Home / General / Union Budget 2014 – Live Updates

Union Budget 2014 – Live Updates

Arun Jaitley Union Budget 2014

Arun Jaitley Union Budget 2014

 

Live Updates

  • Fiscal deficit will be at 4.95% of GDP

 Income Tax

  • Increase personal exemption for Income tax from 2 lakhs to 2.5 Lakhs for individuals less than
  • Increase exemption from 2.5 lakhs to 3 lakhs for Senior citizens
  • Savings Under 80 C have been increased from 1 Lakh to 1.5 Lakhs
  • Housing – for self occupied properties –  Deduction limit to be revived from 1.5 lakhs to 2 Lakhs

Other Taxes

  •  Extend 10 year tax holiday for power generation companies

Financial Sector 

  • Liberalise ADR and GDR regime
  • International settlement of Indian Debt securities
  • Introduction of uniform KYC norms, One single demat account for all access
  • Indian Accounting Standards to be adopted
  • Six new debt recovery tribunals will be setup

Industries & Infrastructures

  • National Industrial Corridor to be setup with headquarters in Pune
  • Kakinada will be developed for Hardware development
  • Export Promotion Mission to be setup
  • 10,000 Crores to be setup for encouraging Startup companies
  • 16 New Port projects will be taken up
  • 37,800 Crores will be used for Road development
  • Ultra large Solar Power Projects in  Rajasthan, TN, J&K

 

Foreign Direct Investment

  • Composite cap in Defense sector is raised to 49%
  • Composite cap raised to 49% in Insurance sector
  • Manufacturing units will be allowed to sell in retail including e-Commerce platforms

 

Urban Development

  • 50,000 Crores to be used for Public Transport, Waste management
  • Urban metro projects – 100 Crores Lucknow and Ahmedabad
  • Additional Tax incentives on Housing Loan

 

Agriculture & Rural development

  • Pradhan Mantri Krishi Sichai Yojana – Rs. 1000 crores to be allotted
  • Separate commission to be setup Development of Infrastructure in Rural areas
  • Deen Dayal Upadhyay Yojana for powering Rural homes
  • Rs. 14389 Crores for Pradhan Mantri Gram Sadak yojana
  • Rs. 3000 crores for providing safe drinking water in rural areas
  • Healthcare – Free drug service and Free Diagnostic Service to be taken up
  • 12 more Govt. medical colleges with Dental facilities to be added up
  • 2 more Agro Technological institutions to be setup in Assam and Jharkhand
  • Agriultural university to be setup at Andhra Pradesh & Rajastan
  • Horticultural university to be setup at Telangana & Haryana
  • 8 Lakh Crores Target  for Agricultural Credit in the banks in 2014-15
  • 5000 Crores for increasing Scientific Warehousing facilities

Education

  • 28635 Crores and 4996 Crores will be given by Sarva Shiksha Abhiyan
  • 100 Crores – Virtual Classroom & Online classes
  • JP Centre for Human Excellence will be setup in Madhya Pradesh
  • 5 More IITs to be setup in Jammu, Chattisgarh and other places
  • 4 More IIMs to be setup in HP, Punjab, Orissa and other places
  • Institutes of National Importance status for Film institutes at Kolkata and Pune

 

Other updates

  • 2037 Crores for Namami Ganga – Ganga cleanup project
  • 100 Crores will be setup for Study report on Linking rivers across the country
  • Minimum pension of Rs.1000 in EPF scheme
  • Currency notes to have braille features to help visually challenged.
  • Skill India – Youth entrepreneurial skill enhancement programme to be introduced
  • Rs. 7060 Crores allotted for creating Smart Cities
  • Expenditure Management Commission to be setup to look after expenditure of the government
  • e-Visas to be introduced in 9 airports in India
  • New Urea policy to be introduced
  • War memorial and War museum will be setup using 100 Crores.
  • Manufacturing sector has to be revived
  • GST to be introduced
  • Target of Fiscal consolidation is challenging – Iraq crisis and Indian Monsoon have posed challenges.

 

 

Related Videos