The Narendra Modi Government is at the last stop of its tenure. During the next three-four months where the process of general elections will be conducted in the country, the Central Government will bring its interim budget on February 1. Although this interim budget will be limited to the first quarter of the new financial year, the Modi government is going to work on the target of this interim budget to target the three-quarters of the new government’s tenure extended from the quarter.
Modi Government is going to work on keeping all economic budgets in front of the country before the elections through this interim budget, forming the basis of all the full budgets presented in its tenure. The Bharatiya Janata Party-led NDA government will work to show itself a stronger contender than the opposition in the upcoming general elections. So, one need to put on the last budget of the Modi government, which can be used to estimate that the budget speech of the finance minister in the interim budget which will work to add to the achievement of its achievements.
Fifth Budget of Modi Government (2018-19)
It was the last full budget of the Modi Government. Prior to this budget, there was a challenge in front of the Central Government to face elections in 8 states as well as to face Lok Sabha elections at the end of the year. Therefore, making this budget populist, the government had the challenge to make adequate budgetary provisions for its flagship plans. Although the budget disappointed the middle class.
In view of boats, where the government exercised to double the income of the farmers through this budget, there was a big provision for the housing project for everyone. In the budget, the government declared government help to build 37 lakh houses.
In addition to this, in the budget, the government announced health insurance of up to Rs 5 lakhs to 50 million people under national health insurance and fixed corporate tax rate of 25 % for companies with a turnover of Rs 250 crore. Although nothing has been said for the plans like Kaladan, Sanitation Mission, Crop Insurance Scheme, Atal Pension Scheme, Smart City, Nirbhaya Fund, in the budget speech. While the defence budget was seen too big cut.
Fourth Budget of Modi Government: 2017-18
The Modi government did after its ban on the fourth budget in the country. Whereby in November 2016, through the ban on paper, the government had restricted the currency of 500 rupees and 1000 rupees to curb the black money, while operating a new note of Rs. 2000 rupees.
Apart from this, the pressure on the government’s revenue had started rising from the crude oil prices before this budget, and only after the budget was the challenge of implementing Goods and Services Tax in July 2017.
Third Budget of the Modi Government (2016-17)
There were good developments in front of the Modi government’s third budget. Just before the budget, the global monetary fund had said that India had a flashing star among global slowdown. All major plans of the Modi Government, which reached the third year of the tenure, were looking at the budgetary provision. At the same time, the government faced the challenge of spending the savings from the weak prices of crude oil in development work.
Modi government’s second budget (2015-16)
Presenting the Central Government’s second budget in Parliament, Finance Minister Arun Jaitley claimed that the NDA government has worked to bring the Indian economy back on track during the nine-month tenure. Jaitley said that the economy is ready to run fast.
Jaitley also claimed that India has become the fastest running economy in the world and it is a special privilege that the Central Government has changed the GDP estimation formula before the budget, which estimates the new growth rate to 7.4 per cent.
During his first year’s tenure, the government also claimed to have more than 12 crore households in the financial mainstream. Through this annual budget, the Central Government has made provision to introduce GST in the country and launch Direct Benefit Transfer through public, base and mobile.
Modi Government’s first budget (2014-15)
This budget was presented by Modi Government for three quarters. Earlier, the previous Manmohan Singh government had made provision of the first quarter with its interim budget. In the budget speech, the Finance Minister said in Parliament that the people of the country have chosen a new government for fast development and poverty eradication.
In his first speech, the government has said that with the elimination of unemployment, infrastructure and corruption of the 100 million people of the country, strict economic reforms should be placed at the center of their economic policy.
