Finance Minister Nirmala Sitharaman is set to present her eighth consecutive Union Budget on February 1, 2025, marking a historic milestone as the first finance minister in India’s history to deliver eight consecutive budgets. She created history when she presented her seventh straight budget for 2024-25, surpassing the record of former prime minister Morarji Desai. Here’s a timeline tracing her budgets and key highlights from each of her previous presentations:
First Budget (2019-2020)
Date: July 5, 2019
Finance Minister Nirmala Sitharaman presented her maiden budget in July of that year after assuming office in May 2019 after her party Bharatiya Janata Party (BJP) won the General Elections. The budget introduced a new tax regime offering lower tax rates for those willing to forgo exemptions. The budget also set the stage for the ‘Make in India’ initiative by reducing corporate taxes. This budget placed a strong emphasis on strengthening rural infrastructure, supporting farmers, and promoting affordable housing. Sitharaman departed from tradition by presenting the budget in a ‘bahi khata’ instead of a briefcase.
Second Budget (2020-2021)
Date: February 1, 2020
This was Nirmala Sitharaman’s longest budget speech which lasted for two hours and forty minutes. The three prominent themes of the Budget were Aspirational India – better standards of living with access to health, education and better jobs for all sections of the society, Economic Development for all – “Sabka Saath , Sabka Vikas, Sabka Vishwas”, and Caring Society – both humane and compassionate.
Third Budget (2021-2022)
Date: February 1, 2021
This was India’s first paperless budget, reflecting the digital push of the government. It proposed significant hikes in capital expenditure, particularly for infrastructure, and introduced the National Monetisation Pipeline. The focus was on healthcare post-COVID-19, digital economy, and tax relief for middle-income groups.
Fourth Budget (2022-2023)
Date: February 1, 2022
India’s economic growth in the current year was estimated to be 9.2 per cent, highest among all large economies. Tax policies remained focused on simplification, with some rationalization of customs duties to encourage domestic manufacturing in emerging sectors such as electronics. There was also an increased focus on sustainability through measures promoting clean energy, electric vehicles, and natural farming.
Fifth Budget (2023-2024)
Date: February 1, 2023
By 2023, the government sought to balance post-pandemic recovery with fiscal prudence. Sitharaman emphasized growth through capital expenditure, unveiling a substantial increase in the outlay for infrastructure, including roads, railways, and renewable energy. Another highlight was an ongoing push for “Make in India” and “Atmanirbhar Bharat” by offering production-linked incentives (PLIs) to various manufacturing sectors. Small businesses and startups received supportive measures, such as simplified compliance norms and extended tax benefits.
Sixth Budget (2024)
Date: February 1, 2024
Being an election year, this was an interim budget, which is traditionally a vote-on-account rather than a full budget. No changes relating to taxation were proposed in the Interim Budget. However, to provide continuity in taxation, certain tax benefits to Start-Ups and investments made by sovereign wealth or pension funds as also tax exemptions on certain income of some IFC units were extended by one year up to March 31, 2025.
Seventh Budget (2024-2025)
Date: July 23, 2024
Sitharaman’s seventh budget speech highlighted nine priorities for ‘Viksit Bharat’, focusing on areas like agriculture, employment and skilling, urban development, energy security, infrastructure, innovation, and next generation reforms. It extended tax benefits under the new tax regime, introduced measures for women’s empowerment, and provided a significant boost to the tourism sector.
Eight Budget (2025-2026)
Date: February 1, 2025
Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on Saturday, February 1, 2025. The public’s expectations include tax reforms, increased capital expenditure for infrastructure, support for agriculture, and initiatives for job creation.
