Highlights of Budget 2014

July 10, 2014 15:41
Highlights of Budget 2014

Finance Minister Arun Jaitley detailed his budget for 2014-15 today, the first under Prime Minister Narendra Modi's new government.

Here are the highlights:

  • 4.1% fiscal deficit is discouraging

  • Target of 7 to 8 per cent growth in next 3-4 years.

  • A new urea policy would be formulated.

  • FDI in defense up from 26 to 49 %  and insurance to be increased to 49%

  • Rs 200 crore for 'Statue of Unity' of Sardar Vallabhai Patel in Gujarat.

  • Rs 50,548 crore proposed for Schedule Caste development.

  • Rs. 500 crore for Deen Dayal Upadhyay Rural Electrification programme.

  • Pradhan Mantri Krishi Sichai Yojana - Rs. 1000 crores

  • Rs. 8,000 crores for National Housing Banking programme for Rural Housing.

  • Housing to all by 2022

  • Rs. 2,037 crores of 'Clean Ganga' river.

  • National Rural Internet and Technology Mission; Rs 500 crore

  • Rs 100 crore set aside for Community Radio Centres

  • Rs 100 for Metro Rail in Lucknow and Ahmedabad.

  • Rs 1000 National Industrial Corridor. [Visakhapatnam to Chennai]

Women Safety

  • Rs. 100 crore for Beti Padhao, Beti Badhao Yojana

  • Rs. 150 crores to be spent by MHA on safety on women in larger cities.

Education

  • Four AIIMS institutes [Andhra Pradesh, West Bengal, Vidarbha and Purvanchal]

  • Five IITs and IIMs. Andhra Pradesh to get IIT.

  • Agriculture University at Andhra Pradesh and Haryana.

  • Horticulture University in Telangana and Haryana.

  • FTII Pune, SRFTI Kolkata will be accorded the status of institute of national importance.

  • National Excise and Customs Academy at Hindupuram, AP.

  • Rs 56 crore for soil testing labs across the country.


Agriculture

  • Rs 100 crores Agri-Infrastructure fund

  • Rs 8 lakh crores set aside for Agriculture credit.

  • 50 crores for indigenous cattle breeding.

  • Kisan TV will be launched in the current year with Rs 100 crores.

  • Long-term rural credit fund to be set up in NABARD with initial support of 5000 crores.

Others

  • 2,29,000 crores allocated for Defense; One-Rank-One-Pay Adopted.

  • War Memorial to be constructed at Princess' Park and supplemented by a War Museum - 100 crores allocated.

  • Construction of a National Police Memorial. Rs 50 crores.

  • Rs. 100 crore for development of Technology Development Fund

  • Additional 5000 crore will be set aside for defense outlay

  • 200 crores for upgrading indoor and outdoor facilities in Jammu and Kashmir

  • 100 crores for training sportsmen and women for upcoming Commonwealth and Asian Games

  • MSME sector - 10,000 crores

  • Development of state highways Rs 37,887 crores

  • Rs. 3000 crores for North-East states

  • 16 new ports, Rs 11,000 crores.

  • Development of airports at Tier I and II cities with PPP.

  • Banking service to all households.

  • Single Operation DMAT account.

  • Rs 150 crore for communication needs of Andaman and Nicobar islands.


 budget-for-2014-15

 

Direct Taxes

 

  • Income Tax Exemption limit raised by Rs 50,000. No tax for those earning below Rs. 2.5lakh per annum

     

  • Education cess continues as 3 %

     

  • PPF limit to be raised to Rs 1.5 lakh

     

  • Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.

     

  • Basic custom duty on LED panel below 19 inch made nil.

     

  • Excise duty on footwear reduced from 12% to 6%

     

  • Excise duty reduced for specified food package industry from 10% to 6%.

     

  • Additional 5% excise tax to be imposed on aerated drinks with added sugar (cold drinks).

     

  • Tobacco products excise duty hiked to 72%

     

  • 10 Year tax holiday for power companies extended to March 31 2017.

     

The government is expecting Rs 22,200 crores loss of revenue with increase in IT exemption, housing loan rebate, PPF limit.

 

(AW: Vamshi)

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