Union Budget 2014-15 highlights

The following are the Union Budget 2014-15 highlights

For individuals

* Tax slab on personal income remains unchanged

* 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

 Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh

New projects

* 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.

 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala

Allocations

* 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

 Rs. 7,060 crore for the project of developing 100 Smart Cities

Economic initiatives

* 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

* Govt considering giving greater autonomy to PSU banks while making them accountable

The numbers

* 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.  Plan expenditure pegged at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore Administrative reforms

* 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.

Keywords: Union Budget 2014, Arun Jaitley, Narendra Modi, NDA budget, Budget highlights

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