General Budget 2014-15 Highlights


General Budget 2014-15 Highlights Live on 10th July 2014: Bhartiya Janata Party (BJP) Prime Minister Narendra Modi and Finance Minister Arun Jaitely presents First General budget 2014-15 under New Government today, 10th July 2014 from 11:00 AM onwards. Prime Minister, Shri Narendra Modi termed the Budget as a Budget that converts hopes and aspirations of the people into trust. The Prime Minister expressed confidence that the Budget will take India to newer heights of progress and stated, “This Budget is a new ray of hope for the poor and downtrodden sections of society.” Congratulating the Union Finance Minister Shri Arun Jaitley for his maiden budget, the Prime Minister said, “The Budget will give an impetus to Jan Bhagidari (people’s participation) and Jan Shakti (people's power).” He described the Budget as an effort to make India skilled and digital, guided by the usage of the latest technology. 
General Budget 2014-15 Highlights Live:
- Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh
- Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.
- Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh
- Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.
- Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched
- Long term capial gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years

- Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to Rs 15,000
- Minimum pension increased to Rs 1,000 per month
- LCD, LED TV become cheaper
- Cigarettes, pan masala, tobacco, aerated drinks become costlier
- 5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan
- 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.
- 4 more AIIMS like institutions to come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in Uttar Pradesh
- Govt proposes to launch 'Digital India’ programme to ensure broad band connectivity at village level
- Kisan TV for farmers, Arun Prabha TV for northeast.
- National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed
- Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology
- A project on the river Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and Haldia; Rs 4,200 crore set aside for the purpose.
- EPFO to launch the “Uniform Account Number” Service for contributing members.
- New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores.
- Beti Bachao, Beti Padhao Yojana to generate awareness and help in improving the efficiency of delivery of welfare services meant for women.
- Free Drug Service and Free Diagnosis Service to achieve “ Health For All”
- Two National Institutes of Ageing to be set up at AIIMS, New Delhi and Madras Medical College, Chennai.
- Rs 100 crore to support about 600 new and existing Community Radio Stations
- Swachh Bharat Abhiyan to cover every household with sanitation facility by the year 2019
- Rs 100 crore for metro projects in Lucknow and Ahmedabad
- Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called ‘Namami Gange’
- Rs 150 crore allocated for increasing safety of women in large cities
- Rs. 7,060 crore for the project of developing 100 Smart Cities.
- Set aside Rs 11,200 crore for PSU banks capitalisation
- Govt provides Rs 500 crore for rehabilitation of displaced Kashmiri migrants
- 1000 crore provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.
- Rs. 50,548 crore under the SC Plan and Rs. 32,387 crore under TSP
- Composite cap of foreign investment to be raised to 49 per cent in Defence and Insurance sectors.
- Requirement of the built up area and capital conditions for FDI reduced to 20,000 square metres and USD 5 million respectively for development of smart cities.
- Manufacturing can sell its products through retail including Ecommerce platforms.
- Requirement to infuse Rs.2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms PSUs will invest through capital investment a total sum of Rs. 2,47,941 crores.
- Rs 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.
- Govt in favour of consolidation of PSU banks
- Government expects Rs 9.77 lakh crore revenue crore from taxes
- Plan expenditure pegged at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore.
- Fiscal deficit target retained at 4.1 pc of GDP for current fiscal and 3.6 pc in FY 16
- Disinvestment target fixed at Rs 58,425 crore
- Gross borrowings pegged at Rs 6 lakh crore
- Contours of GST to be finalised this fiscal; Govt to look into DTC proposal.
- Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012
- Expenditure management commission to be setup; will look into food and fertilizer subsides
- Legislative and administrative changes to sort out pending tax demands of more than Rs. 4 lakh crore under dispute and litigation.
- New Urea Policy would be formulated.
- More productive, asset creating and with linkages to agriculture and allied activities wage employment would to be provided under MGNREGA.
- A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens
- Slum development to be included in the list of Corporate Social Responsibility
- Committee to examine the financial architecture for MSME Sector, remove bottlenecks and create new rules and structures to be set up and give concrete suggestions in three months.
- An institution to provide support to mainstreaming PPPPs called 4PIndia to be set up with a corpus of Rs. 500 crores.