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Thursday, July 10, 2014

Highlights: Union Budget 2014

Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley in Lok Sabha on 10 July 2014.

Indian Custom Single Window Project to be taken up for facilitating trade.
* Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne.
* Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%.
* Government announces reduction in excise duty for specified food package industry from 10% to 6%.
* Excise duty on footwear reduced from 12% to 6%
* Government announces measures to encourage manufacture of LCD/LED panels of TVs.
* Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.
* Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh.
* Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.
* No changes in tax rate.
* PPF limit to be raised to Rs 1.5 lakh.
* Rs 100 crore for training of sportspersons for upcoming Asian Games.
* Government announces Rs 150 crore for communication needs of Andaman and Nicobar islands.
* Government announces Arun Prabha channel for northeastern region; will be 24/7 channel.
* Rs 1000 crore provided for rail connectivity in northeastern region.
* National Police Memorial to be set up. Rs 50 crore set aside for this purpose.
* Rs 100 crore War Memorial at Princess Park, India Gate.
* Policy of One Rank One Pension to be adopted for defence personnel.
*  RBI will create framework for licenses of small banks.
* Rs 37, 800 crore allotted for National Highways.
* In order to complete gas grid, 15000 km of additional pipeline to be developed through PPP mode.
*  Rs 4200 crore set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia , over 1620 km.
* Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues.
* Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside by the government.
* Govt announces Rs 100 crore for modernization of madrassas.
* Rs 100 crore set aside for Community Radio Centres; 600 new and existing ones will be supported.
* 5 more IITs and 5 IIMs to be set up .
* Propose to set up four more AIIMS; Rs. 500 crore set aside for this. Six new AIIMS started recently have become functional. Four new AIIMS will be set up in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal.
* Govt proposes National Housing Banking programme; sets aside Rs 8000 crore for this program.
* Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund.
* Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this.
* EPFO will launch a unified account scheme for portability of Provident Fund accounts.
*  Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply to rural areas.
* Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel.
* E-visas to be introduced at nine airports in India in phased manner.
* FDI in insurance to be increased to 49%.
* FM announces FDI in defence up from 26 to 49 % with Indian management and control.
* Aim to achieve 7-8 per cent economic growth rate in next 3-4 years.

Budget Speech English: Click Here
Budget Key Features English: Click Here
Highlights: Union Budget 2014 Reviewed by Currentaffairs4examz on 10.7.14 Rating: 5 Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley in Lok Sabha...

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