And the day comes what BJP had promised to do the nation. It’s through the Union Budget they can bring the change. Since it is the first union budget from BJP after they won massively in Elections 2014, obviously expectations on the budget reached the sky. Employees, students, Businessman everyone are waiting eagerly to know how this budget is going to change their lives. Don’t expect that many of our problems can be fixed in a year, but this Budget should lay out the vision of the government for the nation. Finance Minister Arun Jaitley has presented Union Budget of India for 2014–2015 today(Jul-10,2014).
Here are the highlights from the Indian Union budget 2014:
- Slowdown in India broadly reflects the trend in many economies. Fortunately, there are green shoots of recovery seen in the global economy
- Can’t spend beyond our means, need fiscal prudence
- Target of 4.1% fiscal deficit is daunting
- Tax-to-GDP ratio must be raised
- We need to revive growth particularly in manufacturing sector and infrastructure
- Anti-poverty programmes will be targeted well
- We wish to achieve 7 to 8 per cent growth in next 3-4 years
- Will usher in policy regime that will usher in higher growth, low inflation
- Slow decision making has resulted in loss of opportunity
- Pradhan Mantri Krishi Sichai Yojana – 1000 crores set aside
- Swach Bharat Abhiyaan – sanitation is of prime importance
- Van Bandhu Kalyan Yojana launched with initial allocation of 100 crores for welfare of tribals
- Rs. 500 crore for Deen Dayal Upadhyay rural electrification programme
- Sardar Patel statue work will be completed in Gujarat
Women Safety:
- Outlay of Rs. 50 crores for a pilot scheme on road safety
- Another 150 crores to be spent by MHA on safety on women in larger cities
- ‘Beti Bachao, Beti Padhao Yojana’ – 100 crores
- 8000 crores for national housing banking programme – for rural housing
Education:
- All 6 additional AIIMS have become operational
- Plan to set up 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharbha and Purvanchal. Rs. 500 crore allocated
- Pandit Madan Mohan Malviya New Teacher’s Training Programme launched. 5 more IITs and IIMs to be set up – Rs. 500 crores allocated
- FTII Pune, SRFTI Kolkata will be accorded the status of institute of national importance
- 100 Crores for modernising Madrasas
Agriculture:
- Urgent need for investment in agro-technology and development
- 100-crore Agri-Infrastructure fund
- Horticulture University in Telangana and Haryana
- 50-crores for indigenous cattle breeding. 8 lakh crores set aside for Agriculture credit
- Allocation of 5000 crores to address the need to scientific warehousing
- Long-term rural credit fund to be set up in NABARD with initial support of 5000 crores
- Kisan TV will be launched in the current year
- The government is committed to provide housing for all by 2022
- All the Government departments and ministries will be integrated through E-platform by 31 December this year
- MSME sector – 10,000 crore rupee fund by way of attracting further private equity
- Entrepreneurship friendly bankruptcy laws to facilitate easy exit
- 200 crores for new textile centres in Bareily, Kutch, Surat, Mysore and Bhagalpur
- Hastkala Academy in Delhi – 30 crores set aside for that
- Pashmina production centre in Jammu and Kashmir
Investments in roads, airports:
- 16 new port projects to be awarded this year
- Over 11 thousand crores for Tuticorin, Kandla and other ports
- Schemes for development of airports in tier 1 and 2 cities via AAI and PPP
- Investment in NHAI and state highways to the tune of 37,887 cores – including 3000 crore for North east
- Allahabad-to-Haldia Ganga waterway project announced
- Proposals to boost investment in mining sector
Markets and Banking:
- Proposals for Capital Markets – Introduction of uniform KYC norms
- One single operating DMAT account
- Modern monetary policy framework; liberalize ADR, GDR regime
- Revamp Indian Depository Reciepts
- Time bound programme to provide banking services to all households
- Two bank accounts in each household to be opened which would also be eligible for credit
- Pending Insurance Law Amendment Bill to be taken up for consideration
Defence and Water fronts:
- 2,29,000 crores allocated for Defence; One-Rank-One-Pay Adopted
- War Memorial to be constructed at Princess’ Park and supplemented by a War Museum – 100 crores allocated
- Wage ceiling for EPFO schemes increased to Rs. 15,000 from existing Rs. 6,500 per month.
- Construction of a national police memorial
- Rs. 100 crore for development of Technology Development Fund
- Additional 5000 crore will be set aside for defence outlay over and above amount provided under interim budge
- 100 crores for ghat development & beautification of river fronts
- NRI Fund for ‘Clean Ganga’ Programme
Sports:
- 200 crores for upgrading indoor and outdoor facilities in Jammu and Kashmir
- Rs. 100 crores allocated for Sports University in Manipur
- 100 crores for training sportsmen and women for upcoming Commonwealth and Asian Games
Education, Information Technology, tax and investments:
- IT Exemption limit raised by 50,000
- Education cess continues as 3 %
- Direct taxes: exemptions limit raised by 50,000 to 2.50 lakh
- Under 80C – 1 lakh to 1.5 lakhs to encourage savings
- Investment allowance at 15% for 3 yrs to manufacturing company which invest more than Rs. 25 crore in plant and machinery
- No tax for those earning below Rs. 2.5lakh per annum
- Those earning above Rs. 2.5 lakh per annum to save Rs. 5150 per year
- 10 year tax holiday for power companies who start production and distribution on March 31, 2017
- Small colour TVs to be cheaper
- Income Tax Department is expected to function not only for enforcement but also as a facilitator
- New Aykar Sewa Kendras to be opened
Customs and excise:
- Colour picture tubes exempted from basic customs duty – basic customs duty on LCD, LED panels below 19 inches reduced to NIL
- Excise duty concessions extended already. More proposals to cut excise on food processing and footwear
- Cigarettes, chewing tobacco, Gutkha and Pan masala and aerated water containing added sugar to become more expensive
- Excise duty on cetrain solar equipment exempted
- Specific excise duty on cigarettes raised in the range to 11 to 72 per cent
- Additional excise duty of 5 per cent levived on aerated waters with added sugar.
- Clean energy cess increased from Rs. 50 per tonne to Rs. 100 per tonne.
- Government announces pruning of negative and exemption list of service tax to widen tax base.
- Government to earn Rs. 7,525 crore more from changes in indirect taxes.
- Government exempts loading/unloading and transportation of cotton from service tax
- Indian Custom Single Window Project to be taken up for facilitating trade
Hi there! I’m Sethu, your go-to guy for all things tech, travel, internet, movies, and business tips. I love sharing insights and stories that make life more interesting. Let’s explore the world together, one article at a time!
