5 lakh was increased from Rs 2000 to Rs 5000. For those paying house rent, the tax exemption under section 80GG was increased from Rs 24,000 to Rs 60,000. In this budget also, the Finance Minister increased the surcharge by 3% to 15% on individuals with annual income of more than Rs 1 crore.
Budget 2017 (Finance Minister: Arun Jaitley)
This year, for the first time in the history of India, the general budget and the railway budget were presented together. Apart from this, Finance Minister Arun Jaitley gave a tax rebate of Rs 12,500 to taxpayers. The income tax rate for income between Rs 2.5 lakh and Rs 5 lakh was reduced from 10% to 5%. Apart from this, a provision was made in the budget that political parties will be able to accept donations in cash only up to Rs 2,000.
Budget 2018 (Finance Minister: Arun Jaitley)
This year's budget proposed to give the benefit of standard deduction of Rs 40,000 to salaried taxpayers. Cess was increased from 3% to 4%. Tax exemption was provided to senior citizens on interest income up to Rs 50,000, which was Rs 10,000 earlier. Long Term Capital Gains (LTCG) from equities above Rs 1 lakh was taxed at 10%. Tax slab on MSME business up to Rs 250 crore was made 25%. Income tax slab remained unchanged this time as well.
Interim Budget 2019 (Acting Finance Minister: Piyush Goyal)
The interim budget was presented in 2019 due to general elections. This budget was presented by Union Minister Piyush Goyal due to the ill health of the then Union Finance Minister Arun Jaitley. Modi government was kind to every section in the last budget of its first term. Middle-class and farmers are at the center of this budget. Giving respect to the workers of the unorganized sector, pensions have been announced every month. Workers will get a monthly pension of Rs 3000. The Finance Minister has also rewarded the middle class for honesty by doubling the income tax limit to five lakhs. Now income up to five lakhs will be tax-free. HRA has also been increased to Rs 2.40 lakh.
Budget 2019 (Finance Minister: Nirmala Sitharaman)
In 2019, the first interim budget was presented in which the limit of tax rebates was increased from Rs 2500 to Rs 12500. The standard deduction was increased from Rs 40000 to Rs 50000. Along with this, the limit of TDS on rent was increased from Rs 1.80 lakh to Rs 2.40 lakh. Apart from this, interest up to Rs 40000 on deposits in banks or post offices was made tax-free. After this, Finance Minister Nirmala Sitharaman presented the full general budget. In this, a surcharge on the income of 2 to 5 crores was increased by 3 percent, and a surcharge on the income of more than 5 crores was increased by 7 percent.
Budget 2020 (Finance Minister: Nirmala Sitharaman)
In the budget of the year 2020, alternative income tax slabs were announced. Now taxpayers have both the old traditional income tax slab and the new alternative tax slab available. DDT on dividends paid by companies and mutual funds was abolished. It was proposed to extend the additional deduction of up to Rs 1.5 lakh under Section 80EEA for the purchase of affordable houses by one year. Senior citizens above 75 years of age who are dependent only on pension and interest income from deposits were given the facility of not filing income tax returns.
Budget 2021 (Finance Minister: Nirmala Sitharaman)
Finance Minister Nirmala Sitharaman presented the blueprint of New India to the country through the budget for the financial year 2021-22. Tax holiday for startup companies is extended for one year. Exemption on capital gains from investment in startups has been extended for another year. The government has increased the allocation for the development of the infrastructure sector in rural areas to Rs 40,000 crore in the budget for the financial year 2021-22. The Finance Minister has announced the creation of five major fishing hubs. Disinvestment of BPCL, Air India, Shipping Corp, and Container Corp was said to be completed by the end of 2021. Finance Minister Nirmala Sitharaman announced to increase the limit of foreign direct investment (FDI) in the insurance sector from 49 percent to 74 percent.
Budget of 2022 (Finance Minister: Nirmala Sitharaman)
Union Finance Minister Nirmala Sitharaman presented the budget for the financial year 2022-23 in the Lok Sabha. While presenting the budget, Nirmala Sitharaman said that development has been encouraged in this budget. Under which, it was announced to build 80 lakh houses across the country under the Pradhan Mantri Awas Yojana in a year. In this budget, a promise was made to give 60 lakh jobs to the youth.
Budget of 2023 (Finance Minister: Nirmala Sitharaman)
The last full budget of the second term of the Modi government was presented in the year 2023. It was also presented by Finance Minister Nirmala Sitharaman. In this budget, allocations were announced for different ministries and departments as well as central schemes. Union Finance Minister Nirmala Sitharaman announced major changes in the tax slab in the budget for the year 2023. Giving relief to the taxpayers, the Finance Minister announced that under the new tax system, no tax will have to be paid on annual income up to Rs 7 lakh. Earlier this limit was Rs five lakh.
Interim Budget of 2024 (Finance Minister: Nirmala Sitharaman)
On February 1 in the year 2024, Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman presented the interim budget instead of the full budget for 2024-2025 in Parliament, as general elections were to be held this year. In the interim budget, India's real GDP was estimated to grow by 7.3 percent in the financial year 2023-24.
Full Budget 2024 (Finance Minister: Nirmala Sitharaman)
Finance Minister Nirmala Sitharaman presented the first budget of the third term of the Modi government on 23 July 2024 (Tuesday). In this budget speech, the Finance Minister also announced the abolition of angel tax and changes in tax rates under the new tax system. The Finance Minister also made announcements related to giving relief to first-time job seekers. The government had set nine priorities in this budget, one of them was employment and skill development. Under this, it was claimed to provide great help to first-time job seekers.
