Friday, July 18, 2014

HIGHLIGHTS OF UNION BUDGET 2014-15


KEY HIGHLIGHTS OF UNION BUDGET 2014-15:
Taxation
Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers    below 60 years
Senior citizens exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh
No change in surcharge for corporates , individuals
Education cess to stay at current 3%
Investment limit under 80C hiked to Rs 1.5 lakh from current Rs 1 lakh
Exemption on housing loans interest on self- occupied pro increased from Rs 1.5 lakh to 2 lakh
The people of India have decisively voted for change
India unhesitatingly desires to grow
We look forward to lower levels of inflation
The country is no mood to suffer from unemployment, lack of infrastructure and apathetic governance
The continuing slowdown in emerging economies has posed threat to global economic recovery
Slow decision-making has led to slow growth
Steps announced in the budget are aimed for sustained growth of 7-8% within the next three-four years
It would not be wise to expect that the same can be done and must be done in the first budget being presented within the first 45 days of the new govt
We will leave no stone unturned to create an vibrant and strong India
Will lay down broad policy indicators in the budget
We cannot spend beyond our means, we needs to follow fiscal prudence



We cannot leave a legacy of debt for our future generations
Considering we have 2 years of GDP growth and static industrial sector, the target of 4.1% fiscal deficit is daunting
I accept this target as a challenge
Black money is curse on our economy
We have to take bold steps to spur growth in economy. They are directional
Govt committed to minimum government maximum governance
Aim to make food and fuel subsidy more targeted so that it helps those who need them
Urgent need to generate more resources for the economy
This govt will not bring any change in tax rates retrospectively
All retro taxes to be scrutinized by a high-level committee
GST by end of the year (sets no firm deadline)
To encourage development of smart cities; FDI cap on minimum built up area reduced
Policy of NDA govt is to promote FDI in select sectors
GST will streamline tax administration and result in higher tax collection for Centre and states
FDI in defence sector to go up to 49%
Greater autonomy to banks
PSU 247,944 cr capex to create industrial cycle
Smart cities: PM has vision of developing 100 new cities
Rs 7,060 cr fund for smart cities
Tourism: e-visas to be introduced at nine airports in the country in a phased manner
Real estate investment trusts – modified REITS is being announced for infrastructure projects to reduce pressure on banking system
Kisan Vikas Patra to be pushed further
New scheme for skill development called Skill India to be launched
Sanitation in every household by 2019
Shyama Prassad Mukherjee Rozgar mission to be launched
New scheme for agricultural irrigation
Rs 500 cr for rural electrification
Rs 200 cr for Sardar Vallabhbhai statue in Gujarat
Rs 50000 cr for SC/ST schemes
Social security: minimum pension of Rs 1000 per month for all subscribers of EPFO scheme
National level institute for mental health to be set up
Currency notes with braille like signs to help the blind
Rs 150 cr on new scheme to improve safety of women in big cities
‘Beti bacahao, beti padahao’ scheme to be launched – Rs 100 cr allocation
Gender main-streaming: School curriculum to have a chapter on the issue
MNREGA will be made more productive; it will be linked to agriculture related activities
Women SHGs bank loan scheme to be extended to other districts
Rural housing scheme: allocation increased to Rs 8000 cr
Watershed programme: New prog with outlay of Rs 2000 cr
Backward region grant fund for 272 backward districts – BRGF will be restructured
Rs 3600 cr for national rural drinking water programme
Health for all: free drug and free diagnostic services
Four more AIIMS to be set up in AP, WB, Vidharbha and Purvanchal – Rs 500 cr allocation
12 more govt medical colleges to be added
Aim to create an AIIMS in every state
Govt to provide toilet and drinking water in all girl schools
New teachers training scheme is being launched: Rs 500 cr allocated
Rs 100 cr for virtual classrooms
National Centre of Humanities would be set up in MP
Five more IITs and five more IIMs to be set up
Pan-India programme called Digital India would be launched – it will provide broadband connectivity to villages
5 new IITs in Jammu, Chhattisgarh, Goa, AP & Kerala
5 new IIMs in HP, Punjab, Bihar, Odisha & Maharashtra
Program for upgradation of skills and ancient arts for the minorities
Two more research institutes on farming to be set up in Assam and Jharkhand
New agri univ in AP, Rajasthan
Horticulture univ in Telangana and Haryana
National rural and tech mission is proposed – Rs 500 cr allocated
New plan to promote community radio – Rs 100 cr allocated
Urban renewal to get Rs 50000 cr
Urabn metro: govt will encourage metro system in PPP mode
Rs 100 cr for Lucknow and Ahmedabad metro projects
New mission for low cost affordable housing for urban poor – Rs 4000 cr allocated
Easier flow of FDI is also being encouraged in this sector
Rs 100 cr for modernisation of madrasas
Slum development to be included in Corporate Social Responsibility activities
Urban renewal will address drinking water, use of recycled water,solid waste management, digital connectivity; 500 habitats supported
15 Model Rural Health Research centers to be set up for rural health issues
Anti-poverty programmes will be targeted well
New scheme to provide soil health card to each farmer- Rs 100 cr allocated
Climate change is a reality which we have to face – national adaptation fund for climate change to be set up – Rs 100 allocated
Finance to 5 lakh joint farming groups through NABARD
Price stabilisation fund to be set up – Rs 500 cr allocated
State govts to be encouraged to set up farmers’ markets in cities and town
Rs 8 lakh crore target for agriculture credit
3% tax subvention for farmers who pay up on time
RIDF target raised to 30000 cr
Warehousing: Rs 5000 cr allocated
Set up long term rural credit fund to be started by NABARD
Rs 5000 cr for STRC fund
To set up 100 mobile soil testing labs across country
See FY’14 growth at 4%
Committed to restructuring FCI
Kisan Television will be launched this year – this will provide real time info to farmers on farming techniques – Rs 100 cr allocated
All the govt departments and ministries will be integrated through e-platform by 31 Dec this year
Export proportion mission to be set up
Committed to revive SEZs
Effective steps to revilatise SEZs
SMEs form the backbone of economy
Most SMEs are owned and run by SC/STs and OBCs
Committee to be set up to look at financing this sector
National Industrial Corridor with headquarters in Pune will be set up. Rs 100 crores alloted
Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme
6 more textile clusters to be set up at Bareily, Lucknow, Kutch, Mysore, Bhagalpur and TN
Hastkala academy to be set up in Delhi
Pashmina production prog in J&K
To set up 7 new Industrial Smart Cities
Manufacturing units will be allowed to sell products through retail, e-commerce
Trade facilitation centre to promote handloom work in Varanasi
Ganga inland navigation – jal marg from Allahabad to Haldia at the cost of Rs 4200 cr
New scheme to develop new airports in tier 2 and tier 3 cities
Road sector needs huge investment
NHAI and state highways get 37,000 cr which includes Rs 3000 cr for Northeast
New expressways to be developed in parallel to the development on industrial corridors
Rs 100 cr for new coal based power generation technology
Big solar projects in Rajasthan, TN and Ladakh – Rs 400 cr allocated
Current impasse in mining sector will be resolved expeditiously
Royalty on mining will be reviewed as suggested by many state governments
Capital markets: Need to strengthen regulatory framework
Essential to have modern monetary policy framework, Govt to work with RBI on this
Liberalise AGR-GDR scheme part
Indian capital market to be energized by introduction of single KYC scheme
Urgent need to converge Indian accounting standards with international ones
Adherence to Indian accounting standards to be made mandatory by 2017
Two bank accounts in each household for marginal sections
Banks to be encouraged to give long term loans to industrial sector
NPA is a cause of worry
6 new debt recovery tribunals to be set up
Insurance penetration is still very low
Pending Insurance Amendment Bill to be taken up in Parliament
Benefits of insurance have not reached larger section of people, will address in multi-pronged manner with stakeholders
Provide all households with banking facilities to empower the weaker sections
Committee will be set up to examine how unused money in postal schemes can be utilised
Govt committed to providing 24×7 power supply to all homes
Chit Fund and Money Circulation Act will be overhauled
PPF ceiling upped from Rs 1 lakh to be Rs 1.5 lakh
Small savings scheme to be revitalised
Capital outlay of defence increased by Rs 5000 cr
New war memorial will be constructed at Princess Park – Rs 100 cr allocated
Small savings scheme to promote girl child, which will mature at the time of her marriage, higher education will be introduced
Renewed effort to link rivers, Rs 100 cr for detailed study on it
New scheme Namami Ganga for rejuvenation of River Ganga gets Rs 2,037 cr
Rs 990 crore for development of villages along the border
Rs 100 cr set aside for development of Technology Development Fund
National Police Memorial to be allocated Rs 50 cr
Allocation for defence Rs 2,29,000 crore
Budget proposes National Housing Banking programme; sets aside Rs 8,000
Rs 500 cr for five tourists circuits
National sports academies to be set up in different parts of India
Rs 200 cr for upgradation of stadiums in J&K
Sports univ to be set up in Manipur, Rs 100 allocated
Rs 100 cr for traing for forthcoming asian and commonwealth games
Young leaders prog for youth to be started, Rs 100 set aside
Displaced kashmiri migrants rehabiliation gets Rs 500 cr
National centre for himalayn studies to be set up in Uttarakahnd
National inistitute for customs and central excise to be set up in Karnataka

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1 comment:

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