Hope this budget sounds satisfactory. Platform open. In case someone wants to debate on any of the points below. Highlights from Arun Jaitleys Budget 2014-15 speech. 1. Two years of sub-five per cent growth has led to challenges to the economy. 2. Green shoots of recovery seen in global economy. 3. Slow decision making has resulted in loss of opportunity. 4. We look forward lower level of inflation. 5. Will usher in policy regime that will usher in higher growth, low inflation. 6. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years. 7. Will leave no stone unturned to create a vibrant India. 8. Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal. 9. Anti-poverty programmes will be targeted well. 10. We need to revive growth particularly in manufacturing sector and infrastructure. 11. There is urgent need to generate more resources. 12. Should we allow economy to suffer because of indecisiveness and populism. 13. Task before us is challenging. 14: We must continue to be watchful of CAD. 15. Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge. 16. Finance Minister emphasizes on fiscal prudence, need to generate more resources. 17. Iraq crisis having impact on oil prices. 18. We must address the problem of black money fully. 19. We must take bold steps to enhance economic activity. 20. Expenditure Management Commission will be constituted to look at expenditure reforms. 21. We are for minimum government, maximum governance. 22. Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected. 23. New urea policy will be formulated. 24. We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional. 25. This govt will not ordinarily change policies retrospectively which creates a fresh liability. 26. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken. 27. We are committed to providing stable tax regime which is investor friendly. 28. Govt to set up a high-level Committee to interact with industry to bring about changes in tax laws if required. 29. FM Proposes to enhance the scope of income tax settlement commission. 30. Govt proposes to strengthen authority for advance ruling in tax, set up more benches. 31. Transfer pricing regulations for residents and non- residents being done. 32. FDI in Defence sector raised to 49 per cent. 33. Finance Minister Arun Jaitley takes 5-minute break; Lok Sabha adjourned for 5 minutes. 34. Financial stability is foundation of rapid recovery. 35. Our domestic manufacturing is still at nascent stage. 36. Manufacturing units will be allowed to sell their products through retail and e-commerce. 37. Budget proposes 49 per cent FDI in insurance through FIPB route. 38. Our Banking system needs to be further strengthened. Need to infuse rs 2.40 lakh crore in our banks. 39. Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks. 40. Govt proposes to provide finance to 5 lakh landless farmers through NABARD. 41. Will examine proposal to give additional autonomy to banks and make them more responsible. 42. E-visa to be introduced at 9 airports in the country. 43. Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities. 44. Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018. 45. Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries. 46. We expect PSUs to invest Rs 2,47941 crore this fiscal. 47. Infrastructre Investment Trust being set up to finance infra projects and reduce burden on banks. 48. Total sanitation by 2019. 49. Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility. 50. National multi-scale programme ‘Skill India’ to be introduced to provide training and support for employment. 51. Rs 200 cr set aside for the Sardar Patel statue project in Gujarat. 52. Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas. 53. Pension scheme for senior citizens being revived. 54. Govt committed to providing 24×7 power supply to all homes. 55. Rs 50,548 cr proposed for SC development. 56. EPFO will launch a unified account scheme for portability of Provident Fund accounts. 57. Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes. 58. Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO. 59. Committee will be set up to examine how unused money in postal schemes can be utilised. 60. Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones. 61. Rs 14,389 crore provided for Pradhan Mantri Gram Sadak Yojana. 62. Govt to launch ‘Beti Bachao, Beti Padhao’ scheme; sets aside Rs 100 crore for it. 63. Crisis Management Centres for women to be set up at all government hospitals in NCR region. 64. Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month. 65. Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking water. 66. Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore. 67. Rs 2.29 lakh crore allocated for Defence budget. 68. 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided. 69. Each state where there is no AIIMS will be added in the coming years. 70. Govt proposes to add 12 more medical government colleges. 71. 5 new IIMs and 5 new IITs proposed to be set up. 72. ‘Kisan’ TV channel to be launched by DD at cost of Rs 100 crore: Rs 100 crore for Community radio stations proposed. 73. FM proposes National Rural Internet and Technology Mission; Rs 500 crore set aside. 74. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it. 75. Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research intitutes in Jharkhand and Assam. 76. FM announces Rs 100 crore for modernisation of madrasas. 77. Govt sets aside Rs 200 cr for setting up of agriculture university in AP and Rajasthan, and horticulture university in Haryana, Telangana. 78. Rs 100 crore provided for providing soil card to every farmer. 79. Govt committed to achieve 4 per cent farm growth; to use new technologies to boost crop yields. 80. Rs 500 crore price stabilisation fund to be set up. 81. Govt sets aside Rs 100 crore for initiating scheme to provide a soil health card and Rs 56 cr for soil testing labs. 82. No change in income tax rate; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh. 81. Education cess for all tax payers including corporates will continue Restructuring Food Corporation of India to be taken up on priority. 82. Budget proposes Rs 200 cr for setting up 2000 producers’ organisations across the country. 83. Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh.
Posted on: Thu, 10 Jul 2014 08:34:27 +0000
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