Highlights of Union Budget 2014-15
Finance Minister Arun Jaitley detailed his budget for 2014-15 today, the first under Prime Minister Narendra Modi's new government.
Here are the highlights of Budget 2014:
1. Fiscal deficit target retained at 4.1% of GDP for current fiscal and 3.6 for 2015-16 and 3% for 2016-17
2. Revenue Deficit seen at 2.9% for FY15
3. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years: FM
4. Committed for growth of agriculture at the rate of 4 per cent.
5. Defence FDI cap raised to 49% from 26% at present
6. Exemption limit on income tax from Rs. 2 lakh to Rs. 2.5 lakh.
7. For senior citizens, the exemption on income has been raised to Rs. 3 lakh per annum.
8. Tax-free cap on home loan interest from Rs. 1.5 to Rs. 2 lakh.
9. No change in Income tax rates and slabs .
10. Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh
11. Women Safety:
i. Outlay of Rs. 50 crores for a pilot scheme on road safety
ii. Another 150 crores to be spent by MHA on safety on women in larger cities
iii. 'Beti Bachao, Beti Padhao Yojana' - 100 crores
12. Rs 3600 cr set aside for National Rural Drinking Water: FM
13. Rural housing: Rs 8000 crore for national housing banking programme
14. Metro rails in PPP mode; Rs. 100 cr set aside for metro scheme in Ahmadabad and Lucknow
15. Each year government will be adding AIIMS to ensure there is an AIIMS in every state: Jaitley
16. Rs 100 crores to set up virtual classrooms
17. Rs 500 crores for setting up 5 more IIMs and IITs
18. FM Proposes to enhance the scope of income tax settlement commission
19. Rs 7,060 crore allocated for building new cities
20. Jaitley announces e-visas to promote tourism
21. The government is committed to the welfare of scheduled castes and tribes.
22. Rs 200 crores credit scheme for start-ups by those from scheduled castes and tribes
23. Government is committed to providing 24x7 electricity in all houses
24. 15 Braille press to come up.
25. Currency note with Braille-like signs
26. Promote FDI selectively in sectors. India needs a boost in job creation in the manufacturing sector
27. 24x7 electricity in all houses
28. Minimum pension of Rs.1000 per month to all PP schemes.
29. Rs 50,548 cr proposed for SC development
30. Bharat Swach Yojna proposed for hygiene and cleanliness.
31. Rs. 200 crore for Statue of Unity, a statue of Sardar Patel in Gujarat.
32. Rs. 1000 cr for irrigation plan named Pradhan mantri krishi sichayin yojana.
33. Skill India initiative to make youth employable and create more entrepreneurs.
34. Kisan Vikas Patra to be expanded.
35. e-visa for nine cities.
36. Rs. 7060 cr for creating smart cities.
37. Assam and Jharkhand to get Centre of Excellence on farming
38. Rs. 100 crores for modernization of Madrasas
39. Jaitley announces Skill India, a programme to train youth for jobs
40. Equity in PSU banks to be raised through share sale to the public
41. Rural housing: Rs 8000 crores for national housing banking programme
42. MGNREGA programme to made more productive
43. Senior Citizens Pension Plan Extended Till August 2015
44. National Adaption Fund for climate change to be set up
45. Rs. 500 crore for price stabilization fund.
46. 100 soil testing laboratories across the country.
47. House resumes. Budget Speech continues.
48. Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside
49. An AIIMS will be created in every state.
50. All six new AIIMS are functional. Four more AIIMS under consideration. 12 more medical colleges will be added. Rs. 500 crore allocated for this.
51. MGNREGA programme will be made more productive
52. Crisis Management Center for women at Delhi
53. Start up village at Rs 100 crore to promote entrepreneurship among rural youth.
54. Rs. 14,389 crores for PM Sadak Yojana
55. Rs 200 crore allocated to set up six textiles clusters