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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.

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.

Category2012-132013-142014-15 (Revised)2015-16 (Budget)
Revenue Receipts879232101472411262941141575
Capital Receipts531140544723554864635902
Non-plan Expenditure996747110612012132241312200
Plan Expenditure413625453327467934465277
Fiscal Deficit490190 (4.8%)502858 (4.4%)512628 (4.1%)555649 (3.9%)

Source: Budget 2015; figures in Rs crore; fiscal deficit is as % of GDP

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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