The general Budget 2014 today would either show Arun Jaitley as a 'Knight in shining armour', saving the poor man's pockets, or as an oxymoron of "acche din".
[Also read: What will be costlier]
Here's the timeline:
1:20 pm: Budget comes to an end
1:15 pm: Stock market soars; Sensex, Nifty up
Customs duty of 10% on telecom products outside Tax Act; customs duty on some wind power equipment cut to 5%
1:10 pm: High excise duty on cigerattes and aerated drinks; a healthy measure
1:05 pm: FM to rationalise customs duty on all grades of coal to 2.5%
Finance Minister exempts some solar power equipment from customs duty.
1:00 pm: FM to cut basic customs duty on some petrochemicals. FM removes customs duty on sub-19 inch LCD, LED panels.
FM hikes customs duty on flat steel products to 7.5% vs 5%
Extend 10-yr tax holiday for power proj to March 31, 2017;
Foreign Dividend Tax to continue at 15%.
FM proposes to raise long-term capital gains on MF to 20%.
will consider views on New Direct Tax Code Draft
60 more Ayakar Sewa Kendras to be set up across the country
To raise tax rebate on home loan to Rs.2 Lakh;
FM to increase I-T exemption limit to Rs.2.5 Lakh
12:50 pm: Increase investment exemption limit under Sec 80(C) to Rs.1.5 Lakh.
12:40 pm: Direct taxes: No change; relief to small and marginal tax payers and senior citizens; cap increased to Rs 50,000 for people below 60 years; Rs 2.5 lakhs to 3 lakhs exemption in case of senior citizens.
12:35 pm: FM proposes Rs.2,037 Cr for Ganga River Project. NRI Fund to be set up for Ganga river special project.
Biotech clusters to be set up in Bengaluru and Faridabad to take science and technology to new heights
12:35 pm: Sports univ in Manipur; sops for sports in Jammu and Kashmir; I propose allocation of Rs 200 crores for upgradation of sports facilities in J&K
12:30 pm: Rs 100 cr allocated for development of archaeological sites; Gaya to be developed as world class tourism spot.
12:25 pm: One rank one pension for defence personnel. Rs 1000 crore allocated for One Rank One Pension plan. 5000 cr will be set aside for defence outlay over and above amount provided under interim budget
12:20 pm: Bank will be encouraged to give long term funds & loans to the infrastructure sector.
FM proposes extending 5% withholding tax to all bonds till June 30, 2017
12:15 pm: To complete gas grid,15000 km of additional pipeline to be developed through the PPP mode
To announce comprehensive Shipbuilding Policy in FY15. FM proposes Rs.37800 Cr for National Highway Programme in FY15
Essential to strengthen & modernize regulatory framework in financial sector to meet challenges of increasing complex economy
12:10 pm: New airports will be developed through the PPP mode
FM proposes higher capital limit for MSMEs
FM to set up industrial smart cities in 7 cities. FM to amend Apprentices Act to suit industry needs.
FM to take effective steps to revive SEZs. @BloombergTVInd first reported SEZ revival on June 17.
12:05 pm: I also propose to set up a 'hasthkala academy' for revival of handicrafts, 30 crores set aside for this
Textile centres to get Rs 200 Cr; FM to allocate Rs.200 Cr to set up 6 more textiles clusters
Handloom products to be promoted; Pashmina manufacture to get Rs 50 Cr
12:00 noon: Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme.
11:58 am: 4% growth expected in Agriculture; Open-market sales to keep price fluctuation under control during the drought period.FM proposes Rs.500 Cr Price Stabilisation Fund for farm produce. FY15 farm loan target of Rs.8 Lakh Cr.
Rs 50 cr has been set aside for indigenous cattle breed and blue revolution for inland fisheries. I propose to provide finance to 5 lakh landless farmers through NABARD.
11:57: Huge sops for agriculture; Will initiate scheme to provide a soil health card,100 cr set aside. Rs.56 cr for soil testing labs across country; Long-term agriculture fund in place
11:56 am: Farmer markets in urban areas for farmers to sell products directly
11:55 am: National adaptation fund for climate change
House resumes after a break
Govt to encourage development of metro services in cities with 2 million population. FM allocates Rs.100 Cr for Metro Rail Projects for Lucknow, Ahmedabad.
Rs. 4000 crores for National Housing Bank for low-cost housing.
I propose development of Metro rails in PPP mode, Rs. 100 crore set aside for metro scheme in Ahmedabad and Lucknow.
Rs 100 crore has been allocated for the modernization of Madarsas.
To spend Rs 28635 cr for Sarva Siksha Abhyaan
11:50 am: Program for upgradation of skills and ancient arts for the minorities.
11:45 am: National Rural Internet and Technology Mission; Rs. 500 crores allocated; 2 institutes to get national importance status
11:40 am: Propose to set up 4 more AIIMS in AP, West Bengal, Vidharba and Purvanchal, Rs. 500 crore to be set aside for this.
Propose to set up 5 new IIMs in HP, Punjab, Bihar, Odisha & Maharashtra. Also propose 5 new IITs in Jammu, Chhatisgarh, Goa, AP & Kerala
11:35 am: 5 more IITs in India; RS 500 cr assigned
12 medical colleges proposed. FM proposes Rs.8,000 Cr for Rural Housing Programme.
MNREGA to undertake more productive activities; maintain Rs.33,000 Cr allocation to MNREGA: FM
11:35 am: I propose Crisis Management Center for women at Delhi, funds to be provided from Nirbhaya fund.
FM to revive Senior Citizen Pension Scheme; FM allocates Rs.150 Cr for enhancing women safety in large cities; FM proposes Rs.14,389 Cr on Rural Road Project.
11:30 am: Currency notes to have Braille-like signs
Propose to Beti Bachao Beti Badhao Yojana; given Rs 100 cr
Rs 200 cr aid to Gujarat
I propose Rs 50,548 crore for SC development; Rs 500 cr assigned
Aiming total sanitation for all households by 2019 | Measures to improve targeting of anti-poverty programmes.
I propose "Deen Dayal Upadhyay Gram Jyoti Yojna" for electricity supply to rural areas. 200 crore aid to Guj Govt for the building of Sardar Patel's "Statue of Unity".
11:25 am: As large no. of ppl migrate to cities new cities need to be developed: Arun Jaitley on smart cities; A national skill program called 'Skill India' is proposed to be launched; In order to give major boost to tourism, e-visas would be introduced at 9 airports. This facilitates visas on arrival.
I propose to launch a "Swach Bharat Abhiyaan", sanitation is of prime importance.
11:25 am: I propose 7060 crores for the development of 100 smart cities
1,000 crore for Krishi Yojana
Banks to get greater autonomy
E-visas in airports; work to start in 6 months
Manufacturers will be allowed to sell their products without any additional approval.
People to hold direct shareholdings in banks, which were till now indirect.
Green signal to promote FDI. FDI is an additional support. India needs a boost in job creation. The FDI in defence sector has been raised to 49%:
11:25 am: Cut in direct tax proposed
GST will streamline tax administration & result in higher tax collection for center and states. I hope the investor community both in India and outside will repose their faith and participate in our growth story
11:25 am: No option but to take some bold steps to spurt economy, these are only the first steps and are directional: Arun Jaitley
11:20 am: Considering that we had 2 years of low GDP growth & large subsidy burden, target of 4.1% fiscal burden is daunting: Arun Jaitley
11:15 am: A large population is below the poverty line. We want to create a vibrant and a strong India: Arun Jaitley
11:10 am: The steps I'll announce are only a beginning of the journey we wish to take for macro economic stabilization: Arun Jaitley
11:05 am: Controlling inflation is our first priority, Slow decision making has cost us time: Arun Jaitley
Morgan Stanley: Expect FM to peg FY15 fiscal deficit gap at 4.4-4.5% of GDP.
Swaminathan Aiyar: FM is likely to space out his bitter pills over time.
Keki Mistry: The new Govt does mean business | Govt is looking at long-term growth.
Collaborative road map for subsidy rationalisation to enthuse markets, says Sanjay Dutt of Quantum Securities.
10:45 am: Cabinet approves Union Budget 2014
10:40 am: Union Cabinet Meeting at the Parliament ends.
BJP never acts out of a political vendetta: Captain Abhimanyu (BJP) on Sonia Gandhi pic.twitter.com/rMioBEXYUF— ANI (@ANI_news) July 10, 2014
10:30 am: Sure that Finance Min will make long & short term goals & make nation a resurgent India: K Raghu (Prez, ICAI)
10:25 am: Union Cabinet Meeting starts at the Parliament.
10:20 am: The economic status of nation is unstable but we are sure Arun Jaitley under leadership of PM will present a good budget.
Congress is ruining its own image by asking for the status of LoP like this: Naqvi
10:20 am: Divestment of PSU cos' can help fiscal consolidation: Swaminathan Aiyar
10:10 am: We need to bring down inflation, investment incentive is needed: Chandrajit Banerjee (DG, CII) on expectations from budget 2014;
Fiscal deficit needs to be looked at, needs to be a vision for the country: JD Seelam (Frmr MoS Finance)
Delhi: Finance Minister Arun Jaitley's family leaves for the Parliament pic.twitter.com/qhjw1LWrue— ANI (@ANI_news) July 10, 2014
9:50 am: Govt may cut gold import duty at Budget2014: Industry official
Certain states who didn't support them in votes were given less attention in Rail Budget, Budget2014 should think about everyone: Majeed Memon
I want to know what qualifies as the definition of "ache din": Majeed Memon (NCP) on #Budget2014 expectation— ANI (@ANI_news) July 10, 2014
9:45 am: Expecting an indication of how the govt will put economy back on higher growth path: Arvind Virmani (Frmr Chief Economic Advisor to GoI)
MorganStanley's Chetan Ahya: Looking for divestment number above Rs.50,000 Cr.
India is a better investment place than other markets, says Gautam Chhaochharia of UBS Securities.
Near-term fiscal consolidation road map to be a positive, says Gautam Chhaochharia of UBS Securities.
#Budget2014 Expectations: Gross Tax revenue target likely to be cut to 15% vs 20%.— Bloomberg TV India (@BloombergTVInd) July 10, 2014
#Budget2014 Expectations: Fiscal deficit seen at 4.3-4.5% vs interim budget estimate of 4.1%.— Bloomberg TV India (@BloombergTVInd) July 10, 2014
Looking for pursuit of efficiency; need admin reforms, says Geoff Lewis of JPMorgan AMC
Reliance Mutual Fund: FM's hands seem to be tied owing to Nation's fiscal problems #Budget2014— EconomicTimes (@EconomicTimes) July 10, 2014
According to Richard Gibbs of Macquarie Securities, if the budget falls short, capital flows will look fragile.
#Budget2014 Raamdeo Agrawal: Overall job creation to pick up with an uptick in economy— EconomicTimes (@EconomicTimes) July 10, 2014
#Budget2014 Reliance Mutual Fund: Seeking longer-term regulatory, tax road map from budget— EconomicTimes (@EconomicTimes) July 10, 2014
Govt may project fiscal deficit at around 4.5%, says Taimur Baig of Deutsche Bank.
If infra spending in budget high, Govt will miss 4.1% fisc target, says Richard Gibbs of Macquarie Securities
Axis Capital: Markets seeking improvement in Tax/GDP Ratio #Budget2014— EconomicTimes (@EconomicTimes) July 10, 2014
Deutsche Bank: Hope #Budget2014 articulates rationalization of subsidies | Ambitious fiscal targets should be backed by strong policies— EconomicTimes (@EconomicTimes) July 10, 2014
BofA-ML: May see a 10-year tax holiday extension for power sector— EconomicTimes (@EconomicTimes) July 10, 2014
BofA-ML: Reducing subsidies essential to meeting fiscal consolidation target | #Budget2014 may mention aim to cut down subsidies— EconomicTimes (@EconomicTimes) July 10, 2014
Delhi: Finance Minister Arun Jaitley leaves for the Rashtrapati Bhawan pic.twitter.com/vaAOUm0wEp— ANI (@ANI_news) July 10, 2014
FM Arun Jaitley leaves for the Finance Ministry pic.twitter.com/x6HBHMf41c— ANI (@ANI_news) July 10, 2014