Highlights of the Union Budget 2014-15

By Sarkaritel July 10, 2014 14:22

Highlights of the Union Budget 2014-15

Slow decision making results in loss of opportunity

Looks forward to lower rates of inflation

Roadmap for fiscal consolidation

By TN Ashok    Economic Affairs Editor

New Delhi, July 10 : Finance Minister Arun Jaitley today presented a “ budget of hope” for 2014-15 pledging a commitment to raise GDP growth to 7 to 8% from the current  5% in the next three to four years  and looked towards a regime of lower rates of inflation. In major sop to industry, he promised to review retro taxation by a high level committee.

Presenting the 2014-15 union budget of the Modi government, Jaitley said,  his government was coming out with a realistic roadmap for fiscal consolidation in a scenario where global slowdown had led to slowdown in the Indian economy as well. the fiscal deficit of 4.1% of GDP is very daunting, he said.

He regretted that slow decision making had led to loss of opportunity.

The Highlights of the budget from part A of the speech:

  1. Sell stake/shares in banks to retail investors
  2. E- visas to be allowed in nine airports
  3. FDI in insurance and defence to be raised to 49%
  4. FY18 fiscal target at 3.65% of GDP
  5. Rs 7,000 crore for development of small cities
  6. Manufacturing needs a push
  7. Skill india programme introduced to generate employment
  8. Unwise to expect anything big in the budget in the `1st year
  9. We cannot spend beyond our dreams
  10. Cannot leave a legacy of debt for future generations
  11. Governemnt wont change policies retrospectively that create a liability
  12. India needs a boost for job creation
  13. Rs 50,500 crore for SC/ST schemes
  14. Rs 7,060 crore for development of 100 smart cities
  15. Govt committed to power supply for households 24 x 7
  16. No New Retriospective Taxes
  17. FY 17 fiscal deficit target is at 3%
  18. Shyama Mukherjee Prasad rozgar mission to be launched
  19. Rs 200 crore for saardar paptel statue of unity
  20. Rs 100 crore for empowerment of the girl child
  21. Total santiationgoal to be achieved by  2019
  22. Unified account scheme for portability of provident fund
  23. No cut in nrega allocation
  24. Rs 500 crore allocation for setting up 04  More AIIMS
  25. To be located in Andhra Pradesh, West Bengal and Vidharbha and Poorvanchal
  26. Panel to examine unclaimed PF accounts
  27. Rs 3600 crore allocation for national drinking water programme
  28. Rs 1000 per pension for subscriber of eps
  29. proposal to open five more IITs
  30. Rs 14.389 crore for development of village roads
  31. Exstension of senior citizen plan to 2015
  32. Crisis management centre for women in Delhi
  33. Rs 28,635 cr for sarva siksha abyan programme
  34. Rs 4000 crore for low cost housing
  35. Rs 50,000 crore set aside for urban housing programmes
  36. Rs 100 crore for community radio centres
  37. Rs 100 crore set aside for agri infrastructure
  38. Rs 500 crore for Launching National Rural Broad Bank vision
  39. Rs 500 crore for Price Stablisation Fund soon
  40. GST by year end
  41. Target of 4% growth in agriculture sector
  42. Rs 5000 crore for  Warehousing
  43. Rs 100 crore for Metro project in Lucknow
  44. Govt to provide finance for five lakh landless farmers
  45. Metro projects in cities with 20 lakh populations
  46. Long term rural credit through NABARD
  47. Committed to 2nd Green Revolution
  48. Ministries to be integrated through E Platform
  49. Rs 10,000 crore push for start-up companies
  50. Full management control through FIPB route
  51. Rs 11,000 crore allocated for development of ports
  52. 16 new port projects to be awarded
  53. Single window E Clearance to fast track project implementation
  54. Rs 8 lakh crore as farm loan for FY 15
  55. Scheme for development of new airports in offing
  56. Will operationalize new special economic zones (SEZ)
  57. Rs 500 crore for study of expresswaysways along industrial corridors
  58. Rural fund corpus raised to rs 30,000 crore in FY 15
  59. Textile mega clusters in Varanasi and five other cities
  60. Such clusters to cost Rs
  61. Proposal to amend apprenticeship act
  62. Rs 500 crore for new and renewableenergy  projects
  63. Rs 37,000 crore for national highway development, focus on north east
  64. Rs 500 crore for solar energy projects
  65. Existing impasse in coal sector to be resolved soon
  66. PPF scheme to be enhanced to Rs 1.25 lakh per person
  67. Rs 3000 crore allocated for state police reforms
  68. Goa made permanent venue for film festivals
  69. Rs 1000 crore for one rank one pension plan
  70. 20 new industrial clusters to come up
  71. seven industrial cities to be established
  72. MSME to redefined with higher ceiling
  73. International settlement of debt securities to boost foreign investment
  74. NRI  funds to be developed for ganga development project
  75. New accounting standards for financial sector from FY 17
  76. Rs 100 crore for technology development fund
  77. Rs2.29 lakh crore allocation for defence sector
  78. Rs 2250 crore for Border Security Force
  79. Rs 2037 crore for Ganga cleaning  project
  80. In PPF scheme, annual remittance to be enhanced to Rs 1.5 lakh from Rs one lakh
  81. Five more IIMs
  82. Rs 200 crore to develop sport infrastructure  in J and K
  83. Rs 200 crore for power reforms and Rs 500 crore for water reforms in Delhi
  84. All retro taxes to be scrutinised  by a high level committee

Union Budget 2014-15 – Part B Speech – Tax Proposals

  1. Raising exemption limit of individuals to Rs 2.50 lakhs for all individual tax payers, rs 3.00 lakhs from Rs 2.50 lakhs for senior citizens
  2. No change in direct taxes rates
  3. To retain tax targets set by UPA
  4. Investment limit under sec 80c  hiked to Rs 1.5 lakh from Rs 1.00 lakh
  5. No change in surcharge rates for direct taxes
  6. 10 year tax holiday for power to continue
  7. Exemption for self-occupied house raised to Rs two lakh from rs 1.50 lakh
  8. Government to review DTC (Direct Taxes Code)
  9. Income from portfolio investments to be treated as capital gains
  10.  3% cess on imported electronic components
  11.  Education cess to continue at 3%
  12.   Revenue loss of rs 22,000 crore due to tax breaks in direct taxes
  13.  No customs duty on led panels below 19 inches
  14.  Custom duty cuts on petrochemicals
  15.  Hike in tax rates to 20% for transfer to mutual funds units
  16.  10% customs duty on select telecom products
  17.    Excise Duty on food processing cut from 10 to 6%
  18.    Export duty on bauxite hiked from 10 to 20%
  19.    Excise duty on cigarettes hiked from 11 to 72%
  20.    Excise duties on colas hiked
  21.    Excise duty on specified food package down from 10 to 6 %
  22.    Excise duty on specified steel products to be flat 5% instead of 7.5%
  23.    Excise duty on footwear halved,  from 12 to 6%
By Sarkaritel July 10, 2014 14:22