Union Budget 2014: Highlights

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Arun Jaitley
New Delhi, July 10: Finance Minister Arun Jaitley tabled the first union budget of Prime Minister Narendra Modi government in the Parliament on Thursday, July 10.

Take a look at the highlights of the Budget 2014-15:

  • Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected
  • New urea policy will be formulated
  • This govt will not ordinarily change policies retrospectively which creates a fresh liability
  • All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken
  • FM Proposes to enhance the scope of income tax settlement commission.
  • Transfer pricing regulations for residents and non-residents being done
  • FDI in Defence sector raised to 49 per cent
  • Manufacturing units will be allowed to sell their products through retail and e-commerce
  • Budget proposes 49 per cent FDI in insurance through FIPB route.
  • Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks
  • Govt proposes to provide finance to 5 lakh landless farmers through NABARD
  • E-visa to be introduced at 9 airports in the country
  • Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities
  • Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018
  • Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries
  • Infrastructure Investment Trust being set up to finance infra projects and reduce burden on banks
  • Total sanitation by 2019
  • Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility
  • National multi-scale programme ‘Skill India' to be introduced to provide training and support for employment
  • Rs 200 cr set aside for the Sardar Patel statue project in Gujarat
  • Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas
  • Pension scheme for senior citizens being revived
  • Govt committed to providing 24×7 power supply to all homes
  • Rs 50,548 cr proposed for SC development
  • EPFO will launch a unified account scheme for portability of Provident Fund accounts
  • Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes
  • Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO
  • Committee will be set up to examine how unused money in postal schemes can be utilised
  • Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones
  • Rs 14,389 crore provided for Pradhan Mantri Gram Sadak Yojana.
  • Govt to launch ‘Beti Bachao, Beti Padhao' scheme; sets aside Rs 100 crore for it
  • Crisis Management Centres for women to be set up at all government hospitals in NCR region
  • Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month
  • Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking water
  • Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore
  • Rs 2.29 lakh crore allocated for Defence budget.
  • 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided
  • Each state where there is no AIIMS will be added in the coming years
  • Govt proposes to add 12 more medical government colleges
  • 5 new IIMs and 5 new IITs proposed to be set up
  • ‘Kisan' TV channel to be launched by DD at cost of Rs 100 crore: Rs 100 crore for Community radio stations proposed
  • FM proposes National Rural Internet and Technology Mission; Rs 500 crore set aside.
  • Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it
  • Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research intitutes in Jharkhand and Assam
  • FM announces Rs 100 crore for modernisation of madrasas
  • Govt sets aside Rs 200 cr for setting up of agriculture university in AP and Rajasthan, and horticulture university in Haryana, Telangana
  • Rs 100 crore provided for providing soil card to every farmer
  • Govt committed to achieve 4 per cent farm growth; to use new technologies to boost crop yields
  • Rs 500 crore price stabilisation fund to be set up
  • Govt sets aside Rs 100 crore for initiating scheme to provide a soil health card and Rs 56 cr for soil testing labs.
  • No change in income tax rate; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh.
  • Education cess for all tax payers including corporates will continueRestructuring Food Corporation of India to be taken up on priority
  • Budget proposes Rs 200 cr for setting up 2000 producers' organisations across the country
  • Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh
  • There is need to examine financial architecture of SME sector
  • Kakinada port and adjoining area to be developed
  • Rs 10,000 crore venture capital fund to be set up for MSME sector
  • Trade facilitation centres will be set up at a cost of Rs 50 crore to help handloom development
  • Definition of MSME to be revised for high capital ceiling
  • India has emerged as the largest PPP market in the world
  • Rs 200 cr provided for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur, Mysore and Tamil Nadu.
  • Govt sets aside Rs 50 crore for Pashmina Production programme in Jammu & Kashmir
  • 1,620-km Ganga inland waterway development from Haridwar to Haldia to be completed in 6 years at a cost of Rs 4,200 crore
  • Selective Expressways parallel to industrial corridors to be taken up
  • Ultra modern super critical power projects to be set up
  • New airports to be developed through PPP mode
  • Coal linkages to be rationalised to reduce power cost
  • Rs 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia
  • Rs 500 crore provided for ultra modern solar power plants in Rajasthan, Tamil Nadu and Ladakh in Jammu and Kashmir.
  • Use of piped cooking gas to be promoted on mission mode
  • CRT TVs exempted from customs duty to help poor
  • Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent
  • Changes in Mines and Mineral Regulation and Development Act to be introduced; royalty on minerals to be reviewed to enhance revenue for states
  • Modern monetary policy framework needed; govt to put in place such framework in close consultation with RBI
  • Govt proposes developing 15,000 km additional gas pipeline through PPP mode.
  • Clarification on tax treatment of foreign funds to be announced
  • Govt agrees in principle on consolidation of PSU banks
  • Banks will be permitted to raise long term funds without regulatory hindrances.
  • RBI to frame policy for licensing of small banks, differential banks
  • Govt to take up pending insurance reforms bill that provides for 49 pc FDI
  • Govt to revitalise small saving scheme; special scheme to encourage saving for girl child education and marriage to be introduced
  • PPF investment limit increased to Rs 1.5 lakh from current Rs 1 lakh
  • Rs 100 crore technology development fund proposed in budget
  • Govt sets aside Rs 2,250 crore to improve weather infrastructure
  • Rs 100 crore allocated for War Memorial and war museum at Princess Park, near India Gate in Delhi
  • Rs 50 crore provided for setting up of a National Police Memorial
  • Rs 200 cr allocated for preserving heritage characters of cities like Mathura and Agra
  • Govt sets aside Rs 100 cr for inter-linking of rivers
  • Govt announces Rs 100 cr for development of Archaeological sites; Gaya to be developed as world class tourist spot
  • Integrated Ganga mission to be set up; Rs 2,039 crore provided in Budget
  • Rs 50 crore set aside for modernisation of Ghats in places like Varanasi and Patna
  • NRI fund for conservation of river Ganga to be set up
  • Rs 200 crore upgrading indoor and outdoor stadium in Jammu and Kashmir - both in Jammu and Kashmir Valley
  • Budget proposes to set up sports university in Manipur
  • Rs 100 crore set aside for training on sportspersons for the Asiad Games
  • Rs 500 crore provided for rehabilitation of displaced Kashmiri migrants
  • Rs 100 cr set aside for development of organic farming in north east region
  • Rs 200 crore provided for power reforms, Rs 500 crore for water reforms in Delhi
  • Govt to provide Rs 1000 cr for rail connectivity in north east region
  • Govt announces "Arun Prabha" channel for NE region; will be 24×7 channel
  • Non-plan expenditure pegged at Rs 12,19,892 crore for 2014-15, including fetilizer subsidy and defence spending
  • Gross tax receipts pegged at Rs 13,64,524 crore; non-tax revenue Rs 2,12,505 crore; capital receipt Rs 73,000 crore in 2013-14
  • Income tax exemption limit for senior citizens raised from Rs 2.5 lakh to Rs 3 lakh
  • Exemption on payment of income tax on interest paid on loans for self occupied houses raised to Rs 2 lakh from Rs 1.5 lakh
  • 10-year tax holiday to be extended to companies that start power generation by March 31, 2017
  • Investment allowance of 15 per cent for three years will be allowed to manufacturing companies which invest Rs 25 crore in plant and machinery
  • Concensional rate of 15 per cent on dividends to continue
  • Govt to review revised Direct Taxes Code taking into account comments from stakeholders


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