Union Budget 2014: India
Presented by Finance Minister Arun Jaitley, BJP
Higlights of budget 2014:
* 7060 crore provided for development of smart cities in India.
* 1000 crore provided for irrigation.
* 5 new IITs and IIMs in India.
* 4 new AIIMS. In future, AIIMS in every state in India.
FDI (Foreign Direct Investment):
* FDI cap in Defence and Insurence sector has been increased to 49% from 26%.
* FDI in real estate sectors for low cost housing.
Personal tax & exemption limit:
* Investment limit under section 80c has been increased from Rs. 1 lakh to Rs. 1.5 lakh.
* Housing loan interest rate rebate(reduction limit) has been raised to Rs. 2 lakh from Rs. 1.5 lakh.
* No changes in personal income tax rates and slabs.
* Income tax exemption limit under 60 years of age has been increased to Rs. 2.5 lakh from Rs. 2 lakh.
* Income tax exemption limit for seniour citizens above 60 has been raised to Rs. 3 lakh per annum.
Other Key features:
- Aim to achieve 7-8 percent economic growth in next 3-4 years.
- Target of 4.1% fiscal deficit is daunting.
- Infuse Rs. 2.40 crore in banking system.
- Raising bank capital through retail sale of shares.
- Providing finance to 5 lakh landless farmers through NABARD.
- E-visa in 9 airports in India.
- Rs. 7060 crore for building 100 smart cities in India.
- 24x7 power supply to all homes in India.
- Rs. 14,389 crore for Pradhan Mantri Sadak Yojana.
- Rs. 100 crore for 'Beti Bachao, Beti Padhao' scheme.
- Rs. 2.29 lakh crore for Defence budget.
- Rs. 100 crore for 'Kisan' TV channel by DD (Door Darshan).
- Rs. 500 crore for National Rural Internet and Technology Mission.
- Rs. 100 crore for metro rail services in Lucknow & Ahmedabad.
- Rs. 4200 crore for the Ganga inland waterway development project from Haridwar to Haldia (1620 Km). Project to be completed within 6 years.
- Rs. 4200 crore for the Ganga Jal Marg Vikas project from Allahabad to Haldia.
- Rs. 2,039 crore for Integrated Ganga Mission.
- No custom duty on CRT televisions.
- Custom duty on 19 inch and below 19 inch LCD and LED reduced to 0 percent from 10 percent.
- Investment limit increases from Rs. 1 lakh crore to Rs. 1.5 lakh crore for PPF.
- Rs. 100 crore for Technology development fund.
- Rs. 100 crore for the trainning for Asian games.