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Budget 2014-15 highlights

PPF limit raised to Rs 1.5 lakhs; read other salient points of Budget 2014 here

New Delhi: New Delhi: Outlining the roadmap for fiscal consolidation on Wednesday, Finance Minister Arun Jaitley said the government will retain the fiscal deficit target for 2014-15 at 4.1 per cent of GDP and reduce it further to 3 per cent by 2016-17.

Here are highlights from Arun Jaitley's Budget 2014-15:

  • Aim is to lay down broad policy indicator for our future: Finance Minister Arun Jaitley
  • It will not be too wise to expect much from the first Budget
  • India unhesitatingly desires to grow
  • We have the mandate of 'sab ka saath, sab ka vikaas'; we have taken up the challenge
  • We need to revive growth in manufacturing, infrastructure; to raise resources
  • Fiscal prudence is important; tax-GDP ratio must be improved; non-tax revenue increased
  • Target of 4.1% fiscal deficit is daunting
  • We must address fully problem of black money
  • We need to take tough decisions, govt will constitute expenditure commission
  • Will approve scheme to enable legislation of GST
  • GST will streamline tax administration & result in higher tax collection for centre and states
  • No option but to take some bold steps to spurt economy, these are only the first steps and are directional
  • Committed to provide stable taxation regime, which will be investor friendly
  • Will set up commission for tax payers to approach with disputes
  • India needs jobs in manufacturing sector
  • Manufacturers will be allowed to sell their products without any additional approval
  • Policy of the NDA Govt is to promote FDI in select sectors
  • FDI in Defence raised to 49% with full control of Indian management
  • Banking system needs to be strengthened
  • Citizens of India to get direct share-holding in banks
  • PSUs will get boost to create investment cycle
  • PM has vision of developing 100 smart cities, 7,060 crores for this will be kept aside
  • Visas on arrival will be expanded for other countries
  • In order to give major boost to tourism, e-visas would be introduced at 9 airports. This facilitates visas on arrival
  • Programme called 'Skill India' will be launched to train resources
  • As large number of people migrate to cities, new cities need to be developed
  • Govt intends to bring sanitation to all houses by 2019
  • Concentration on giving more electricity to rural areas
  • Rs 200 crores set aside to build statue of Sardar Patel
  • I propose Rs 50,548 crore for SC development
  • Sops announced for senior citizens and the disabled
  • Govt to print currency notes with Braille to help the visually challenged
  • Propose schemes for disabled persons for a life of dignity and equality in the society
  • Crisis management Centre in all districts of National Capital Territory, hospitals
  • Govt to focus on concerns of girl child; schools to have chapter on gender main-streaming
  • Wage and self-employment in rural areas
  • More areas to come in under bank loans to women self-help groups
  • 4 more AIIMS in Andhra, West Bengal, Maharashtra and Purvanchal
  • 12 more govt medical colleges with dental facilities proposed
  • Will make sure there is an AIIMS in every state
  • Govt will provide toilets, drinking water in all girls' schools
  • Virtual classrooms to be set up
  • Propose to set up 5 new IIMs in HP, Punjab, Bihar, Odisha & Maharashtra
  • Pan-India programme to ensure broad-band connectivity to villages
  • 600 new community radio centres
  • FTII, SRFTI to be given status of national institutes
  • Planning of Metro for other cities to begin
  • Development of Metro rails in PPP mode, Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow
  • Mission to be set up for low-cost affordable housing
  • Slum development to be part of CSR
  • Rs 100 crores for modernization of madrasas
  • Agriculture university to be set up in Telangana and Haryana; Rs 100 crore have been allocated for this purpose
  • 2nd Green Revolution with focus on higher productivity
  • Propose to establish a national adaptation fund for climate change
  • Farmers' markets in township to enable them to sell their produce directly
  • Will initiate scheme to provide a soil health card, Rs 100 crore set aside. Rs 56 crore for soil testing labs across country
  • FM proposes to provide finance to 5 lakh landless farmers through NABARD
  • Government is committed to reforms in the food sector
  • Rs 50 crore has been set aside for indigenous cattle breed and blue revolution for inland fisheries
  • Rs 5000 crore to address the need for scientific warehousing
  • 'Kisan Television' will be launched in the current year
  • Rs 100 crore for Kisan Television to provide real time information on various farming and agriculture issues
  • Engage the states to take India's export to a higher level
  • All the Govt departments and ministries will be integrated through E-platform by Dec 31 this year
  • Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme
  • 'Hasthkala academy' to be set up for revival of handicrafts, Rs 30 crore set aside for this
  • Rs 200 crore for six more textile clusters in Bareily, Lucknow, Surat, Kutch, Bhagalpur and Tamil Nadu
  • Rs 50 crore set aside for Pashmina Production program in Jammu and Kashmir
  • 16 new port projects to be awarded this year, over Rs 11,000 cr for Tuticorin, Kandla and other ports
  • Investment in NHAI and state highways to the tune of Rs 37,887 core including Rs 3000 crore for Northeast
  • Scheme for development of new airports
  • New airports will be developed through the PPP mode
  • Rs 4200 crore set aside for the Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia, over 1620 km
  • Additional 15,000 km gas pipeline to be set up in the country
  • FM says to introduce amendments to Mining Act
  • Rs 100 crore for cleaner thermal power technology
  • Government’s intention is to encourage investment in the mining sector; current impasse will be resolved
  • Essential to strengthen and modernize regulatory framework in financial sector to meet challenges of increasing complex economy
  • Adoption of new Indian accounting standards
  • Bank will be encouraged to give long-term funds and loans to the infrastructure sector
  • Provide all houses in India with banking facilities, focus on empowering the weaker section
  • Benefits of insurance have not reached larger section of people, will address in multi-pronged manner with stakeholders
  • Pending Insurance Amendment Bill to be taken up in the Parliament
  • No compromise with the Defence of our country
  • Allocation for Defence Rs 2,29,000 crore
  • Modernization of armed forces, increase capital outlay of defence
  • War memorial will be constructed, along with a war museum. Rs 100 crore allocated for this
  • National Police Memorial to be allocated 50 crore
  • Propose to revitalise small savings scheme
  • Time bound programme to provide banking services to all households
  • Ceiling for PPF investment raised from Rs 1 lakh to Rs 1.5 lakh
  • Rs 100 proposed for development of Technology Development Fund
  • Rs 990 crore for development of villages along the border
  • Rs 5000 cr will be set aside for defence outlay over and above amount provided under interim budget
  • Rs 100 crore will be set aside for a project to link rivers
  • NRI fund for conservation of river Ganga to be set up
  • Several major space mission are planned for 2014-2015
  • Mars orbital spacecraft to be launched by September
  • FM proposes to set up Trade Facilitation Centres for Varanasi
  • Rs 200 crore set aside for upgradation of indoor, outdoor stadiums in Jammu and Kashmir to international standards, Sports university in Manipur
  • Biotech clusters to be set up in Bengaluru and Faridabad to take science and technology to new heights
  • Rs 500 crore allocated for rehabilitation of displaced Kashmiri migrants
  • North Eastern region has a huge scope of organic farming, to provide 100cr for this purpose
  • Rs 1000 crore will be provided for rail connectivity in North-east region
  • Young Leaders Programme to be set up with Rs 100 crore
  • National Centre for Himalayan Studies will be set up in Uttarakhand
  • North East to get a separate TV channel
  • FM gives Rs 100 crore for Varanasi-Gaya-Saranath Buddhist circuit
  • Provision have been made by various ministries and departments to help in the development of Andhra Pradesh and Telangana
  • Delhi to get Rs 200 cr for power reforms and Rs 500 cr for Water reforms to make the capital a world-class city
  • FM announces Rs 150 crore for communication needs of Andaman & Nicobar Islands
  • Tax measures to be introduced to promote investment in manufacturing sectors
  • Minimum tax exemption increased from 2 lakhs to 2.5 lakhs for those under 60
  • Tax exemption increased to Rs 3 lakh for senior citizens
  • Deduction under 80CC increased from Rs 1 lakh to Rs 1.5 lakh
  • No changes in direct taxes
  • Tax incentive to all types of bonds instead of just infrastructure bonds
  • Rate of tax for long term capital gains from 10% to 15%
  • Housing loan rebate has been hiked from 1.5 lakh to 2 lakhs
  • Income Tax Dept is expected to function not only as an enforcement dept but also as a facilitator
  • Asset fund managers encouraged to set up shop in India, income to be treated as capital gains
  • 10-year tax holiday for power generation and transmission companies
  • Kakinada port and adjoining area to be developed
  • 60 more Ayakar Sewa Kendras to be set up across the country
  • Televisions sets to be cheaper, basic custom duties on LCD, LED panels reduced
  • Export duty on bauxite enhanced from 10% to 20%
  • Excise duty on footwear reduced from 12% to 6%
  • Colour picture tubes exempt from customs duty
  • Reduction in excise duty for specified food package industry from 10% to 6%
  • Excise duty on tobacco products and aerated water products with added sugar increased
  • Negative list for service tax has been reviewed
  • Loading/unloading and transportation of cotton exempted from service tax
  • Indian Custom Single Window Project will be taken up for facilitating trade
  • Tax proposals on indirect tax front would yield Rs. 7,525 crore

Watch Live Budget 2014-15: http://budgetlive.nic.in/

( Source : dc )
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