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{{Use dmy dates|date=December 2015}}
{{Use Indian English|date=December 2015}}
{{Infobox government budget
| country = India
| previous_budget = 2014 Union budget of India
| previous_year = 2014
| next_budget = 2016 Union budget of India
| next_year = 2016
| image = Emblem_of_India.svg
| imagesize =
| caption = [[Emblem of India]]
| submitter = [[Arun Jaitley]], [[Ministry of Finance (India)|Finance Minister]]
| submitted_to =
| date_submitted =
| presented = 28 February 2015
| passed =
| parliament = [[Indian Parliament]]
| party = [[Bhartiya Janta Party]]
| minister =
| treasurer =
| chancellor =
| Total_Revenue =
| Total_Expenditures =
| spending =
| tax_cut =
| debt_payment =
| surplus =
| deficit =
| debt =
| gdp =
| bill =
| bill_link =
| url = {{url|http://www.indiabudget.nic.in}}
}}
The '''2015 Union budget of India''' refers to 2015–2016 [[Union budget of India]]. The beginning of the budget printing began on 19 February 2015 with the traditional [[halwa]] ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the [[Secretariat Building, New Delhi]], which houses the budget printing press, to maintain secrecy.<ref name=HalwaProcess>{{cite news|title=‘Halwa ceremony’ marks beginning of budget printing process|url=http://www.thehindubusinessline.com/news/halwa-ceremony-marks-beginning-of-budget-printing-process/article6913380.ece|accessdate=19 February 2015|work=[[The Hindu Business Line]]|date=19 February 2015}}</ref> The budget was presented on 28 February by Finance Minister [[Arun Jaitley]].<ref name=BudgetBoost>{{cite news|title=India budget to boost investment|url=https://www.bbc.com/news/world-asia-india-31654789|accessdate=28 February 2015|work=[[BBC News]]|date=28 February 2015}}</ref><ref>{{cite web|title=Key Features of Budget 2015-2016|url=http://indiabudget.nic.in/ub2015-16/bh/bh1.pdf|publisher=[[Government of India]]|accessdate=4 March 2015|archive-url=https://web.archive.org/web/20150314212400/http://indiabudget.nic.in/ub2015-16/bh/bh1.pdf|archive-date=14 March 2015|url-status=dead}}</ref>

==Summary==

===Taxation===

====Personal income tax====
{{See also|Income tax in India}}

There was no change in [[Income tax in India#Charge to income-tax|income tax slabs]] of individuals.<ref name=ExemptionLimitsHiked>{{cite news|title=Budget 2015 Overview: No change in rate of personal tax; mediclaim, pension exemption limits hiked|url=http://zeenews.india.com/business/budget-2015/budget-2015-live-no-change-in-income-tax-slabs-mediclaim-exemption-limit-hiked-to-rs-25000_119831.html|accessdate=4 March 2015|work=[[Zee News]]|date=1 March 2015}}</ref> The [[wealth tax]] was abolished. The surcharge on individuals, [[Hindu Undivided Family|Hindu Undivided Families]] (HUF), associations of persons (AOPs), bodies of individuals (BOI)s, [[Juridical person|artificial juridical person]]s, [[firm]]s, [[cooperative society|cooperative societies]] and [[local authorities]] having income earning {{currency|1|INR}} [[crore]] or more, was raised from 10% to 12%.<ref name=SuperRich>{{cite news|title=Budget 2015: Tax hike for Super Rich|url=http://zeenews.india.com/business/budget-2015/budget-2015-tax-hike-for-super-rich_119885.html|accessdate=4 March 2015|work=[[Zee News]]|date=28 February 2015}}</ref><ref name=2%surcharge>{{cite news|title=Budget 2015: Curtains on wealth tax, extra 2% surcharge on super-rich|url=http://www.hindustantimes.com/business-news/wealth-tax-abolished-extra-2-surcharge-on-super-rich/article1-1321573.aspx|archive-url=https://web.archive.org/web/20150302040644/http://www.hindustantimes.com/business-news/wealth-tax-abolished-extra-2-surcharge-on-super-rich/article1-1321573.aspx|url-status=dead|archive-date=2 March 2015|accessdate=4 March 2015|work=[[Hindustan Times]]|date=1 March 2015}}</ref>

The [[Income tax in India#Permissible deductions from Gross Total Income|permitted deduction]] limit was raised up to {{currency|25,000|INR}} towards [[health insurance]] for ordinary citizens, an increase from previous {{currency|15,000|INR}}. For [[Elder law in India|senior citizens]], it was raised to {{currency|30,000|INR}} from previous {{currency|25,000|INR}}. For very senior citizens, i.e. 80 or above, who don't have insurance, a deduction of {{currency|30,000|INR}} was allowed. A deduction up to {{currency|80,000|INR}} was allowed on the treatment of select very serious diseases for very senior citizens. A deduction up to {{currency|25,000|INR}} was allowed for [[differently-abled]] citizens.<ref name=MiddleClass>{{cite news|title=Budget 2015: Tax exemptions for middle class|url=http://zeenews.india.com/business/budget-2015/budget-2015-tax-exemptions-for-middle-class_119884.html|accessdate=4 March 2015|work=[[Zee News]]|date=28 February 2015}}</ref>

An additional {{currency|50,000|INR}} was permitted on the new pension scheme. Salaried employees were given the choice between [[Employees' Provident Fund Organisation of India|Employees' Provident Fund]] and [[National Pension Scheme]] as their pension fund.<ref name=MiddleClass/><ref name=NPSchoice>{{cite news|title=Budget 2015: EPF or NPS, employees get more choice|url=http://www.livemint.com/Politics/CsDabXOMdAteYs1ysXab3N/Budget-2015-Govt-to-revamp-laws-governing-salary-payment.html|work=[[Live Mint]]|date=28 February 2015}}</ref> Investments in [[Sukanya Samriddhi Account|Sukanya Samriddhi Scheme]] and interest payouts were made eligible for deductions. Exemptions for transport allowances was raised from {{currency|800|INR}} to {{currency|1600|INR}} per month, it is thus {{currency|19200|INR}} per year. This exemption is usually given to individual salaried employees for commuting from home to workplace.<ref name=TransportAllowance>{{cite news|title=Transport allowance to be tax-free for up to Rs 1,600 per month|url=http://www.hindustantimes.com/business-news/transport-allowance-to-be-tax-free-for-up-to-rs-1-600-per-month/article1-1321833.aspx|archive-url=https://web.archive.org/web/20150310003948/http://www.hindustantimes.com/business-news/transport-allowance-to-be-tax-free-for-up-to-rs-1-600-per-month/article1-1321833.aspx|url-status=dead|archive-date=10 March 2015|accessdate=4 March 2015|work=[[Hindustan Times]]|date=1 March 2015}}</ref><ref name=MiddleClass/>

It was announced that premature withdrawal from pension funds, if service period is less than 5 years, will result in deduction of tax at source. If withdrawal amount is more than {{currency|30,000|INR}} then 10% tax will be deducted.<ref name=SecurityReforms>{{cite news|title=Arun Jaitley makes big push towards social security reforms in Budget 2015|url=http://businesstoday.intoday.in/story/budget-2015-makes-big-push-towards-social-security-reforms/1/216374.html|accessdate=5 March 2015|work=[[Business Today (business magazine)|Business Today]]|date=2 March 2015}}</ref>

====Corporate tax====
It announced that [[corporate tax]] rate will be gradually reduced from 30% to 25% over the period of 4 years, starting in April 2016. 2% surcharge was introduced on earnings above 10 crores. However, it was also announced that exemptions and incentives will also be removed.<ref name=CorpTax25>{{cite news|title=India to cut corporate tax to 25% over four years|url=http://www.rediff.com/business/report/budget-india-to-cut-corporate-tax-to-25-over-four-years/20150228.htm|accessdate=4 March 2015|work=[[Rediff]]|date=28 February 2015}}</ref> It was announced that donations made to [[Swachh Bharat Abhiyan]] and [[Pollution of the Ganges|Clean Ganga plan]] under [[corporate social responsibility]] will get 100% deduction.<ref name=CleanGanga>{{cite news|title=Budget: Tax sops likely for investments in Swachh Bharat, Clean Ganga|url=http://www.financialexpress.com/article/economy/budget-tax-sops-likely-for-investments-in-swachh-bharat-clean-ganga/44044/|accessdate=4 March 2015|work=[[Zee News]]|date=17 February 2014|archive-url=https://web.archive.org/web/20150217212240/http://www.financialexpress.com/article/economy/budget-tax-sops-likely-for-investments-in-swachh-bharat-clean-ganga/44044/|archive-date=17 February 2015|url-status=dead}}</ref> The [[General Anti-Avoidance Rule]] was delayed by two years.<ref name=GAAR>{{cite news|title=Budget 2015: Wealth tax abolished; applicability of GAAR deferred by two years|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59612799_1_finance-minister-arun-jaitley-wealth-tax-budget-2015|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref> [[Yoga]] trusts were classified as [[charitable trust]]s and given tax benefits.<ref name=YogaGuru>{{cite news|title=Budget 2015 - Baba ray: Yoga gurus can now exhale|url=http://timesofindia.indiatimes.com/budget-2015/common-man/Budget-2015-Baba-ray-Yoga-gurus-can-now-exhale/articleshow/46416700.cms|accessdate=5 March 2015|work=[[The Times of India]]|date=1 March 2015}}</ref>

====Service tax====
The [[service tax]] rate was raised from 12.36% to 14%.<ref name=ServiceTax>{{cite news|title=Budget 2015: Service tax hike likely to hit overall consumption|url=http://economictimes.indiatimes.com/news/economy/finance/budget-2015-service-tax-hike-likely-to-hit-overall-consumption/articleshow/46425217.cms|accessdate=4 March 2015|work=[[The Economic Times]]|date=2 March 2015}}</ref> A [[Swachh Bharat]] [[cess]] was announced, under which 2% will be added on select services.<ref name=SwachhCess>{{cite news|title=Swachh Bharat Cess not on all services: Centre|url=http://www.deccanherald.com/content/463360/swachh-bharat-cess-not-all.html|accessdate=4 March 2015|work=[[Deccan Herald]]|date=3 March 2015}}</ref> The service tax exemption given to [[mutual fund]] agents was withdrawn.<ref name=MFagents>{{cite news|title=Service tax exemption to MF agents withdrawn|url=http://timesofindia.indiatimes.com/business/mf-simplified/mf-news/Service-tax-exemption-to-MF-agents-withdrawn/articleshow/46450440.cms|work=[[The Times of India]]|date=4 March 2015}}</ref> [[Lottery ticket]] sellers and [[chit fund]] agents were brought under the ambit of service tax.<ref name=Foreman>{{cite news|title=Budget 2015: Now chit fund foremen to pay service tax|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59612873_1_service-tax-foremen-chit-fund|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref><ref name=Lottery>{{cite news|title=Lottery sellers now under service tax ambit|url=http://www.thehindu.com/business/budget/lottery-sellers-now-under-service-tax-ambit/article6946561.ece|accessdate=5 March 2015|work=[[The Hindu]]|date=1 March 2015}}</ref> Varishta Bima Yojana for senior citizens was exempt from service tax.<ref name=MiddleClass/>

Pre-cooling, ripening, retail packing and labelling of vegetables and fruits were exempted from service tax. Ambulance services were exempted from service tax. Visits to [[music concert]]s, [[amusement park|amusement]] and [[theme park]]s were brought under the ambit of service tax. Visits to [[museum]]s, [[zoo]]s, [[national park]]s, [[wildlife sanctuary|wildlife sanctuaries]] and [[tiger reserve]]s were exempted service tax.<ref name=Costlier/>

Social security

Salaried employees were given the choice between [[Employees' Provident Fund Organisation of India|Employees' Provident Fund]] and [[National Pension Scheme]] as their pension fund.<ref name="NPSchoice">{{cite news|title=Budget 2015: EPF or NPS, employees get more choice|url=http://www.livemint.com/Politics/CsDabXOMdAteYs1ysXab3N/Budget-2015-Govt-to-revamp-laws-governing-salary-payment.html|work=[[Live Mint]]|date=28 February 2015}}</ref> Two new [[insurance]] schemes and a [[pension fund]] were announced to improve the [[social security]] of the poor citizens. [[Pradhan Mantri Suraksha Bima Yojana]] with an annual premium of {{currency|12|INR}} will provide a coverage of {{currency|2|INR}} lakh for full disability or death, and 1 lakh for partial disability. [[Pradhan Mantri Jeevan Jyoti Bima Yojana]] is a [[life insurance]] scheme with an annual premium of {{currency|330|INR}}, it will pay {{currency|2|INR}} lakh in case of death. [[Atal Pension Yojana]] is a pension scheme targeted at the unorganised sector.<ref name="NewInsurance">{{cite news|title=Govt announces details of new insurance, pension schemes|url=http://www.thehindubusinessline.com/economy/govt-announces-details-of-new-insurance-pension-schemes/article6950744.ece|accessdate=4 March 2015|work=[[Business Line]]|date=2 March 2015}}</ref>

===Excise===
The education cess were subsumed from central [[excise]] duty. Instead, the central excise duty rates were rounded off from 12.36% to 12.5%.<ref name=CentralExcise>{{cite news|title=Budget 2015: Moving on GST; education cess to be subsumed in central excise, says government|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59613049_1_gst-goods-and-services-tax-122nd-constitution-amendment-bill|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref> The clean energy cess was increased from {{currency|100|INR}} to {{currency|200|INR}} per tonne of coal.<ref name=GreenEnergy>{{cite news|title=Budget 2015 lukewarm to the green energy sector|url=http://forbesindia.com/article/budget-2015/budget-2015-lukewarm-to-the-green-energy-sector/39741/1|accessdate=5 March 2015|work=[[Forbes India]]|date=28 February 2015}}</ref> It was announced that the [[Goods and Services Tax (India)|Goods and Services Tax]] is expected to be implemented by 1 April 2016.<ref name=Mirage>{{cite news|title=Budget 2015: Implementation of GST in April 2016, a reality or mirage?|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59612731_1_service-tax-rate-union-budget-central-excise-duty|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref>

The excise duty on [[cigarette]]s was increased by 25%. The excise on cut [[tobacco]] was raised from {{currency|60|INR}} to {{currency|70|INR}} per kg. The duty on [[plastic bag]]s was increased from 12% to 18%. The duty on [[soft drink]]s and [[bottled water|packaged water]] was increased from 12% to 18%. On cement, it increased from {{currency|900|INR}} per tonne to {{currency|1000|INR}} per tonne. The duty was removed from compounds used in the manufacture of [[incense stick]]s.<ref name=Costlier/>

Excise duty on [[leather]] [[footwear]] was reduced from 12% to 6%. The duty on locally manufactured [[mobile phone]]s, [[LED panel|LED]]/[[LCD panels]], [[LED lights]] and lamps was reduced. The duty on [[ambulance]] [[chassis]] reduced from 24% to 12.5%.<ref name=Costlier>{{cite news|title=Union Budget 2015-16: Smoking, eating out, air travel to be costlier|url=http://www.thehindu.com/business/budget/union-budget-201516-smoking-eating-out-air-travel-to-be-costlier/article6945141.ece|accessdate=5 March 2015|work=[[The Hindu]]|date=28 February 2015}}</ref>

===Custom duty===
22 components used in electronics sector were exempted from import duty.<ref name=22items>{{cite news|title=For ‘Make in India’: No basic custom duty on 22 items|url=http://www.hindustantimes.com/business-news/for-make-in-india-no-basic-custom-duty-on-22-items/article1-1321820.aspx|archive-url=https://web.archive.org/web/20150310004726/http://www.hindustantimes.com/business-news/for-make-in-india-no-basic-custom-duty-on-22-items/article1-1321820.aspx|url-status=dead|archive-date=10 March 2015|accessdate=5 March 2015|work=[[Hindustan Times]]|date=1 March 2015}}</ref> Basic [[custom duty]] on [[magnetron]]s were removed. Import duty on various [[refrigerator]] components were removed. Import duty on [[solar water heater]]s was removed. Some [[pacemaker]] components were exempted.<ref name=Costlier/> Duty on imported [[commercial vehicle]] was increased from 10% to 40%.<ref name=CommVehicle>{{cite news|title=Union Budget 2015: Customs duty on commercial vehicles raised to 40% from 10%|url=http://www.moneycontrol.com/news/business/union-budget-2015-customs-dutycommercial-vehicles-raised-to-4010_1315964.html|accessdate=5 March 2015|work=Moneycontrol|date=28 February 2015}}</ref>

===Education===
A scheme called Nayi Manzil was announced which will help minority youth without school-leaving certificate to find employment.<ref name=NayiManzil>{{cite news|title=Nayi Manzil is a step in right direction|url=http://timesofindia.indiatimes.com/city/lucknow/Nayi-Manzil-is-a-step-in-right-direction/articleshow/46415612.cms|accessdate=4 March 2015|work=[[The Times of India]]|date=1 March 2015}}</ref> Five new [[All India Institutes of Medical Sciences]] (AIIMS) were announced for [[Jammu and Kashmir (state)|Jammu and Kashmir]], [[Punjab, India|Punjab]], [[Tamil Nadu]], [[Himachal Pradesh]] and [[Assam]]. The setting up of second AIIMS like institution in Bihar was announced in 2015 Union budget.<ref>{{cite web|url=http://profit.ndtv.com/budget/budget-2015-more-aiims-iit-and-iims-announces-finance-minister-jaitley-743146|title=Budget 2015: More AIIMS, IIT and IIMs, Announces Finance Minister Jaitley}}</ref> An [[Indian Institute of Technology]] (IIT) will set up in [[Karnataka]] and the [[Indian School of Mines, Dhanbad]] will be upgraded to an IIT. Two new [[Indian Institutes of Management]] (IIM) announced for [[Jammu and Kashmir (state)|Jammu and Kashmir]] and [[Andhra Pradesh]].<ref name=EducationCut>{{cite news|title=Over 2 per cent cut in education budget; new IITs, IIMs to be set up|url=http://articles.economictimes.indiatimes.com/2015-03-01/news/59642333_1_iits-kpmg-india-iims|accessdate=4 March 2015|work=[[The Economic Times]]|date=1 March 2015}}</ref>

A new Post Graduate Institute of Horticulture Research and Education was announced for [[Amritsar]]. Three new National Institutes of Pharmaceutical Education and Research were announced for [[Maharashtra]], [[Rajasthan]] and [[Chhattisgarh]]. Two new Institutes of Science and Education Research were announced for [[Nagaland]] and [[Odisha]]. Two new institutes called Apprenticeship Training Institute for Women were announced for [[Haryana]] and [[Uttarakhand]].<ref name=EducationCut/>

A networked system called the Student Financial Aid Authority was announced which would monitor the allocation of scholarships and educational loans under the Pradhan Mantri Vidya Lakshmi Karyakram.<ref name=EducationCut/>

The [[public education|education]] budget was allocated {{currency|69,074|INR}} crore for the year 2015-16. This was a reduction from the revised estimates from 2014-15 which was {{currency|70,505|INR}} crore. The school education sector was allocated {{currency|42,219.50|INR}} crore and higher education sector was allocated {{currency|26,855|INR}} crore.<ref name=HigherEdu>{{cite news|title=Budget 2015: Focus shifts to higher education|url=http://www.livemint.com/Politics/W2Z3Ebwx8ZcVavXZx1yN8I/Union-Budget-2015-cut-of-over-165-for-education-sector.html|accessdate=4 March 2015|work=[[Live Mint]]|date=28 February 2015}}</ref>

===Investments===
A proposed Benami Transactions (Prohibition) Bill, which would criminalise cash transactions of {{currency|20000|INR}} or above for purchase of immovable properties, was announced. [[Permanent Account Number]] (PAN) was made mandatory for transactions above {{currency|1|INR}} lakh.<ref name=Benami>{{cite news|title=Benami property bill soon, PAN needed for over Rs 1 lakh purchase|url=http://zeenews.india.com/business/budget-2015/impact/benami-property-bill-soon-pan-needed-for-over-rs-1-lakh-purchase_119942.html|accessdate=4 March 2015|work=[[Zee News]]|date=28 February 2015}}</ref> Three new [[gold]] deposit schemes were announced to reduce import of gold and monetise the gold held by citizens.<ref name=GoldDeposit>{{cite news|title=Budget 2015: India to introduce gold deposit accounts, no mention of import duty|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59613055_1_gold-imports-gold-bond-largest-consumers|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref> A [[Bullion coin|gold coin]] with the [[Ashoka Chakra]] on the face will be created.<ref name=GoldCoin>{{cite news|title=Ashoka Chakra gold coin soon|url=http://www.thehindu.com/business/budget/ashoka-chakra-gold-coin-soon/article6944940.ece|accessdate=5 March 2015|work=[[The Hindu]]|date=28 February 2015}}</ref> The listing of Real Estate Investment Trusts (REITs) was made easier.<ref name=REIT>{{cite news|title=Union Budget 2015: REITs listing set to become easy, with smoother investor exits|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59612892_1_infrastructure-investment-trusts-invits-reits|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref> It was announced that foreign investments will be allowed in Alternative Investment Fund (AIF), which are [[Investment fund|pooled investments]] in real estate, private equity and hedge funds.<ref name=AIFs>{{cite news|title=De-jargoned: Alternative investment funds|url=http://www.livemint.com/Money/WMWedyfbu45PPubMcUURyN/Dejargoned-Alternative-investment-funds.html|accessdate=5 March 2015|work=[[Live Mint]]|date=4 March 2015}}</ref> A simpler [[bankruptcy]] law would be created.<ref name=Bankrupt>{{cite news|title=Budget 2015: A comprehensive bankruptcy code like US style Chapter 11|url=http://articles.economictimes.indiatimes.com/2015-03-01/news/59642290_1_bankruptcy-law-banking-system-march-2014|accessdate=5 March 2015|work=[[The Economic Times]]|date=1 March 2015}}</ref> The SARFAESI Act will be expanded to cover non-banking financial institutions (NBFC) which will make it easier for them to recover [[non-performing asset]]s (NPA).<ref name=SARFAESI>{{cite news|title=SARFAESI Act to cover NBFCs|url=http://www.thehindu.com/business/budget/sarfaesi-act-to-cover-nbfcs/article6946795.ece|accessdate=10 March 2015|work=[[The Hindu]]|date=1 March 2015}}</ref>

===Other announcements===
The states of [[Bihar]] and [[West Bengal]] were given special assistance packages from the centre.<ref name=BiharWB>{{cite news|title=Budget 2015's poll pitch: Special assistance for Bihar, West Bengal|url=http://indiatoday.intoday.in/story/budget-2015-poll-pitch-special-assistance-for-bihar-west-bengal-arun-jaitley/1/421530.html|accessdate=5 March 2015|work=[[India Today]]|date=28 February 2015}}</ref> A [[Business incubator|startup incubator]] programme called Self Employment and Talent Utilisation (SETU) was announced. It was allocated {{currency|1000|INR}} [[crore]].<ref name=TechStartups>{{cite news|title=Budget 2015: Rs. 1,000-Crore Fund Announced for Tech Startups, Entrepreneurs|url=http://gadgets.ndtv.com/others/news/budget-2015-rs-1000-crore-fund-announced-for-tech-startups-entrepreneurs-665604|accessdate=5 March 2015|work=[[NDTV]]|date=28 February 2015}}</ref>

===Revenues and expenditures===
The Plan Expenditure for 2014-15 was revised from {{currency|575000|INR}} [[crore]] to {{currency| 467934 |INR}} [[crore]] due to a large deficit. The Plan Expenditure for 2015-16 was set at {{currency|465277|INR}} [[crore]]. The Non-Plan Expenditure was estimated at {{currency|1312200|INR}} [[crore]], with the total being estimated at {{currency|1777477|INR}} [[crore]].<ref name=PlanExpCut>{{cite news|title=Budget cuts Plan spending for current fiscal by Rs 1 lakh crore|url=http://www.dnaindia.com/money/report-budget-cuts-plan-spending-for-current-fiscal-by-rs-1-lakh-crore-2065071|accessdate=4 March 2015|work=[[DNA India]]|date=28 February 2015}}</ref>
The government expects {{currency|1449490|INR}} [[crore]] as tax receipts, of which {{currency|523958|INR}} crore will go to state governments. Non-tax receipts were estimated at {{currency| 221733|INR}} [[crore]] for 2015-16.<ref name=budrev>{{cite news|title=Budget 2015 At a glance (Revenues)|url=http://indiabudget.nic.in/ub2015-16/bag/bag2.pdf|accessdate=18 June 2015|work=[[Government of India]]|date=28 February 2015|archive-url=https://web.archive.org/web/20150318183342/http://www.indiabudget.nic.in/ub2015-16/bag/bag2.pdf|archive-date=18 March 2015|url-status=dead}}</ref>

The [[military budget|defence budget]] was increased from {{currency|2.29|INR}} [[lakh]] [[crore]] in 2014-15 to {{currency|2.46|INR}} [[lakh]] [[crore]] in 2015-16, an increase of 10.95%.<ref name=EdgeofTension>{{cite news|title=Indian defence budget hike will create new edge of tension: Pakistani media|url=http://economictimes.indiatimes.com/news/politics-and-nation/indian-defence-budget-hike-will-create-new-edge-of-tension-pakistani-media/articleshow/46432907.cms|accessdate=4 March 2015|work=[[The Economic Times]]|date=2 March 2015}}</ref> The expenditure on [[healthcare]] was set at {{currency|33,152|INR}} [[crore]] for 2015-16, a reduction from {{currency|39,238|INR}} [[crore]] in 2014-15.<ref name=Healthcare>{{cite news|title=Budget 2015: 5 more AIIMS, tax exemption limit in health care premium increased|url=http://www.dnaindia.com/money/report-5-more-aiims-tax-exemption-limit-in-health-care-premium-increased-2065213|accessdate=4 March 2015|work=[[DNA India]]|date=1 March 2015}}</ref> Tax-free infrastructure [[Government bond|bond]]s were re-introduced after a gap of one year.<ref name=TaxFreeInfra>{{cite news|title=Comeback kings: Arun Jaitley ushers in tax-free infra bonds again|url=http://www.financialexpress.com/article/economy/comeback-kings-arun-jaitley-ushers-in-tax-free-infra-bonds-again/49073/|accessdate=4 March 2015|work=[[The Financial Express (India)]]|date=4 March 2015|archive-url=https://web.archive.org/web/20150402162046/http://www.financialexpress.com/article/economy/comeback-kings-arun-jaitley-ushers-in-tax-free-infra-bonds-again/49073/|archive-date=2 April 2015|url-status=dead}}</ref>

The [[fiscal deficit]] for 2014-15 was 4.1% of the [[GDP]]. The target set for 2015-16 was that the fiscal deficit would be brought down to 3.9%. The [[government revenue|revenue deficit]] target for 2015-16 was set at 2.8% of the GDP, 0.1% lower from 2014-15.<ref name=FiscalDeficit>{{cite news|title=Many hits in Budget, but fixing fiscal deficit is a miss|url=http://timesofindia.indiatimes.com/home/sunday-times/all-that-matters/Many-hits-in-Budget-but-fixing-fiscal-deficit-is-a-miss/articleshow/46417204.cms|accessdate=4 March 2015|work=[[The Times of India]]|author=[[C. Rangarajan]]|date=1 March 2015}}</ref>

==Responses==
[[Prime Minister of India|Prime Minister]] [[Narendra Modi]] of [[BJP]] political party called the budget progressive and positive. Home Minister [[Rajnath Singh]] of BJP called the budget an important step towards building a modern India. BJP President [[Amit Shah]] praised the anti-[[black money]] measures.<ref name=Dhanwapsi>{{cite news|title=Union Budget 2015 reactions: BJP lauds Jaitley's 'clear vision', Congress terms it 'dhanwapsi' to corporates|url=http://zeenews.india.com/news/india/union-budget-2015-reactions-bjp-lauds-jaitleys-clear-vision-congress-terms-it-dhanwapsi-to-corporates_1554067.html|accessdate=5 March 2015|work=[[Zee News]]|date=28 February 2015}}</ref>

[[Mallikarjun Kharge]] of [[Indian National Congress|INC]] political party called the budget pro-industrialist. Former Finance Minister [[P. Chidambaram]] of INC said the budget appeases taxpayers and corporates but ignores the poor. Former Prime Minister [[Manmohan Singh]] of INC said that the budget had good intentions but lacked a proper road map.<ref name=Dhanwapsi/>

[[Nitish Kumar]], Chief Minister of [[Bihar]], thanked the Finance Minister for the special assistance package and the new AIIMS in Bihar.<ref name=Nitish>{{cite news|title=Budget 2015: Nitish Kumar thanks Centre for special financial assistance, AIIMS|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59612933_1_bihar-cm-chief-minister-nitish-kumar-special-category-status|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref> [[Tarun Gogoi]], Chief Minister of [[Assam]], called the budget pro-rich and pro-corporate and criticised it for the lack of benefits for [[North East India]].<ref name=Gogoi>{{cite news|title=Union Budget 2015 pro-rich, pro-corporate, nothing for Assam and North-East: Tarun Gogoi|url=http://articles.economictimes.indiatimes.com/2015-02-28/news/59613058_1_tarun-gogoi-union-budget-investment-promotion-policy|accessdate=5 March 2015|work=[[The Economic Times]]|date=28 February 2015}}</ref> [[Naveen Patnaik]], Chief Minister of [[Odisha]], called the budget disappointing as it lacked as special packages for Odisha, pointing that West Bengal and Bihar were granted special packages but Odisha was ignored despite facing two natural disasters in the near past [[Phailin]] and [[Cyclone Hudhud|Hudhud]].<ref name=NaveenPatnaik>{{cite news|title=Odisha ignored in budget, says Naveen Patnaik|url=http://www.thehindu.com/news/national/other-states/odisha-ignored-in-budget-says-naveen-patnaik/article6947869.ece|accessdate=5 March 2015|work=[[The Hindu]]|date=1 March 2015}}</ref>

Indian stock index [[SENSEX]] gained 140 points on the day of budget announcement.<ref name=SENSEX>{{cite news|title=Budget: Sensex Ends 140 Points Higher; Nifty Above 8,900|url=http://profit.ndtv.com/budget/live-market-743123|accessdate=5 March 2015|work=[[NDTV]]|date=28 February 2015}}</ref> Kishore Biyani, CEO of [[Future Group]], said new service tax rate may discourage [[consumption (economics)|consumption]].<ref name=Pinch>{{cite news|title=Budget 2015: Middle-class consumers feel the pinch as FM Arun Jaitley raises duties and service tax|url=http://articles.economictimes.indiatimes.com/2015-03-01/news/59642147_1_service-tax-tax-rate-fm-arun-jaitley|accessdate=5 March 2015|work=[[The Economic Times]]|date=1 March 2015}}</ref>

==See also==
* [[Union budget of India]]
* [[2015 Railway Budget of India]]

==References==
{{Reflist|3}}

==Further reading==
* {{cite web|title=Key Features of Budget 2015-2016|url=http://indiabudget.nic.in/ub2015-16/bh/bh1.pdf|publisher=[[Government of India]]|access-date=3 March 2015|archive-url=https://web.archive.org/web/20150314212400/http://indiabudget.nic.in/ub2015-16/bh/bh1.pdf|archive-date=14 March 2015|url-status=dead}}
* {{cite web|title=How to invest in Pradhan Mantri Jeevan Jyoti Bima Yojana|url=http://www.kasakaru.com/887-how-to-invest-in-pradhan-mantri-jeevan-jyoti-bima-yojana-life-insurance-scheme/|access-date=3 May 2015|archive-url=https://web.archive.org/web/20150504225138/http://www.kasakaru.com/887-how-to-invest-in-pradhan-mantri-jeevan-jyoti-bima-yojana-life-insurance-scheme/|archive-date=4 May 2015|url-status=dead}}| KasaKaru website
* {{cite web|title=How to apply for Pradhan Mantri Suraksha Bima Yojana accident insurance scheme?|url=http://www.kasakaru.com/895-how-to-apply-for-pradhan-mantri-suraksha-bima-yojana-accident-insurance-scheme/|access-date=4 May 2015|archive-url=https://web.archive.org/web/20150504225140/http://www.kasakaru.com/895-how-to-apply-for-pradhan-mantri-suraksha-bima-yojana-accident-insurance-scheme/|archive-date=4 May 2015|url-status=dead}}| KasaKaru website

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2015 Union budget of India - Revision history

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