Union Budget 2014-15. Highlights of the Budget: Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent. Imported electronics goods to cost more. A cess to be introduced Sugary carbonated drinks to get costlier Cigarettes, gutkas, cigars to cost more CRT TVs exempted from customs duty to help poor No change in income tax rates; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh Tax exemption limit for senior citizens changed from Rs 2.5 lakh to Rs. 3 lakh 10 year tax holiday for power companies who start production and distribution on March 31, 2017 Revenue deficit pegged at 2.9 per cent of GDP Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal. Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh Airports to be developed in tier 1 and 2 cities, 16 new port projects to be awarded this year Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East Govt committed to providing 24x7 power supply to all homes: FM Single KYC norms for all financial services and one demat account for all financial products Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan Rs 11,600 cr for developing outer harbour projects Rs 11,600 cr for developing outer harbour projects Mining issues to be resolved on priority Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities: 20 new industrial clusters announced We will examine proposal to give greater autonomy to banks: FM. Budget proposes 49 per cent FDI in insurance through FIPB route Propose to provide finance to 5 lakh landless farmers through NABARD Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley. Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups Rs 500 crore allocated for stabilizing prices of agricultural commodities Rs 3600 cr set aside for National Rural Drinking Water: FM We will examine proposal to give greater autonomy to banks: FM. Budget proposes 49 per cent FDI in insurance through FIPB route Propose to provide finance to 5 lakh landless farmers through NABARD Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley. Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups Rs 500 crore allocated for stabilizing prices of agricultural commodities Rs 3600 cr set aside for National Rural Drinking Water: FM Rural housing: Rs 8000 crore for national housing banking programme FM announces development of Metro rails in PPP mode; Rs. 100 cr set aside for metro scheme in Ahmedabad and Lucknow Each year government will be adding AIIMS to ensure there is an AIIMS in every state: Jaitley Rs 100 crores to set up virtual classrooms Rs 500 crores for setting up 5 more IIMs and IITs FM Proposes to enhance the scope of income tax settlement commission Rs 7,060 crore allocated for building new cities Jaitley announces e-visas to promote tourism The government is committed to the welfare of scheduled castes and tribes. Rs 200 crores credit scheme for start-ups by those from scheduled castes and tribes Government is committed to providing 24x7 electricity in all houses Jaitley announces Skill India, a programme to train youth for jobs Equity in PSU banks to be raised through share sale to the public Rural housing: Rs 8000 crores for national housing banking programme MGNREGA programme to made more productive Womens safety: Rs 100 crores for Beti Bachcao, Beti Padhao Yojana Senior Citizens Pension Plan Extended Till August 2015 Aim to achieve 7-8 per cent economic growth rate in next 3-4 years: FM We need to revive growth particularly in manufacturing sector and infrastructure: FM Anti-poverty programmes will be targeted well. Will leave no stone unturned to create a vibrant India: FM. Should not allow economy to suffer because of indecisiveness and populism: Finance Minister Arun Jaitley Finance Minister emphasizes on fiscal prudence, need to generate more resources Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge: FM Defence FDI cap raised to 49% from 26% at present Promote FDI selectively in sectors. India needs a boost in job creation in the manufacturing sector All retro tax cases to be scrutinized by a high-level committee Arun Jaitley said the Budget is a beginning of journey to return to 7-8% growth. Fiscal deficit for 2014-15 pegged at 4.3% and for next year at 3% Poor suffer the most, we have to ensure anti-poverty programmes are well targeted. Tax-GDP Ratio Must Be Improved, says Jaitley Cant spend beyond our means, need fiscal prudence. Looking forward to lower inflation
Posted on: Thu, 10 Jul 2014 08:09:36 +0000
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