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
24×7 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.  24×7 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