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    Mahesh Chavan
    The finance minister presented the 2014-15 Union Budget, focusing on promises made in the BJP's election manifesto like facilities for women and children, and smart cities. Key points of the budget included a fiscal deficit target of 4.1% of GDP, raising the income tax exemption limit, and increasing FDI limits in defense and insurance. Funds were allocated for initiatives like smart cities, rural jobs, agriculture, and infrastructure projects including rail in the northeast and Ganga conservation.

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    The finance minister presented the 2014-15 Union Budget, focusing on promises made in the BJP's election manifesto like facilities for women and children, and smart cities. Key points of the budget included a fiscal deficit target of 4.1% of GDP, raising the income tax exemption limit, and increasing FDI limits in defense and insurance. Funds were allocated for initiatives like smart cities, rural jobs, agriculture, and infrastructure projects including rail in the northeast and Ganga conservation.

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    The finance minister presented the 2014-15 Union Budget, focusing on promises made in the BJP's election manifesto like facilities for women and children, and smart cities. Key points of the budget included a fiscal deficit target of 4.1% of GDP, raising the income tax exemption limit, and increasing FDI limits in defense and insurance. Funds were allocated for initiatives like smart cities, rural jobs, agriculture, and infrastructure projects including rail in the northeast and Ganga conservation.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    33 views5 pages

    Downld

    Uploaded by

    Mahesh Chavan
    The finance minister presented the 2014-15 Union Budget, focusing on promises made in the BJP's election manifesto like facilities for women and children, and smart cities. Key points of the budget included a fiscal deficit target of 4.1% of GDP, raising the income tax exemption limit, and increasing FDI limits in defense and insurance. Funds were allocated for initiatives like smart cities, rural jobs, agriculture, and infrastructure projects including rail in the northeast and Ganga conservation.

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    of 5

    Finance minister Mr.

    Arun Jaitley presented the Union Budget for the financial year
    2014-15 under Modi-led NDA government. There was a very high hope on the budget and the minister
    had tried to keep the promise, mainly those promises which the BJP party gave in their election
    manifesto. Special focus was on women and childrens facilities, the construction of world class cities,
    and welfare of senior citizens. There were many pros as well as cons in the budget presented. Let us have
    a look on the highlights of the maiden budget of the new government.

    Fiscal Deficit:

    Accepts fiscal deficit target of 4.1% of GDP for 2014-15

    Fiscal deficit seen at 3.6% of GDP in 2015-16

    Finance minister said: We cant spend beyond our means

    Tax-to-GDP ratio must be raised

    Growth:

    Aims for sustained growth of 7-8% in the next 3-4 years

    Bound to usher in policies for higher growth and lower inflation


    Taxation:

    Aims to approve goods and services tax by end of this year

    No change in rules on retrospective taxation

    A high-level committee to examine all the pending cases of retrospective tax of indirect transfers
    before action is taken.

    Proposed changes in transfer pricing mechanism

    Extension of 5% withhold tax on corporate bonds until 30
    th
    June, 2017

    Income tax exemption limit has been raised to Rs. 2.5 Lakh and for senior citizens to Rs. 3Lakh

    Expected revenue from taxes: Rs. 9.77 Lakh crore

    Proposed tax on indirect tax front will yield Rs. 7,525 Crore

    Net effect on direct tax proposals is revenue loss of Rs.22,200 Crore

    Excise duty on footwear reduced to 6% from 12%

    Long term capital gain tax for mutual funds doubled to 20%; lock-in-period increased to 3 years.
    Investment
    Raises limit on foreign direct investment in defence sector from 26 per cent to 49 per cent; raises
    FDI limit in insurance sector to 49 percent
    Earmarks Rs 7000 Crore to create 100 "smart cities"

    Will provide the necessary tax changes to introduce real estate investment trusts and
    infrastructure investment trusts

    Proposes Rs 4000 crore for affordable housing through national housing bank and extends tax
    incentives for housing loans

    Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs
    1 lakh.

    Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh


    Foreign direct investment
    Raises limit on foreign direct investment in defence sector from 26 percent to 49 percent
    Raises FDI limit in insurance sector from 26 percent to 49 percent
    Spending
    Capital outlay for defence raised by 50 billion rupees over interim budget
    Earmarks Rs 7000 crore to create 100 "smart cities"

    Proposes Rs 5000 crore for warehousing capacity; 100 billion rupees of private capital for start
    up companies; and 378 billion rupees of investment in national and state highways

    Rs 4000 crore for affordable housing proposed through national housing bank and extends tax
    incentives for housing loans

    Proposes Rs 8000 crore for rural housing scheme
    Subsidies
    Plans to make food and petroleum subsidies more targeted

    Rural job-guarantee scheme, which provides 100 days of paid employment a year, will become
    more focused on asset creation

    Proposes Rs 8000 crore for rural housing scheme
    Agriculture
    Will focus on achieving 4 growth per year in agriculture
    Proposes a long-term rural credit fund with an initial corpus of Rs 5000 crore
    Rs 100 crore for development of organic farming
    Social sector
    Pension Scheme to be revived for a year (Aug 15-14) for citizens above 60
    Rs 50,548 crore for SC welfare schemes.
    Rs 32,387 crore for ST welfare schemes.


    Infrastructure
    Earmarks Rs 500 crore for 24x7 uninterrupted power in all homes
    Rs 100 crore for metro projects in Lucknow and Ahmedabad
    Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called 'Namami Gange'
    Rs 200 crore for world-class sports stadium in Jammu and Kasmir
    Trade Facilitation Centre in Varanasi Handloom and Crafts Museum
    Rs 1000 crore to enhance rail connectivity in the Northeast
    Rs 2250 crore for the development and modernization of the border infrastructure

    A project on the river Ganga called 'Jal Marg Vikas' for inland waterways between Allahabad and
    Haldia; Rs 4,200 crore set aside for the purpose

    War memorial to be set up along with a war museum; Rs 100 crore set aside for this
    Rs 7,060 crore for setting up 100 Smart Cities
    Education
    Five more IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan
    Five more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.
    Four more AIIMS like institutions to come up in Andhra Pradesh, West Bengal, Vidarbha in
    Maharashtra and Poorvanchal in Uttar Pradesh
    Tourism
    E-Visas to be introduced at 9 airports

    Finance Minister says tourism helps in job creation and e-visas will encourage more tourists to
    visit India

    A provision of Rs 500 crore for five tourism sector.
    Banking
    Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.


    Set aside Rs 11,200 crore for PSU banks capitalisation
    Government in favour of consolidation of PSU banks
    Government considering giving greater autonomy to PSU banks while making them accountable
    PSUs to invest to over Rs 2.47 lakh crore this fiscal
    Others
    Earmarks Rs 200 crore for Sardar Patel statue
    Proposes Rs 150 crore for improving women safety
    LCD, LED TV become cheaper
    Cigarettes, pan masala, tobacco, aerated drinks become costlier

    Government proposes to launch Digital India' programme to ensure broad band connectivity at
    village level

    Rs 100 crore scheme to support about 600 new and existing Community Radio Stations
    Rs 150 crore for Communication facilities in Andaman and Nicobar Islands
    Rs 188 crore for disaster preparedness in Puducherry
    Rs 3,600 crore for providing safe drinking water
    North-stop 24-hour channel is proposed to be introduced
    Farmer TV channel will be launched for the benefit of farmers.
    Rs 200 crore to make Delhi a world class city for social welfare and Rs 500 crore for energy

    Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be
    launched

    'Pandit Madan Mohan Malviya New Teachers Training Programme' launched with initial sum of
    Rs 500 crore

    Government provides Rs 500 crore for rehabilitation of displaced Kashmiri migrants
    Indian Custom Single Window Project to be taken up for facilitating trade

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