Budget 2014: Union Budget 2014-2015: Live updates
Budget 2014: Union finance minister Arun Jaitley presented general budget for the fiscal year 2014-2015. People were expecting many good things in tune with BJP's 'Ache Din' (good days) election slogan. On the taxation front there is some relief for the common man as Jaitley has increased the tax exemption limit from Rs 2 lakh to rs. 2.5 lakh. The government also raised housing loan rebate from Rs 1.5 lakh to Rs 2 lakh.
The budget has made tobacco products, cold drinks costly, however, LCD/LED TVs, footwear have become cheaper than earlier.
This is the outcome of the budget:
Additional duty on imported computer components Colour picture tubes exempted from custom duty Investment limit increased under 80C from Rs. 1 lakh to Rs.1.5 lakh No tax for senior citizens up to the annual income of Rs 3 lakh. Education cess on all taxes to continue at 3%. Direct Taxes: Personal income tax exemption limit raised to Rs. 2.5 lakh from Rs. 2 lakh. Rs 500 cr allotted for the rehabilitation of Kashmiri migrants. New sports academies to be set up. Sports university in Manipur with a fund of Rs. 100 cr. Govt in principle agrees to consolidation of PSU banks. NRI fund announced for clean Ganga programme. Clean Ganga: Rs 2037 cr for integrated Ganga programme. Rs 1000 cr for one rank one pension scheme in defence Rs 100 cr for national war memorial. Govt announced a fund of Rs 1000 cr for strategic railways line for defence in borders areas FDI in insurance to be raised from 26% to 49%. PPF: Annual ceiling raised to Rs. 1.5 lakh. Time bound programe for bringing all households in the banking system. 20 new industrial clusters to be set sup. New Accounting standards for Indian companies from 2015-2016. To promote entrepreneurship FM announces Rs 10,000 cr for start-up companies. Rs 500 crore alloted for new and renewable energy. 15000 km of gas pipelines through PPP route. Effective steps to be taken to revive SEZs. Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme. To set up Industrial Smart Cities in 7 cities. Rs. 100 cr set aside for Kisan Television to provide real time information on various farming and agriculture issues. FM allocates funds for setting up 2,000 producers' organisations across the country. All government department and ministries to be integrated through E-platforms by 31Dec this year. Development of Metro rails in PPP mode. Rs.5000 cr short time rural credit refinance fund for 2014-15. Additional Rs.5000 cr set aside for RIDF. Rs.50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries. State governments to be encouraged to develop farming markets. Propose to provide finance to 5 lakh landless farmers through NABARD. National Adaption Fund for climate change to be set up. Govt will initiate scheme to provide a soil health card for soil testing labs across the country. Urban renewal will address drinking water, use of recycled water,solid waste management, digital connectivity. Rs.100 cr set aside for Community Radio Centres. National Rural Internet and Technology Mission; Rs.500 crores set aside. Pt Madan Mohan Malviya Teaching program to be stated. Proposal to set up 5 new IIMs and 5 new IITs. Propose to set up Center of Excellence in MP named after Lok Nayak Jai Prakash Narayan. 15 Model Rural Health Research centers to be set up for rural health issues. 12 more Govt Medical colleges with dental facilities. Propose to set up four AIIMS like institution at Andhra Pradesh, Purvanchal, Vidarbha, Weste Bengal; Rs.500 crore set aside for this. Rs.3600 crore set aside for National Rural Drinking Water. National Housing Banking programme; sets aside Rs. 8000 cr. Crisis Management Center for women at Delhi and money to be provided from Nirbhaya Funds. FM laments apathy towards girl child, announces 'Beti padhao, beti badhao yojana', sets aside Rs.100 crore for this. 15 new Brail presses to be established. FM announces schemes for disabled persons in the country. A large number of money lying unused in postal schemes etc. Rs.50,548 crore proposed for SC development. Rs.200 crore set aside to support Gujarat govt in the Sardar Patel statue installation. Govt committed to providing 24/7 power supply to all homes. Total sanitation goals to be achieved by 2019. 'Pradhanantri Krishi Sichayin Yojana' to be started for irrigation. A national multi-scale program called 'Skill India' to be introduced to provide training and support for employment. Proposals to give additional autonomy to banks. Financial stability is the foundation of our recovery. Proposes welfare to develop smaller cities. Needs a boost in manufacturing sector. FDI in several sectors to provide additional resources. Strengthening authorities for advance ruling in tax. Committed to provide stable tax regime which is investor friendly. GST will streamline tax administration and result in higher tax collection for center and state. A new urea policy would be formulated. Gradual moderation of WPI. Reviving growth in manufacturing sector. There is a large population which is below the poverty line. The steps I will announce are only the beginning of the journey we wish to take for macro economic stabilization. The budget is the most comprehensive action plan. People have voted for a change. India desires to grow, says Jaitley
Finance Minister Arun Jaitley presents his Budget 2014
Cabinet clears Arun Jaitley's Union Budget. Union Cabinet meeting at Parliament ends. Arun Jaitley has reached Parliament to present his first Union budget Finance minister Arun Jaitley meets President Pranab Mukherjee