The Union Budget for fiscal year 2014-15 was presented by the Finance Minister Arun Jaitley in the parliament today. Below are the highlights:
- Tax GDP ratio must be improved.
- Need to revive growth in manufacturing.
- Aim to make fuel subsidies more targeted.
- 7-8% griwth in next 3-4 years.
- Going forward, retrospective taxation to go.
- For 100 smart cities, Rs 7060 crore allocated.
- Fiscal deficit for 2015-16 set at 3.6%.
- Sanitation in all houses by 2019.
- Skill India Programme to be launched to train youth for jobs to be launched.
- Rs 500 crore to boost rural power infrastructure.
- FDI in several sectors will help manufacturing and jobs.
- e-Visas at 9 airports to encourage tourism.
- MNREGA to target more productive work.
- Currency notes to have Braille to help the visually impaired.
- Rs 100 crore for Beti Bachao, Beti Parhao yojana for women welfare.
- Rs 3,650 crore for safe drinking water.
- Composite FDI in defence to be raised to 49%.
- Power: Government committed to 24×7 electricity in all houses.
- 4 AIIMS like institutions in Bengal, AP, Purvanchal and Jharkand.
- 5 new IITs and 5 new IIMs to be established.
- Digital India programme for greater transparency in government services.
- Rs 100 crore allocated for modernisation of madarasas.
- Rs 400 crore allocated for Metro project in Lucknow and Ahemadabad.
- Rs 4000 crore allocated for low cost housing project.
- National Adaptation fund for climate change to be set up.
- Government proposes National Rural Internet and Technology Mission, Rs 500 crore set aside.
- Short term loans to farmers at concessional rates.
- Blue revolution in inland fisheries.
- Adequate stocks in case food output dips due to failed monsoons.
- All government departments, ministries will be integrated through E-platform.
- Effective steps to operationalise SEZs to use unutilised land.
- 20 new industrial clusters to be set up.
- Rs 100 crore for National Industrial Corridor to link cities.
- Promoting entrepreneurship: Rs 10,000 crore fund for start up companies.
- Rs 11,600 crore allotted for developing outer harbour port projects.
- Rs 37,800 crore allotted for national highways.
- Rs 500 crore allotted for new and renewable energy.
- Timebound program to have all households within banking system.
- New accounting standards for Indian companies from FY 2015-16.
- Extend concessional withholding of tax.
- PPF: Annual ceiling raised to Rs 1.5 lakh.
- Rs 100 crore set aside for technology development fund.
- Rs 1000 crore for strategic railway lines in border areas for defence.
- Government to support world class convention centre through PPP.
- Two new clusters of bio-tech to be set up in Kolkata and Pune.
- Tax exemption under 80C increased from Rs 1 l;akh to Rs 1.5 lakh to encourage savings.
- Personal tax exemption limit raised from Rs 2 lakh to Rs 2.5 lakh.
- For senior citizens, no tax for income upto 3 lakhs.
- No change in tax rate.
- Additional duty on imported computer components.
- Colour picture tubes exempt from customs duty.
- Excise duty reduction on specified food processing machineries.
- Custom duty of 10% on telecom products outside tax act.
- Additional excise duty of 5% on aerated waters added with sugar.