1) Union Budget 2014-15 presented in Lok Sabha: Union Finance Minister Arun Jaitley on 10 July 2014 presented his maiden budget in Lok Sabha. Finance Minister said the prevailing economic situation presents a great challenge and there was a need to introduce fiscal prudence that will lead to fiscal consolidation and discipline. Outlining the roadmap for fiscal consolidation, Mr. Jaitley said fiscal deficit would be brought down to 3.6 per cent in 2015-16 and 3 per cent by 2016-17. The fiscal deficit which had touched a high of 5.7 per cent in 2011-12, was brought down to 4.8 per cent in 2012-13 and further to 4.5 per cent in 2013-14.
2) Tax exemption limit raised to Rs 2.5 lakh: Salaried class has got something to cheer with Finance Minister Arun Jaitley in Bugdet raising tax exemption limit to Rs 2.5 lakh from Rs 2 lakh, providing a relief of Rs 50,000. The proposal, according to an estimate, is likely to be benefit about 2 crore tax payers. Similarly, he raised tax exemption limit from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens. Thus, tax on income from Rs 2.5 lakh to Rs 5 lakh is retained at 10 per cent, up to Rs 10 lakh at 20 per cent and above 10 lakh at 30 per cent. Noting that households are main contributors to savings, he said the investment limit under 80 C has been raised to Rs 1.5 lakh from the existing Rs 1 lakh to encourage savings. Investment in Public Provident Fund up to Rs 1.5 lakh would now be exempt from tax. This was earlier pegged at Rs 1 lakh. He also raised tax deduction limit on account of interest of housing loan in case of self occupied property to Rs 2 lakh from Rs 1.5 lakh.
3) In terms of GDP, India's economy is 10th biggest: World Bank- After growing at an average annual rate of just over 6 per cent from 1980 to 2010, India’s economy is now the 10th biggest in the world in terms of gross domestic product, according to the World Bank. However, its growth has slowed in recent years, with an expansion of 4.7 per cent in 2013-2014, up from 4.5 per cent the previous year, the slowest pace in the previous decade.
4) FDI Limit in Defence, Insurance Hiked to 49%: Finance Minister Arun Jaitley on 10 July 2014 hiked foreign investment limit in defence and insurance sectors. India is the biggest buyer of defence equipment in the world. Foreign direct investment (FDI) in defence manufacturing has been hiked from 26 per cent to 49 per cent. The ownership of such joint ventures will stay with Indian companies, Mr Jaitley said. FDI in insurance sector will be hiked to 49 per cent from 26 per cent, the FM said. The domestic insurance sector has not been able to flourish for the lack of adequate investments.Visit: www.currentaffairs4examz.com
5) 'Grand Old Lady of Indian Cinema' Zohra Sehgal passed away at 102: Veteran Bollywood actress Zohra Sehgal known for her jovial roles in films like Dil Se, Kal Ho Naa Ho, Veer-Zaara, Cheeni Kum and Saawariya passed away on July 10 in Delhi, She was 102. The actress died at a hospital in Delhi on Thursday (July 10 2014). Apart from her lively roles in several Bollywood films, she was also a part of Hollywood projects like Bend it like Beckham.
6) FIFA banned Nigeria from international football: FIFA has suspended Nigeria from international football citing government interference in the running of its national federation. The emergency committee of the world governing body said the blanket ban would come into to place with "immediate effect" which means no Nigerian team, including club sides, can play in regional, continental or international competitions.
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7) Finance Minister proposed Beti Bachao Beti Padhao Yojna: Arun Jaitley in Budget 2014-15 also announced a list of plans concerning the plight of girl child and women security. The Finance Minister proposed Beti Bachao Beti Padao Yojna scheme to improve the plight of the girl child, which aims to increase awareness and focus on campaigns to sensitise people towards gender equality in India. A total amount of Rs 100 crores has been allotted for the Beti Bachao Beti Padao Yojna. A special small savings scheme will be introduced for the education of the girl child. Schools will introduce separate chapters on gender equality as well. A fund of Rs 1,4389 crore has been allocated for this purpose. Improved medical aid will also be provided to women.