Before July 5, Here's A Look At Major Announcements In Last Five Budgets

Finance Minister Nirmala Sitharaman will present the full-year Budget for 2019-20 on July 5. That would mark the first Budget by the NDA government after returning to power in May 2019. Economists, policymakers, investors, industry leaders and the general public will watch the budget speech closely for any big ticket announcements. Before Ms Sitharaman - India's first full-time woman finance minister - delivers her Budget speech in Parliament, here's a summary of the major announcements made by the government in the past five years:

Interim Budget 2019

In the interim Budget, which was presented by then acting Finance Minister Piyush Goyal, ahead of general election the government reduced taxes for the middle class and pledged a Rs. 75,000 crore assured income scheme for small farmers in the last budget before elections. Here are the key highlights of Interim Budget 2019:

• Government unveiled direct cash support of Rs. 6,000 for small farmers.
• Government also announced launching a pension scheme for workers in the unorganised sector.
• Rebate under the Income Tax was raised to Rs 5 lakh.
• Government allocated Rs 61,398 crore budgetary allocation for the health sector for the 2019-2020 fiscal, with Rs 6,400 crore earmarked for the centre's ambitious "Ayushman Bharat" scheme.

Budget 2018

The Union Budget for financial year 2018-19 was announced on February 2, 2018. Agriculture got prime time attention in the Union Budget 2018 presented by Finance Minister Arun Jaitley. The Union Budget 2018 was also the last full-year budget before the general elections in 2019. Here are key highlights of Budget 2018:

• The government announced Rs 200 crore for organic farming sector.
• Announced national health protection scheme to cover 10 crore poor and vulnerable families. 50 crore beneficiaries will get Rs. 5 lakh insurance cover per family per year.
• Government revised fiscal deficit to 3.5 per cent of GDP and projected deficit of 3.3 per cent for financial year 2019-20.
• Announced 5 lakh WiFi hotspots to provide broadband access to 5 crore rural people.
• Corporate tax rate for companies up to Rs. 250 crore turnover was reduced to 25 per cent from 30 per cent.
• Government announced standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses.
• Government announced tax on long-term capital gains exceeding Rs 1 lakh at 10 per cent without indexation.

Budget 2017

The Union Budget or 2017 was announced after the government decided to ban Rs 500 and Rs 1,000 notes under demonetisation. The budget was also advanced to February 1 from earlier practice of announcing the budget on last working day of February. Here are key highlights of Budget 2017-18:

• Government cut Income Tax rate to 5 per cent from 10 per cent under slab of Rs 2.5 lakh to Rs 5 lakh.
• Government set fiscal deficit target of 3.2 per cent of GDP.
• Government announced a number of changes that will attract lower tax on gains from property investments.
• Government earmarked Rs 2.87 lakh crore in aid to gram panchayats and municipalities as per the recommendations of the 14th Finance Commission.

Budget 2016

The third Budget of the previous NDA government was announced on February 28, 2015 by the then Finance Minister Arun Jaitley. Here are key highlights of the Union Budget 2015-16:

• The government retained fiscal deficit target of 3.5 per cent of GDP for fiinance year 2016-17.
• Allocated a total of Rs 35,984 crore for agriculture sector with a view to double farmers income.
• Announced taxes on 60 per cent of provident fund withdrawals.
• Announced record spending of Rs 38,500 crore on rural jobs programme (MGNREGA).
• Government announced infusion of Rs 25,000 crore in state-run banks as move to recapitalise banks.

Budget 2015

Union Budget for 2015 was announced on February 28 by then Finance Minister Arun Jaitley. Here are key highlights of Budget 2015:

• Government announced setting up institutes on the lines of AIIMS or the All India Institute of Medical Sciences in five states, Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
• Mr Jaitley also announced more IITs and IIMs, which are counted among the world's top engineering and management institutes.
• Government announced 100 percent tax exemption in Corporate Social Responsibility activities for Clean Ganga Fund and Swachh Bharat Kosh.
• Announced Atal Pension Yojna for all citizens in the unorganised sector entitling them to a pension of up to Rs. 5,000 per month after 60 years of age.

Budget 2014

The first budget of Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government was announced on July 10, 2014 by the then Finance Minister Arun Jaitley. Here are the key highlights of Budget 2014-15:

• Earmarked Rs 7,060 crore for building 100 smart cities.
• Reintroduced Kissan Vikas Patra, a savings instrument for small savers.
• Introduced Skill India, a national multi-skill programme.
• Introduced 'Digital India' programme to ensure broad band connectivity at village level, improved access to services through IT enabled platforms, greater transparency in Government processes and increased indigenous production of IT hardware and software for exports and improved domestic availability.
• Announced tax incentives on home loans to encourage people to buy homes with a view of housing for all by 2022.