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Highlights
On 10 July
2014 at11
am, Finance
Minister
Arun Jaitley
presented
the first
budget of
Narendra
Modi led NDA
government.
* Tax
proposals on
indirect tax
front would
yield Rs
7,525 crore.
*
Indian
Custom
Single
Window
Project to
be taken up
for
facilitating
trade.
* Clean
energy cess
increased
from Rs 50/
tonne to Rs
100/tonne.
*
Additional
5% excise
tax to be
levied on
aerated
drinks with
added sugar
(cold
drinks).
Tobacco
products
also to get
costly as
excise duty
hiked to 72%
*
Government
announces
reduction in
excise duty
for
specified
food package
industry
from 10% to
6%.
*
Excise duty
on footwear
reduced from
12% to 6%
*
Government
announces
measures to
encourage
manufacture
of LCD/LED
panels of
TVs.
*
Housing loan
rebate to
raised from
Rs 1.5 lakh
to Rs 2 lakh.
* Net effect
of direct
tax
proposals is
revenue loss
of Rs 22,200
crore.
*
Government
proposes to
increase
investment
limit under
Section 80C
from Rs 1
lakh to Rs
1.5 lakh.
*
Tax
exemption
limit for
small and
marginal,
and senior
tax payers
changed from
Rs 2.0 to Rs
2.5 lakh.
For senior
citizens, no
tax for
income up to
Rs 3 lakh
per annum.
*
No changes
in tax rate.
*
PPF limit to
be raised to
Rs 1.5 lakh:
Jaitley
* Rs 100
crore for
training of
sportspersons
for upcoming
Asian Games.
* Government
announces Rs
150 crore
for
communication
needs of
Andaman and
Nicobar
islands.
* Government
announces
Arun Prabha
channel
for
northeastern
region; will
be 24/7
channel.
*
Rs 1000
crore
provided for
rail
connectivity
in
northeastern
region.
* Programme
for
displaced
Kashmiri
migrants
with Rs 500
crore to be
started.
* Rs 100
crore set
aside for
project to
link rivers.
* Government
announces Rs
100 crore
for
development
of
Archaeological
sites. Gaya
to be
developed as
world class
tourism
spot.
* Rs 5000
crore set
aside for
defence
outlay over
and above
amount
provided
under
interim
budget.
*
National
Police
Memorial to
be set up.
Rs 50 crore
set aside
for this
purpose.
* Rs 100
crore set
aside for
development
of
Technology
Development
Fund.
*
Rs 100 crore
War Memorial
at Princess
Park, India
Gate.
*
Policy of
One Rank One
Pension to
be adopted
for defence
personnel.
* RBI will
create
framework
for licenses
of small
banks.
* Government
aims to
provide all
households
with banking
facilities
to empower
the weaker
sections;
there should
be atleast 2
bank
accounts in
each
household.
* Urgent
need to
converge
current
Indian
standard
with
international
accounting
standards:
Jaitley
* Rs 37, 800
crore
allotted for
National
Highways.
* Revision
of rate of
royalty on
minerals to
be taken up
on request
from the
states.
*
In order to
complete gas
grid, 15000
km of
additional
pipeline to
be developed
through PPP
mode.
*
New
and
renewable
energy
deserves
high
priority;
ultra modern
power
projects to
be taken up
in
Rajasthan,
Tamil Nadu,
Ladakh with
Rs 500 crore.
*
Rs 4200
crore set
aside for
Jal Marg
Vikas
project on
river Ganga
connecting
Allahabad to
Haldia ,
over 1620
km.
* Scheme for
development
of new
airports at
tier II and
III cities
through PPP
mode.
* Rs 200
crore set
aside for 6
more textile
clusters in
Rae Bareily,
Lucknow,
Surat,
Bhagalpur.
Rs 50 crore
set aside
for Pashmina
Production
program in
J&K.
* MSMEs are
the backbone
of the
economy; to
be revived
through a
Committee to
examine and
report in
three
months.
* 6 more
textile
clusters to
be set up.
* Industrial
Smart Cities
to come up
at 7 cities.
* All govt
departments
and
ministries
to be
integrated
through
E-platform
by 31
December
this year.
*
Rs 100 crore
set aside
for Kisan
Television
to provide
real time
information
on various
farming and
agriculture
issues.
* National
Industrial
Corridor to
be set up.
Rs 1000
crore set
aside for
this.
* Rs 5000
crore short
time rural
credit
refinance
fund for
2014-15.
* Rs 50 core
set aside
for
indigenous
cattle breed
and blue
revolution
for inland
fisheries.
* Propose to
provide
finance to 5
lakh
landless
farmers
through
NABARD.
* Govt will
initiate
scheme to
provide a
soil health
card; Rs 100
crore set
aside. Rs 56
crore for
soil testing
labs across
the country.
*
Agriculture
University
in Andhra
Pradesh and
Rajasthan,
and
Horticulture
University
in Haryana,
Telangana;
Rs. 200 cr
set aside by
the
government.
* Slum
development
to be
included in
Corporate
Social
Responsibility
activities.
*
Govt
announces Rs
100 crore
for
modernization
of madrassas.
* Govt
announces
development
of Metro
rails in PPP
mode; Rs 100
crore set
aside for
metro scheme
in Ahmedabad
and Lucknow.
*
Rs 100 crore
set aside
for
Community
Radio
Centres; 600
new and
existing
ones will be
supported.
* National
Rural
Internet and
Technology
Mission; Rs
500 crore
set aside.
* Govt
proposes to
set up
Center of
Excellence
in MP named
after Lok
Nayak Jai
Prakash
Narayan.
*
5 more IITs
and 5 IIMs
to be set up
.
*
Propose to
set up four
more AIIMS;
Rs. 500
crore set
aside for
this. Six
new AIIMS
started
recently
have become
functional.
Four new
AIIMS will
be set up in
Andhra
Pradesh,
West Bengal,
Vidarbha and
Purvanchal.
*
Govt
proposes
National
Housing
Banking
programme;
sets aside
Rs 8000
crore for
this
program.
* Pradhan
Mantri Gram
Sadak Yojana
has a
massive
impact on
rural
development;
Govt sets
aside Rs
14,389 crore
for this
scheme.
* Crisis
Management
Center for
women at
Delhi; money
to be
provided
from
Nirbhaya
fund.
* Govt
announces
Beti Padhao,
Beti Badhao
Yojana;
sets aside
Rs 100 crore
for this.
* Safety of
women of
prime
importance.
*
EPFO will
launch a
unified
account
scheme for
portability
of Provident
Fund
accounts.
* Schemes
for disabled
persons in
the country.
15 new Brail
presses to
be
established
and revival
of 10
existing.
* Rs 50,548
crore
proposed for
Schedule
Caste
development.
*
Govt
committed to
providing
24/7 power
supply to
all homes.
Deen Dayal
Upadhyay
Gram Jyoti
Yojna
for
electricity
supply to
rural areas.
* Rs 200
crore for
'Statue of
Unity' of
Sardar
Vallabh
Patel.
*
Pradhan
Mantri
Krishi
Sichayin
Yojana
to be
started for
irrigation.
*
E-visas to
be
introduced
at nine
airports in
India in
phased
manner.
*
FDI in
insurance to
be increased
to 49%
* FM
announces
FDI in
defence up
from 26 to
49 % with
Indian
management
and control
* Transfer
pricing is
major area
for
litigation;
proposes
changes in
transfer
pricing
regulation:
Jaitley
* Aim to
achieve 7-8
per cent
economic
growth rate
in next 3-4
years.
So said
Finance
Minister
Arun Jaitley:
* I propose
to
strengthen
authority
for advance
ruling in
tax
* We wish to
provide an
investment
friendly
taxation
system
* This govt
will not
ordinarily
change
policies
retrospectively
which
creates a
fresh
liability.
* GST will
streamline
tax
administration
and result
in higher
tax
collection
for center
and states.
* A new urea
policy would
be
formulated.
*
Considering
that we had
two years of
low GDP
growth, a
large
subsidy
burden,
target of
4.1% fiscal
burden is
daunting
* We must
address the
problem of
black money
* Iraq
crisis
leading
behind an
impact.
Inflation
has remained
at elevated
level
* We have
taken up the
challenge in
the right
ernest; will
create a
vibrant and
strong India
* The task
before me is
very
challenging.
We need to
introduce
fiscal
prudence.
there is an
urgent need
for more
reforms.
* The steps
I will
announce are
only the
beginning of
the journey
we wish to
take for
macro
economic
stabilization
*People
below
poverty line
anxious to
free
themselves
* Green
shoots of
recovery
seen in
world
economy.
*
We look
forward to
lower
inflation
For more
inputs
follow the
link..
http://indiabudget.nic.in/ub2014-15/bh/bh1.pdf
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