Union Minister for Finance Minister Arun Jaitely Budget 2014-15 highlights (Live Updates)
July 10, 2014 - Hyderabad
Union Cabinet approves Finance Minister’s budget. Earlier, the Finance Minister briefed the President of India, Pranab Mukherjee on the main features of the budget.
Economic survey 2013-14 tabled in Parliament a day ahead of the Union Budget 2014-15 expects that moderation of inflation will ease the monetary policy stance and revive the confidence of investors.Anti poor programmes are well targeted.Tax-GDP ratio has to be improved and non tax revenues has to be increased. He said that ‘we cannot spend more than our means.
Slowdown in India broadly reflects the trend in many economies. Fortunately, there are green shoots of recovery seen in the global economy.
Fiscal deficit target for this year retained at 4.1%. Markets cheer it. FY16 fiscal deficit target at 3.6%
We are committed to providing a stable and investor-friendly tax regime. Need to revive growth manufacturing firms. All retro tax cases to be scrutinized by a high-level committee. No option but to take bold tasks . 7-8 percent growth in the next three to four years. Defence FDI cap raised to 49% from 26% at present. Insurance sector FDI to be hiked to 49%, from 26%.
In order to give more boost to tourism, he announced Arun Jaitley e-visas to promote tourism.
Jaitely said that Rs.7060 crore were allotted for building new cities as part of smart cities for middle class. Skill India to be launched: He said that a programme Skill India to train the youth.
He said e-visas to be launched at 9 airports in the next six months. He said all houses in India will have sanitation by 2015 on the eve of Mahatma Gandhi’s 150th anniversary. 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
Jaitly said that PF body to launch uniform accounts.
Finance Minister announced that Rs.200 crore allocated to complete the building of a statue of Sardar Vallabhabai Patel in Gujarat. He said that the pension for senior citizens have been extended up to 2015. He said that Rs.150 crores has been allotted to Home Minister for the safety of women. He said currency notes will have baille language for visually challenged.
On women’s safety, he announced Rs.100 crore for Beti Bachcao, Beti Pradhao Yojana programme. He announced Rs.500 crore for Deen Dayal Upadhyay for rural electrification programme. He said that Rs.8,000 crore for national housing banking programme. Rs 3650 crores for providing safe drinking water
Government palns to set up 4 AIIMS in Andhra Pradesh, West Bengal, Vidharbha and Purvanchal. Rs.500 crore allotted. Five IITs and IIMs to come up. He said that Rs.1000 crore for virtual class rooms.
Digital India programmes to make government programmes more transparency. Rs.4000 crore for low cost housing programmes. Rs 100 crores for Metro projects in Lucknow and Ahmedabad.
Digital India programmes to make government programmes more transparency. Rs.4000 crore for low cost housing programmes. Rs 100 crores for Metro projects in Lucknow and Ahmedabad. Rs.200 crore for Agricultural university in Andhra Pradesh
Rs.500 crore for stabilizing the prices of agricultural commodities. Short term loans to farmers at concessional rates. He said that the Government is committed for 4 per cent growth in agriculture and extend credit to joint farming groups. Rs.5000 crores for ware housing for keeping agricultural products and same amount for long term credit through NABARD.He announced 20 new industrial clusters and finance to 5 lakh landless farmers through NABARD. FM announced Kisan TV in this year with Rs.100 crores.
Finance Minister said that the Defence allocation increased by Rs.5,000 core to Rs.2,29,000 while it in the interim budget was Rs. 2,24,000 cores. For employees, the PPF ceiling is increased to Rs.1.5 lakhs from the existing Rs.1 lakhs. Special savings scheme will be launched for the education of a girl child.
He said that a National Sports Academy for Sports will be set up. Sports academies to be set up across India. Rs 200 crores to upgrade stadiums in Jammu & Kashmir. Rs 100 crores for a sports university in Manipur. Rs 100 crores to train sportspersons for the Commonwealth and Asian Games coming up
Rs.2037 crore for clean Ganga project. Rs.500 crore rehabilitation of displaced Kashmiri migrants. Rs.100 crore national war memorial. A new six Debt recovery tribunals will come up.
FM said that non-plan expenditure increased to Rs.12.19 lakh crore. The plan expenditure at Rs.5.75 lakhs crore. There is no change in the Income Tax slab. Income Tax exemption has increased to Rs.2.5 lakhs. Section 80C limit raised to Rs 1.5 lakh from Rs 1 lakh. No tax up to Rs.3 lakhs per annum for senior citizens. Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh. 10 year tax holiday for power companies who start production and distribution on March 31, 2017.
Customs duty cut to nil on import of LCD and LED panels below 19 inch. A cell to be introduced on imported electronic goods.
Excise duty on footwear cut to 6 per cent from 12 per cent while the on wind power equipment cut to 5 per cent. Excise duty cut on food manufacturing machines. Excise duty on Cigarettes, from 11 per cent to 22 per cent while on gutka from 60 per cent to 70 per cent, pan masala from 12 to 16 per cent.Print media continued to get exempted from service tax. To levy service tax on internet and mobile media.