Highlights of the Indian Govt #Budget2014: * No change in income tax rates; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh * Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh * Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh * Tax exemption limit for senior citizens changed from Rs 2.5 lakh to Rs. 3 lakh * 10 year tax holiday for power companies who start production and distribution on March 31, 2017 * Revenue deficit pegged at 2.9 per cent of GDP * Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal. * Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh * Airports to be developed in tier 1 and 2 cities, 16 new port projects to be awarded this year * Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East * Govt committed to providing 24x7 power supply to all homes: FM * Single KYC norms for all financial services and one demat account for all financial products * Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan * Rs 11,600 cr for developing outer harbour projects * Mining issues to be resolved on priority * Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities. * 20 new industrial clusters announced * We will examine proposal to give greater autonomy to banks: FM. * Budget proposes 49 per cent FDI in insurance through FIPB route * Propose to provide finance to 5 lakh landless farmers through NABARD * Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley. * Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups * Rs 500 crore allocated for stabilizing prices of agricultural commodities * Rs 3600 cr set aside for National Rural Drinking Water: FM * We will examine proposal to give greater autonomy to banks: FM. * Budget proposes 49 per cent FDI in insurance through FIPB route * Propose to provide finance to 5 lakh landless farmers through NABARD * Manufacturing units will be allowed to sell their products through retail and e-commerce: Jaitley. * Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups * Rs 500 crore allocated for stabilizing prices of agricultural commodities * Rs 3600 cr set aside for National Rural Drinking Water: FM * Rural housing: Rs 8000 crore for national housing banking programme * FM announces development of Metro rails in PPP mode; Rs. 100 cr set aside for metro scheme in Ahmedabad and Lucknow * Each year government will be adding AIIMS to ensure there is an AIIMS in every state: Jaitley * Rs 100 crores to set up virtual classrooms * Rs 500 crores for setting up 5 more IIMs and IITs * FM Proposes to enhance the scope of income tax settlement commission * Rs 7,060 crore allocated for building new cities Jaitley announces e-visas to promote tourism * The government is committed to the welfare of scheduled castes and tribes. * Rs 200 crores credit scheme for start-ups by those from scheduled castes and tribes * Government is committed to providing 24x7 electricity in all houses * Jaitley announces Skill India, a programme to train youth for jobs * Equity in PSU banks to be raised through share sale to the public * Rural housing: Rs 8000 crores for national housing banking programme * MGNREGA programme to made more productive * Womens safety: Rs 100 crores for Beti Bachcao, Beti Padhao Yojana * Senior Citizens Pension Plan Extended Till August 2015 * Aim to achieve 7-8 per cent economic growth rate in next 3-4 years: FM * We need to revive growth particularly in manufacturing sector and infrastructure: FM * Anti-poverty programmes will be targeted well. Will leave no stone unturned to create a vibrant India: FM. * Should not allow economy to suffer because of indecisiveness and populism: Finance Minister Arun Jaitley:Aseem Aseem Batra
Posted on: Thu, 10 Jul 2014 14:18:36 +0000
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