Prime Minister Narendra Modi faces the first major test of his reform credentials on Thursday, when his fresh-faced government presents its maiden budget amid early doubts about his willingness to make unpopular decisions. Finance Minister Arun Jaitley started presenting his Budget in parliament. He said Rs 2037 crore will be allocated for a new scheme to rejuvenate Ganga and NRI fund to be setup for Ganga. Here are the highlights below the Twitter feed:
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Rajnath Singh has termed the budget as poor friendly, youth friendly, women friendly and senior citizen friendly.
Budget speech ends.
Excise duty on footwear reduced to 6 per cent from 12 per cent.
Excise duty on cigarettes hiked from 11 to 72%.
Levy an additional excise duty on aerated waters.
Excise duty reduction on specified food processing industries
CRT TVs exempted from customs duty to help poor.
Govt to revitalise small saving scheme; special scheme to encourage saving for girl child education and marriage to be introduced.
Colour pictures tubes exempt from custom duty.
Additional duty on imported computer components.
Propose to increase export duty on bauxite to conserve natural resources.
To encourage exports 3 forms of semi-precious stones are exempted from custom duty.
A concessional basic custom duty of 5% on machinery for setting up compressed bio-gas plants.
We need to maximise utilisation of solar power. A concessional duty of 5 per cent will be given to setup solar energy productionplant.
Basic custom duty reduced on LCD TV’s below 19-inches.
In case of mutual funds, the capital funds held for more than a year will be taxed at 10 per cent.
For senior citizens, no tax up to Rs 3 lakh.
Tax relief on interest of home loan for self occupied houses raised to Rs 2 lakh
Extend tax incetives to all types of bonds aside from infra bonds.
Education cess will continue at 3%.
Raise tax exemption for senior citizens from Rs 2.5 lakh to 3 lakh for senior citizens
Small and marginal tax payers and senior citizens. Personal income tax exemption limit raised to Rs 50,000.
No changes in tax rate.
Propose to give some relief to individual tax payers.
Propose to introduce measures to revive economy.
Tax Proposals being addressed.
Non-plan expenditure pegged at Rs 12,19,892 crore for 2014-15, including fertilizer subsidy and defence spending:
Rs 50 crore provided for setting up of a National Police Memorial:
Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research institutes in Jharkhand and Assam.
Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it:
Andaman and Nicobar islands are a crucial part of our country. To tide over communication related problems, will allocate Rs 150 crore.
Northeast to see development of its rail system. Will expedite rail connectivity in the region and allocate an additional sum of Rs 1000 crore over and above the interim budget.
Govt announces “Arun Prabha” channel for NE region; will be 24×7 channel.
Rs 200 cr allocated for preserving heritage characters of cities like Mathura and Agra.
Rs 500 crore for displaced Kashmiri migrants and their rehabilitation.
To promote leadership skills, a young leadership programme will be proposed and allocated Rs 100 crore.
Setting aside Rs 100 crore for training of women in Asian and Commonwealth games.
A sports university to be proposed in Manipal.
J&K has a lot of talent. Propose to provide Rs 200 crore to upgrade indoor and outdoor stadium to international levels in Kashmir valley.
National sports academies for major sports in India.
Each state where there is no AIIMS will be added in the coming years:
Rs 2037 crore for new scheme to rejuvenate Ganga.
NRI fund for Ganga will be setup too.
Our riverfronts and ghats are not only rich historical places but sacred too. Proposed to set aside Rs 100 crore for this.
Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore.
Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking water.
Effort to link rivers can give rich dividends to the country.
Need to develop world class convention facilities with the private sector.
Archaeological sites preservation requires immediate attention so allocated Rs 100 crore for this.
Committee will be set up to examine how unused money in postal schemes can be utilised:
Crisis Management Centres for women to be set up at all government hospitals in NCR region:
Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month
In order to strengthen border infra, Rs 2,250 crore has been set up. Rs 990 crores for soci0-economic development of villages along the border.
Propose to allocate Rs 2, 29,000 crore to the Defence sector.
Modernization of armed forces is required. Capital out will be increased to Rs 5000 crore over an above the interim budget.
Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes
Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO.
Strengthening the regulatory framework of commodity markets.
Allow international settlement of Indian debt securities. Introduce a liberal Bharat Depository receipt.
Advise financial sector regulators to eliminate unnecessary restrictions.
Also essential to have a modern monetary policy to meet challenges of complex economy.
Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas.
Rs 200 cr set aside for the Sardar Patel statue project in Gujarat.
Presently, 15000 km of gas pipelines in the country. An additional 15000 km are required . I propose to develop this under appropriate PPP model, long term aim will be to reduce dependence on any one energy source.
Govt intention to accelerate production of coal, methane.
Rs 200 cr for 6 textile clusters in Rae Bareli, Lucknow, Surat, Bhagalpur.
More airports to be developed.
Expressways parallels to industrial corridors.
Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities.
Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018
Comprehensive policy to announce Indian ship-building industry.
Pashmina production unit in Jammu & Kashmir and allocated Rs 50 crore for this.
Definition of MSME will be revised to provide higher capital saving.
Bankruptcy framework for MSME’s for an easy exit.
SME’s account for a large proportion of economic output. Majority are run by SC/ST/OBC’s.
The performance of apprenticeship training is unsatisfactory, has to be suitably amended to be responsive to the industry standards.
Economic growth export promotion and employment generation is needed.
Exports cannot be exponentially increased unless states play an important role in promoting it.
Manufacturing units will be allowed to sell their products through retail and e-commerce.
Budget proposes 49 per cent FDI in insurance through FIPB route.
Our Banking system needs to be further strengthened. Need to infuse Rs 2.40 lakh crore in our banks:
Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks
AIIMS-like institutions in Bengal, Purvanchal and Jharkhand.
Rs 400 crore allocated for low-cost housing project.
Farmers will get 5% rebate on timely repayment on loans.
Rs 100 crore for ‘start up’ programmes for youth.
Rs 500 crore allocation for price stabilisation.
Rs 100 crore for the modernisation of madrasas.
House adjourned till 11:50 pm.
All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken:
Govt to set up a high-level Committee to interact with industry to bring about changes in tax laws if required.
Transfer pricing regulations for residents and non-residents being done.
Currency notes to have Braille to help the visually impaired.
Rs 7,060 crore for new smart cities.
Willing to examine other suggestion to spur growth in FDI.
Propose Beti Bachao Beti Padao Yojana which will help in generating awareness and improve efficiencies of delivery of services to women.
New urea policy will be formulated.
Will not ordinarily bring any Retro tax.
Govt medial colleges approved, 12 more medical colleges proposed.
Strive to provide toilets in girl schools. Rs 4,966 crores from Rashtriya Madhyamik Shiksha Abhiyan for this.
MNREGA: To focus on productive, asset creating works.
150 crore by home ministry to increase safety of women in larger cities.
The need for sanitation is of utmost importance, but task of total sanitation can’t be achieved without support from all. Will achieve total sanitation by year 2019.
A national multi-skill programme called ‘Skill India’ will provide skill sets to the youth for employability and entrepreneurial skills.
We need to revive growth particularly in manufacturing sector and infrastructure:
Should we allow economy to suffer because of indecisiveness and populism:
There is urgent need to generate more resources: FM
Also give greater autonomy to banks to make them accountable
Will usher in policy regime that will usher in higher growth, low inflation.
We wish to achieve 7 to 8 per cent growth in next 3-4 years:
Our domestic manufacturing capability is still decent.
India needs a boost in manufacturing for job creation.
FDI – promote FDI in selectively where it helps the larger Indian economy.
Propose to set up a high level committee to interact with trade on a regular basis.
Enlarge the scope of income tax settlement commission
Hope the investor community, both domestic and international, will repose confidence in our position.
We are committed to providing a stable and predicable taxable regime.
Fiscal deficit target at 3%.
I assure all states that government will be fair in dealing with them.
The debate of GST must now come to an end. I do hope we are able to bring a final solution and approve the legislation scheme that enables this.
Must take bold steps to enhance economic activity.
We must address the issue of black money.
Inflation has remained at elevated levels.
The Iraq Crisis is leaving behind an impact on fuel prices.
We must be watchful of our CAD.
Shall leave no stone unturned in making a strong and vibrant India.
We have to make sure that our anti-poverty programme are well-targeted.
The steps are a beginning of a journey to a sustained growth, says Jaitley.
Slow decision making has resulted in a loss of opportunity.
Need to introduce fiscal prudence.
Look forward to a lower rate of inflation, says Jaitley.
There are green shoots of recovery showing in the economy.
Finance Minister presents his maiden Budget.
The Narendra Modi Cabinet has approved the maiden budget of Finance Minister Arun Jaitley.
Prime Minister Narendra Modi has arrived in Parliament.
Budget papers have arrived in Parliament.
Union Finance Minister Arun Jaitley has met President Pranab Mukherjee.
Finance Minister Arun Jaitley has left his North Block office to meet President Pranab Mukherjee before presenting the Budget in Parliament.
At 10:30 am – Arun Jaitley to brief Union Cabinet on the Budget.
Some key measures to be expected: To shore up manufacturing to 25 per cent of GDP, reviving business confidence, roll out GST.