Highlights of the 2014-15 Union Budgets • The tax bracket has been increased to 2.5 lakh rupees from previous 2 lakh rupees, whereas, for senior citizen it has been raised to 3 lakh rupees from previous 2.5 lakh rupees • Tax relief for interest on housing loan rose from 1.5 lakh rupees to 2 lakh rupees • Deduction under 80C increased from 1 lakh rupees to 1.5 lakh rupees • 2037 crore rupees for Ganga cleaning • 4200 crore rupees for Ganga project river connectivity from Allahabad to Haldia • 15000 KM of additional pipeline through PPP mode to complete Gas Grid • 37800 crore rupees proposed for NHAI and State Highways • 3000 crore rupees for roads in North East •1000 crore rupees for improving North East connectivity • 1000 crore rupees for one rank one pension policy adopted by government • 11635 crore rupees for habour projects • 10000 crore rupees set aside for startup firms • 1000 crore rupees proposed for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility • 30 crore rupees for setting up Hasthkala Academy for revival of handicrafts • 14389 crore rupees announced for Pradhan Mantri Gram Sadak Yojna, PMGSY • 1785 crore rupees for road under-bridges & over-bridges • 4000 crore rupees for National Housing Bank for flow of cheap housing finance • 3600 crore rupees for National Rural Drinking Water programme • 100 crore rupees has been allotted for modernization of Madarasas • 500 crore rupees for power transmission • 100 crore rupees allotted for Beti bachao-beti padhao yojna • 150 crore rupees for safety of women scheme • Minimum pension of 1000 rupees to meet the expenditure to all subscribers of EPFO scheme • 1000 crore rupees allocated for PM Irrigation Scheme • 200 crore rupees has been allocated for the Statue of Unity in Gujarat, Sardar Patel stands as a unity of statue • 8000 crore rupees allocated for rural housing scheme • 2000 crore rupees allocated for new Water Shed programme • 3600 crore rupees under national rural drinking water programme • 50000 crore rupees for SC/ST schemes • 500 crore rupees allocated for setting AIIMS in Andhra Pradesh, West Bengal, Vidharbha and Purvanchal. Aim is to create an AIIMS in every state • FDI cap in Defence sector has been raised to 49 percent • The finance minister in the budget announced steps for sustained growth of 7-8 percent within the next three-four years • Separate commission will be constituted to decrease government expense • Aim to make food and fuel subsidy more targeted so that it helps those who need them • High-level committee will scrutinize all retro taxes • No change was made in tax rates retrospectively • GST by the end of 2014 (no deadline was announced), GST will streamline tax administration and result in higher tax collection for centre and states • FDI cap on minimum built up area has been reduced to encourage development of smart cities • FDI will be promoted in selected sectors • Beti Bachao-Beti Padhao Yojna announced • Greater autonomy to banks • PSU 247944 crore capex to create industrial cycle • 100 new Smart cities to be developed, 7060 crore rupees fund for smart cities • Tourism: e-visas to be introduced at nine airports in the country in a phased manner • Modified REITS (Real estate investment trusts) has been announced for infrastructure projects to reduce pressure on banking system • Kisan Vikas Patra has been pushed further • New scheme for skill development called Skill India to be launched • By 2019, every household will have Sanitation • Shyama Prassad Mukherjee Rozgar mission to be launched • New scheme for agricultural irrigation • National level institute for mental health to be set up • To help blind, currency notes with Braille like signs has been announced • Gender main-streaming: School curriculum to have a chapter on the issue • MNREGA will be made more productive by linking it to agriculture related activities • Women SCGs bank loan scheme to be extended to other districts • Backward region grant fund for 272 backward districts: BRGF will be restructured • Under Health for all, free drug and free diagnostic service to be taken • 12 more government medical colleges to be added • Aerated drinks to be more expensive • Cigarettes to cost more, excise duty hiked to 72 percent from 11 percent • Personal computers, electronic goods to be cheaper • Proposal to make CRT TVs cheaper • Basic customs duty on LED panel below 19 inch removed • Soaps and oil products to become cheaper • Excise duty on footwear reduced from 12 percent to 6 percent • Excise duty concessions to continue till 31 December 2014 • Annual deposit under PPF scheme rose to 1.5 lakh rupees from previous 1 lakh rupees • Open market sale of food grains, wherever required • National industrial corridor to be set up with Pune at centre • Banks to give long term infra loans • 10-year Tax holiday for power sector to continue • Single D-mat A/c for all financial transactions • Funds for communications, disaster preparedness for UTs • Funds for power, water reforms for capital in budget • No change in surcharge • No change in Direct Tax rates • War Memorial will be set up at Princess Park, New Delhi • Pending Insurance Amendment Bill to be taken up in Parliament • Government to examine proposal to give additional autonomy to banks • Committed to 4 percent growth in agriculture • Six debt recovery tribunals to be set up • Ultra modern solar power projects to be set up • Mumbai infra corridor to be completed on schedule • Investment in mining sector to be encouraged • Financial sector to be at heart of economic growth • To augment power supply in rural areas Deen Dayal Upadhaya Gram Jyoti Yojana to be launched • MSME definition to be revised for high capital ceiling • Effective steps will be initiated to revive SEZs • Pension scheme for senior citizens being revived • Slum development to be included in CSR activities • Composite cap on FDI in insurance proposed to be raised to 49 percent from 26 percent • 15 Model Rural Health Research centers for rural health issues • National multiscale Skill India programme to provide training and support for employment • 15 new Braille presses to be established and 10 existing to be revived • Government to leave no stone unturned to create a vibrant India • New urea policy will be formulated • Centre looks forward to low inflation regime • Commitment to AP and Telangana issues reiterated
Posted on: Fri, 11 Jul 2014 04:18:38 +0000
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