Finance Minister Arun Jaitley presented a steady budget for financial year 2015-16, and projected a fiscal deficit of 3.9% for the financial year 2015-16.
While revenue receipts for the government are likely to increase only marginally to Rs 11,41,575 crore from Rs 11,26,294 crore in 2014-15, total expenditure is likely to go up 5.7% to Rs 17,77,477 crore from Rs 16,81,158 crore.
Plan expenditure, which boosts assets and creates jobs, will decline marginally to Rs 4,65,277 crore from Rs 4,67,934 crore.Read our full coverage on Union Budget
Defence expenditure will increase 10.95% to Rs 2,46,727 crore from an estimated expenditure of Rs 2,22,370 crore in 2014-15.
Swachh Bharat Mission, a pet project of Prime Minister Narendra Modi, will be allocated funds from a proposed 2% cess on all or certain services to be decided at a later date.
Infrastructure spending is likely to be increased by Rs 70,000 crore in the current financial year.
|Category||2012-13||2013-14||2014-15 (Revised)||2015-16 (Budget)|
|Fiscal Deficit||490190 (4.8%)||502858 (4.4%)||512628 (4.1%)||555649 (3.9%)|
Health, education, women welfare and tribal upliftment also found mention in the Finance Minister’s speech.
Budget 2014-15 had estimated a revenue loss of Rs 22,200 crore due to direct tax exemptions and a gain of Rs 7,525 crore due to changes in indirect taxes – a net loss of Rs 14,675 crore.
This time, sops for direct taxes can lead to revenue loss of Rs 8,315 crore and a gain of Rs 23,383 crore due to modifications in indirect taxes – a net gain of Rs 15,068 crore.
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First Published: Mon, March 02 2015. 15:59 IST