Highlights: Union Budget 2014

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, July 10, 2014, 13:33 [IST]

Finance Minister, Arun Jaitley presented his maiden Union Budget for fiscal year 2014-15. This was the first Union Budget under Prime Minister Narendra Modi. Here are quick highlights from the Union Budget 2014. .

1) Excise duty on cigarettes hiked between 11 to 72%.

2) Excise duty on packaging machinery slashed to 6%.

3) Export duty on bauxite hiked to 20% from 10%.

4) Uniform custom duty on all types of coals recommended.

5) Custom duty on Methyl Alcohol cut to 5%.

6) Custom duty on LCD and LED panels below 19 inches cut.

7) Tax exemption on interest on housing loans raised to Rs 2 lakhs. from Rs 1.5 lakhs.

8) Sec 80C investment limit raised to Rs 1.5 lakhs from Rs 1 lakh.

9) Personal income tax slab raised Rs 2.5 lakhs from Rs 2 lakhs. Senior Citizens tax slab hiked to Rs 3 lakhs.

10) Non plan expenditure placed at Rs 12.2 crore for FY 2014-15. Total expenditure placed at Rs 17.9 lakh crore.

11) A new "Arun Prabha" television channel for NE region announced.

12) Rs 200 crore for upgrading indoor and outdoor stadium in Jammu and Kashmir allocated.

13) NRI Fund for utlising of Ganga clean up will be set up.

14) Bio-tech clusters in Faridabad and Bangalore to be scaled-up.

15) Rs 100 crore allocated to link rivers: Arun Jaitley.

16) FM allocates Rs 100 crores to preserve heritage sites.

17) War memorial to be set up along with a war museum; Rs. 100 cr set aside for this.

18) PPF scheme enhanced to Rs 1.5 lakh per year from Rs 1 lakh.

19) Special small saving scheme for education of the Girl Child introduced.

20) Banks to be encouraged to give long term funds for infra projects.

21) FM proposes introduction of uniform KYC norms throughout the financial sector. One demat account for all financial transactions.

22) Revision of rate of royalty on minerals to be taken up on request from the states.

23) Boost to road development. Investment in NHAI of Rs 37,850 crore. Will include Rs 3,000 crore for the North-East.

24) Scheme for development of new airports through Airports Authority of India.

25) A comprehensive policy to be developed for Shipbuilding Industry in this fiscal proposed.

26) Rs 10,000 crores allocated for start-ups.

27) An Export Promotion Mission to be created. Special economic zones to help improve infrastructure.

28) A sum Rs 500 crore for price stabilisation fund and a sum of Rs 50 crore set aside for indigenous cattle breed and blue revolution for inland fisheries

29) Budget provides finance to 5 lakh landless farmers through NABARD.

30) Budget initiates scheme to provide a soil health card. A sum of Rs 100 crore set aside. Rs. 56 cr for soil testing labs across the country.

31) Budget proposes Rs 4000 crores for affordable housing through National Housing Bank.

32) Budget encourages development of Metro. Rs 100 crores for metro project of Lucknow.

33) Drinking and toilets in all Girls school.

34) Four more AIIMS in Andhra Pradesh, Vidarbh, West Bengal and Purvanchal proposed.

35) Rs 200 crores allocated to complete the building of a statue of Sardar Patel in Gujarat

36) BBBP (Beti Bachao Beti Padao) scheme for girl child.

37) Govt to print currency notes with braille like signs to help the blind.

38) PPF has a large amount of unclaimed money. FM proposes to set up a commission to look into the utilization of this

39) Incentives for introducing real estate investment trusts proposed.

40 Jaitley proposes a national multiscale programme called Skill India to be introduced to provide training and support for employment.

41) Kissan Vikas Patra to be relaunched.

42) E visas to be introduced in a phased manner in 9 cities in India. Will help in visa on arrival.

43) To sell shares in banks to retail investors.

44) FDI in insurance hiked to 49% from 26%.

45) Fiscal deficit aimed at 3.6% for 2015-16 and 3% for 2016-17.

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