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A comparison among Arun Jaitley's last full Budget (FY19), Piyush Goyal's Interim Budget (2019-20) and Nirmala Sitharaman's full Budget 2019-20

* Numbers as % of estimated GDP for that year (RE for FY19, BE for FY20 Interim and full Budgets)

** For FY19 (RE), growth over FY18 actuals; for FY20 (interim and full), growth over FY19 (RE)

# This includes internal and extra budgetary resources of PSUs, including Railways

Source: Budget documents


The then power minister Piyush Goyal, in the absence of the erstwhile Union finance minister Arun Jaitley, had presented the full Budget for 2018-19 and then the 2019-20 interim budget. Nirmala Sitharaman, now the Union finance minister in the second term of the Narendra Modi-led National Democratic Alliance (NDA) government, will be presenting the full Budget for 2019-20 on July 5.

Sitharaman is the first woman in India to hold the finance ministry as her primary portfolio. The only other woman in that position was Indira Gandhi, who held finance as an additional portfolio as the prime minister of India.

Here we present the key economic metrics announced by Goyal in Budget 2018-19 and Interim Budget 2019-20 which will be compared with the numbers announced by Sitharaman in her full 2019-20 Budget on July 5.

For instance, Goyal had estimated the country’s fiscal deficit at 3.4 per cent of gross domestic product (GDP) in Budget 2018-19 and retained it at the same level in his Interim Budget. Similarly, revenue deficit was pegged at 2 per cent of GDP in each of Goyal’s two Budgets. Will Sitharaman’s estimates be any different? We will know on July 5.