Budget 2014: Highlights of Finance Minister Arun Jaitley’s Budget speech Finance Minister Arun Jaitley presented the Narendra Modi government’s first budget. Here are the highlights: 1. Two years of sub-five per cent growth has led to challenges to the economy 2. Green shoots of recovery seen in global economy 3. Slow decision making has resulted in loss of opportunity 4. We look forward lower level of inflation 5. Will usher in policy regime that will usher in higher growth, low inflation 6. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years 7. Will leave no stone unturned to create a vibrant India 8. Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal 9. Anti-poverty programmes will be targeted well. 10. We need to revive growth particularly in manufacturing sector and infrastructure 11. There is urgent need to generate more resources 12. Should we allow economy to suffer because of indecisiveness and populism 13. Task before us is challenging 14: We must continue to be watchful of CAD 15. Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge 16. Finance Minister emphasizes on fiscal prudence, need to generate more resources. 17. Iraq crisis having impact on oil prices 18. We must address the problem of black money fully 19. We must take bold steps to enhance economic activity 20. Expenditure Management Commission will be constituted to look at expenditure reforms 21. We are for minimum government, maximum governance 22. Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected 23. New urea policy will be formulated 24. We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional 25. This govt will not ordinarily change policies retrospectively which creates a fresh liability 26. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken 27. We are committed to providing stable tax regime which is investor friendly 28. Govt to set up a high-level Committee to interact with industry to bring about changes in tax aws if required 29. FM Proposes to enhance the scope of income tax settlement commission. 30. Govt proposes to strengthen authority for advance ruling in tax, set up more benches 31. Transfer pricing regulations for residents and non-residents being done 32. FDI in Defence sector raised to 49 per cent 33. Finance Minister Arun Jaitley takes 5-minute break; Lok Sabha adjourned for 5 minutes 34. Financial stability is foundation of rapid recovery 35. Our domestic manufacturing is still at nascent stage 36. Manufacturing units will be allowed to sell their products through retail and e-commerce 37. Budget proposes 49 per cent FDI in insurance through FIPB route. 38. Our Banking system needs to be further strengthened. Need to infuse rs 2.40 lakh crore in ur banks 39. Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in SU banks 40. Govt proposes to provide finance to 5 lakh landless farmers through NABARD 41. Will examine proposal to give additional autonomy to banks and make them more esponsible 42. E-visa to be introduced at 9 airports in the country 43. Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities 44. Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018 45. Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries 46. We expect PSUs to invest Rs 2,47941 crore this fiscal 47. Infrastructre Investment Trust being set up to finance infra projects and reduce burden on banks 48. Total sanitation by 2019 49. Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility 50. National multi-scale programme ‘Skill India’ to be introduced to provide training and support for employment 51. Rs 200 cr set aside for the Sardar Patel statue project in Gujarat 52. Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas 53. Pension scheme for senior citizens being revived 54. Govt committed to providing 24×7 power supply to all homes 55. Rs 50,548 cr proposed for SC development 56. EPFO will launch a unified account scheme for portability of Provident Fund accounts 57. Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes 58. Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO 59. Committee will be set up to examine how unused money in postal schemes can be utilised 60. Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones 61. Rs 14,389 crore provided for Pradhan Mantri Gram Sadak Yojana. 62. Govt to launch ‘Beti Bachao, Beti Padhao’ scheme; sets aside Rs 100 crore for it 63. Crisis Management Centres for women to be set up at all government hospitals in NCR region 64. Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month 65. Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking water 66. Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore 67. Rs 2.29 lakh crore allocated for Defence budget. 68. 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided 69. Each state where there is no AIIMS will be added in the coming years 70. Govt proposes to add 12 more medical government colleges 71. 5 new IIMs and 5 new IITs proposed to be set up 72. ‘Kisan’ TV channel to be launched by DD at cost of Rs 100 crore: Rs 100 crore for Community radio stations proposed 73. FM proposes National Rural Internet and Technology Mission; Rs 500 crore set aside. 74. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it 75. Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research intitutes in Jharkhand and Assam 76. FM announces Rs 100 crore for modernisation of madrasas 77. Govt sets aside Rs 200 cr for setting up of agriculture university in AP and Rajasthan, and horticulture university in Haryana, Telangana 78. Rs 100 crore provided for providing soil card to every farmer 79. Govt committed to achieve 4 per cent farm growth; to use new technologies to boost crop yields 80. Rs 500 crore price stabilisation fund to be set up 81. Govt sets aside Rs 100 crore for initiating scheme to provide a soil health card and Rs 56 cr for soil testing labs. 82. No change in income tax rate; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh. 81. Education cess for all tax payers including corporates will continueRestructuring Food Corporation of India to be taken up on priority 82. Budget proposes Rs 200 cr for setting up 2000 producers’ organisations across the country 83. Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh 84. There is need to examine financial architecture of SME sector 85. Kakinada port and adjoining area to be developed 86. Rs 10,000 crore venture capital fund to be set up for MSME sector 87. Trade facilitation centres will be set up at a cost of Rs 50 crore to help handloom development 88. Definition of MSME to be revised for high capital ceiling 89. India has emerged as the largest PPP market in the world 90. Rs 200 cr provided for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur, Mysore and Tamil Nadu. 91. Govt sets aside Rs 50 crore for Pashmina Production programme in Jammu & Kashmir 92. 1,620-km Ganga inland waterway development from Haridwar to Haldia to be completed in 6 years at a cost of Rs 4,200 crore 93. Selective Expressways parallel to industrial corridors to be taken up 94. Ultra modern super critical power projects to be set up 95. New airports to be developed through PPP mode 96. Coal linkages to be rationalised to reduce power cost 97. Rs 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia 98. Rs 500 crore provided for ultra modern solar power plants in Rajasthan, Tamil Nadu and Ladakh in Jammu and Kashmir. 99. Use of piped cooking gas to be promoted on mission mode 100. CRT TVs exempted from customs duty to help poor 101. Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent 102. Changes in Mines and Mineral Regulation and Development Act to be introduced; royalty on minerals to be reviewed to enhance revenue for states 103. Modern monetary policy framework needed; govt to put in place such framework in close consultation with RBI 104. Govt proposes developing 15,000 km additional gas pipeline through PPP mode. 105. Clarification on tax treatment of foreign funds to be announced 106. Govt agrees in principle on consolidation of PSU banks 107. Banks will be permitted to raise long term funds without regulatory hindrances. 108. RBI to frame policy for licensing of small banks, differential banks 109. Govt to take up pending insurance reforms bill that provides for 49 pc FDI 110. Govt to revitalise small saving scheme; special scheme to encourage saving for girl child education and marriage to be introduced 111. PPF investment limit increased to Rs 1.5 lakh from current Rs 1 lakh 112. Rs 100 crore technology development fund proposed in budget 113. Govt sets aside Rs 2,250 crore to improve weather infrastructure 114. Rs 100 crore allocated for War Memorial and war museum at Princess Park, near India Gate in Delhi 115. Rs 50 crore provided for setting up of a National Police Memorial 116. Rs 200 cr allocated for preserving heritage characters of cities like Mathura and Agra 117. Govt sets aside Rs 100 cr for inter-linking of rivers 118. Govt announces Rs 100 cr for development of Archaeological sites; Gaya to be developed as world class tourist spot 119. Integrated Ganga mission to be set up; Rs 2,039 crore provided in Budget 120. Rs 50 crore set aside for modernisation of Ghats in places like Varanasi and Patna 121. NRI fund for conservation of river Ganga to be set up 122. Rs 200 crore upgrading indoor and outdoor stadium in Jammu and Kashmir – both in Jammu and Kashmir Valley 123. Budget proposes to set up sports university in Manipur 124. Rs 100 crore set aside for training on sportspersons for the Asiad Games 125. Rs 500 crore provided for rehabilitation of displaced Kashmiri migrants 126. Rs 100 cr set aside for development of organic farming in north east region 127. Rs 200 crore provided for power reforms, Rs 500 crore for water reforms in Delhi 128. Govt to provide Rs 1000 cr for rail connectivity in north east region 129. Govt announces “Arun Prabha” channel for NE region; will be 24×7 channel 130. Non-plan expenditure pegged at Rs 12,19,892 crore for 2014-15, including fetilizer subsidy and defence spending
Posted on: Thu, 10 Jul 2014 15:04:44 +0000
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