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Budget 2014: Highlights of Finance Minister Arun Jaitley’s Budget speech

Highlights from Arun Jaitley's Budget speech.

By: Express News Service | Updated: July 10, 2014 6:55 pm
Indian Finance Minister Arun Jaitley arrives to present the 2014-15 union budget at the Indian parliament in New Delhi. (Source: AP photo) Indian Finance Minister Arun Jaitley arrives to present the 2014-15 union budget at the Indian parliament in New Delhi. (Source: AP photo)

Finance Minister Arun Jaitley presented the Narendra Modi government’s first budget. Here are the highlights:

1. Two years of sub-five per cent growth has led to challenges to the economy

2. Green shoots of recovery seen in global economy

3. Slow decision making has resulted in loss of opportunity


4. We look forward lower level of inflation

5. Will usher in policy regime that will usher in higher growth, low inflation

6. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years

7. Will leave no stone unturned to create a vibrant India

8. Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal

9. Anti-poverty programmes will be targeted well.

10. We need to revive growth particularly in manufacturing sector and infrastructure

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11. There is urgent need to generate more resources

12. Should we allow economy to suffer because of indecisiveness and populism

13. Task before us is challenging

14: We must continue to be watchful of CAD

 15. Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge

16. Finance Minister emphasizes on fiscal prudence, need to generate more resources.

17. Iraq crisis having impact on oil prices

18. We must address the problem of black money fully

19. We must take bold steps to enhance economic activity

20. Expenditure Management Commission will be constituted to look at expenditure reforms

21. We are for minimum government, maximum governance

22. Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected

23. New urea policy will be formulated

24. We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional

25. This govt will not ordinarily change policies retrospectively which creates a fresh liability

26. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken

27. We are committed to providing stable tax regime which is investor friendly

28. Govt to set up a high-level Committee to interact with industry to bring about changes in tax laws if required

29. FM Proposes to enhance the scope of income tax settlement commission.

30. Govt proposes to strengthen authority for advance ruling in tax, set up more benches

31. Transfer pricing regulations for residents and non-residents being done

32. FDI in Defence sector raised to 49 per cent

33. Finance Minister Arun Jaitley takes 5-minute break; Lok Sabha adjourned for 5 minutes

34. Financial stability is foundation of rapid recovery

35. Our domestic manufacturing is still at nascent stage

36. Manufacturing units will be allowed to sell their products through retail and e-commerce

37. Budget proposes 49 per cent FDI in insurance through FIPB route.

38. Our Banking system needs to be further strengthened. Need to infuse rs 2.40 lakh crore in our banks

39. Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks

40. Govt proposes to provide finance to 5 lakh landless farmers through NABARD

41. Will examine proposal to give additional autonomy to banks and make them more responsible

42. E-visa to be introduced at 9 airports in the country

43. Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities

44. Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018

45. Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries

46. We expect PSUs to invest Rs 2,47941 crore this fiscal

47. Infrastructre Investment Trust being set up to finance infra projects and reduce burden on banks

48. Total sanitation by 2019

49. Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility

50. National multi-scale programme ‘Skill India’ to be introduced to provide training and support for employment

51. Rs 200 cr set aside for the Sardar Patel statue project in Gujarat

52. Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas

53. Pension scheme for senior citizens being revived

54. Govt committed to providing 24×7 power supply to all homes

55. Rs 50,548 cr proposed for SC development

56. EPFO will launch a unified account scheme for portability of Provident Fund accounts

57. Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes

58. Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO

59. Committee will be set up to examine how unused money in postal schemes can be utilised

60. Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones

61. Rs 14,389 crore provided for Pradhan Mantri Gram Sadak Yojana.

62. Govt to launch ‘Beti Bachao, Beti Padhao’ scheme; sets aside Rs 100 crore for it

63. Crisis Management Centres for women to be set up at all government hospitals in NCR region

64. Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month

65. Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking water

66. Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore

67. Rs 2.29 lakh crore allocated for Defence budget.

68. 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided

69.  Each state where there is no AIIMS will be added in the coming years

70. Govt proposes to add 12 more medical government colleges

71. 5 new IIMs and 5 new IITs proposed to be set up

72. ‘Kisan’ TV channel to be launched by DD at cost of Rs 100 crore: Rs 100 crore for Community radio stations proposed

73. FM proposes National Rural Internet and Technology Mission; Rs 500 crore set aside.

74. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it

75. Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research intitutes in Jharkhand and Assam

76. FM announces Rs 100 crore for modernisation of madrasas

77. Govt sets aside Rs 200 cr for setting up of agriculture university in AP and Rajasthan, and horticulture university in Haryana, Telangana

78. Rs 100 crore provided for providing soil card to every farmer

79. Govt committed to achieve 4 per cent farm growth; to use new technologies to boost crop yields

80. Rs 500 crore price stabilisation fund to be set up

81. Govt sets aside Rs 100 crore for initiating scheme to provide a soil health card and Rs 56 cr for soil testing labs.

82. No change in income tax rate; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh.

81. Education cess for all tax payers including corporates will continueRestructuring Food Corporation of India to be taken up on priority

82. Budget proposes Rs 200 cr for setting up 2000 producers’ organisations across the country

83. Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh

84. There is need to examine financial architecture of SME sector

85. Kakinada port and adjoining area to be developed

86. Rs 10,000 crore venture capital fund to be set up for MSME sector

87. Trade facilitation centres will be set up at a cost of Rs 50 crore to help handloom development

88. Definition of MSME to be revised for high capital ceiling

89. India has emerged as the largest PPP market in the world

90. Rs 200 cr provided for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur, Mysore and Tamil Nadu.

91. Govt sets aside Rs 50 crore for Pashmina Production programme in Jammu & Kashmir

92. 1,620-km Ganga inland waterway development from Haridwar to Haldia to be completed in 6 years at a cost of Rs 4,200 crore

93. Selective Expressways parallel to industrial corridors to be taken up

94. Ultra modern super critical power projects to be set up

95. New airports to be developed through PPP mode

96. Coal linkages to be rationalised to reduce power cost

97. Rs 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia

98. Rs 500 crore provided for ultra modern solar power plants in Rajasthan, Tamil Nadu and Ladakh in Jammu and Kashmir.

99. Use of piped cooking gas to be promoted on mission mode

100. CRT TVs exempted from customs duty to help poor

101. Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent

102. Changes in Mines and Mineral Regulation and Development Act to be introduced; royalty on minerals to be reviewed to enhance revenue for states

103. Modern monetary policy framework needed; govt to put in place such framework in close consultation with RBI

104. Govt proposes developing 15,000 km additional gas pipeline through PPP mode.

105. Clarification on tax treatment of foreign funds to be announced

106. Govt agrees in principle on consolidation of PSU banks

107. Banks will be permitted to raise long term funds without regulatory hindrances.

108. RBI to frame policy for licensing of small banks, differential banks

109. Govt to take up pending insurance reforms bill that provides for 49 pc FDI

110. Govt to revitalise small saving scheme; special scheme to encourage saving for girl child education and marriage to be introduced

111. PPF investment limit increased to Rs 1.5 lakh from current Rs 1 lakh

112. Rs 100 crore technology development fund proposed in budget

113. Govt sets aside Rs 2,250 crore to improve weather infrastructure

114. Rs 100 crore allocated for War Memorial and war museum at Princess Park, near India Gate in Delhi

115. Rs 50 crore provided for setting up of a National Police Memorial

116. Rs 200 cr allocated for preserving heritage characters of cities like Mathura and Agra

117. Govt sets aside Rs 100 cr for inter-linking of rivers

118. Govt announces Rs 100 cr for development of Archaeological sites; Gaya to be developed as world class tourist spot

119. Integrated Ganga mission to be set up; Rs 2,039 crore provided in Budget

120. Rs 50 crore set aside for modernisation of Ghats in places like Varanasi and Patna

121. NRI fund for conservation of river Ganga to be set up

122. Rs 200 crore upgrading indoor and outdoor stadium in Jammu and Kashmir – both in Jammu and Kashmir Valley

123. Budget proposes to set up sports university in Manipur

124. Rs 100 crore set aside for training on sportspersons for the Asiad Games

125. Rs 500 crore provided for rehabilitation of displaced Kashmiri migrants

126. Rs 100 cr set aside for development of organic farming in north east region

127. Rs 200 crore provided for power reforms, Rs 500 crore for water reforms in Delhi

128. Govt to provide Rs 1000 cr for rail connectivity in north east region

129. Govt announces “Arun Prabha” channel for NE region; will be 24×7 channel

130. Non-plan expenditure pegged at Rs 12,19,892 crore for 2014-15, including fetilizer subsidy and defence spending

131. Gross tax receipts pegged at Rs 13,64,524 crore; non-tax revenue Rs 2,12,505 crore; capital receipt Rs 73,000 crore in 2013-14

132. Income tax exemption limit for senior citizens raised from Rs 2.5 lakh to Rs 3 lakh

133. Exemption on payment of income tax on interest paid on loans for self occupied houses raised to Rs 2 lakh from Rs 1.5 lakh

134. 10-year tax holiday to be extended to companies that start power generation by March 31, 2017

135. Investment allowance of 15 per cent for three years will be allowed to manufacturing companies which invest Rs 25 crore in plant and machinery

136. Concensional rate of 15 per cent on dividends to continue

137. Govt to review revised Direct Taxes Code taking into account comments from stakeholders

138. Direct tax proposals to involve sacrifice of Rs 22,200 crore

139. Basic customs duty reduced on items used in chemical and petrochemical sector to encourage investment

140. Inputs used for manufacture of personal computers exempted from 4 per cent customs duty

141. Basic customs duty on basic flat stainless steel products raised to protect domestic industry to 7.5 per cent from 5 per cent

142. Customs duty on coal rationalised to 2.5 per cent plus 2 per cent SAD

143. Export duty on bauxite doubled to 20 per cent

144. Excise duty on food processing and packaging machinery for fruits and vegetables reduced to 6 per cent from 10 per cent

145. Excise duty on cetrain solar equipment exempted

146. Excise duty on footwear reduced to 6 per cent from 12 per cent

147. Specific excise duty on cigarettes raised in the range to 11 to 72 per cent

148. Additional excise duty of 5 per cent levived on aerated waters with added sugar

149. Clean energy cess increased from Rs 50 per tonne to Rs 100 per tonne

150.  Govt announces pruning of negative and exemption list of service tax to widen tax base

151. Govt to earn Rs 7,525 crore more from changes in indirect taxes

152. Govt exempts loading/unloading and transportation of cotton from service tax

153. Indian Custom Single Window Project to be taken up for facilitating trade



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