Union Budget 2014: Live updates

By Sunil Fernandes
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    Union Budget 2014: Live updates
    Finance Minister, Arun Jaitley is presenting his maiden Union Budget for fiscal year 2014-15. This would be the first Union Budget under Prime Minister Narendra Modi. Here are live updates.

    1:15 pm: FM concludes his speech.

    1:08 pm: 5% excise duty on aerated drinks containing sugar.

    1:06 pm: Excise duty on cigarettes hiked between 11 to 72%.

    1:05 pm: To cut excise duty on packaging machinery to 6%.

    1:03 pm: Export duty on bauxite hiked to 20% from 10%.

    1:01 pm: Uniform custom duty on all types of coals recommended.

    1:00 pm: Custom duty on methyl alcohol cut to 5%.

    12:55 pm: Custom duty on LCD and LED panels below 19 inches cut.

    12:52 pm: To strengthen tax administration governing transfer pricing in MNCs.

    12:46 pm: Tax benefit on interest on housing loans raised to Rs 2 lakhs.

    12:45 pm: Sec 80C investment limit raised to Rs 1.5 lakhs from Rs 1 lakh.

    12:42 pm: Personal income tax slab raised Rs 2.5 lakhs from Rs 2 lakhs. Senior Citizens tax slab hiked to Rs 3 lakhs.

    12:40 pm: Non plan expenditure of Rs 12.2 crore for FY 2014-15. Total expenditure at Rs 17.9 lakh crore.

    12:37 pm: Jaitley announces a new "Arun Prabha" channel for NE region.

    12:35 pm: Rs 200 crore for upgrading indoor and outdoor stadium in Jammu And Kashmir.

    12:34 pm: NRI fund for Ganga will be set up.

    12:33 pm: Bio-tech clusters in Faridabad and Bangalore to be scaled-up.

    12:30: pm: Rs 100 crore allocated to link rivers: Arun Jaitley. 

    12:25 pm: FM allocates Rs 100 crores to preserve heritage sites.

    12:23 pm: War memorial to be set up along with a war museum; Rs. 100 cr set aside for this. 

    12:22 pm: PPF scheme enhanced to Rs 1.5 lakh per year.

    12:21 pm: Special small saving scheme for education of the Girl Child.

    12:18 pm: Banks to be encouraged to give long term funds for infra projects.

    12:16 pm: FM proposes introduction of uniform KYC norms throughout the financial sector. One demat account for all financial transactions.

    12:12 pm: Revision of rate of royalty on minerals to be taken up on request from the states.

    12:09 pm: Boost to road development. Investment in NHAI of Rs 37,850 crore. Will include Rs 3,000 crore for the North-East.

    12:06 pm: Scheme for development of new airports through Airports Authority of India.

    12:05: pm: A comprehensive policy to be developed for Shipbuilding Industry in this fiscal, says Jaitley.

    12:02 pm: Jaitley - I propose to set up Rs 10,000 crores for start-ups.

    12 noon:  An Export Promotion Mission to be created. Special economic zones to help improve infrastructure.

    11:57 pm: A sum Rs 500 crore for price stabilisation fund. A sum of Rs 50 crore set aside for indigenous cattle breed and blue revolution for inland fisheries

    11:55 pm: Jaitley - I propose to provide finance to 5 lakh landless farmers through NABARD.

    11:50 am: Govt will initiate 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. 

    11:45 am: FM has sought a 5 minute break.

    11:42 am: Finance minister says proposes Rs 4000 crores for affordable housing through National Housing Bank.

    11:37 am: Govt will encourage development of Metro. Rs 100 crores for metro project of Lucknow.

    11:35 am: Drinking and toilets in all Girls school, says Jaitley.

    11:33 am: Four more AIIMS in Andhra Pradesh, Vidarbh and West Bengal.

    11:32 am: Rs 200 crores allocated to complete the building of a statue of Sardar Patel in Gujarat

    11:29 am: BBBP (Beti Bachao Beti Padao) scheme for girl child.

    11:29 am: Govt to print currency notes with braille like signs to help the blind.

    11:28 am: Jaitley - PPF has a large amount of unclaimed money. I propose to set up a commission to look into the utilization of this money.

    11:25: am: Jaitley - will provide necessary incentives for introducing real estate investment trusts

    11:23 am: A national multiscale programme called Skill India to be introduced to provide training and support for employment.

    11:20 am: Kissan Vikas Patra to be relaunched.

    11:19 am: E visas to be introduced in a phased manner in 9 cities in India. Will help in visa on arrival.

    11:17 am: To sell shares in banks to retail investors.

    11:15 am: FDI in insurance hiked to 49% from 26%.

    11:12 am: Jaitley says committed to stable and predictable tax regime. Decided all cases of retrospective tax with a high level committee. The government will not bring about any change that will create more liability.

    11:10 am: Fiscal deficit for 2014-15 retained at 4.1%.

    11:07 am: Fiscal deficit aimed at 3.6% for 2015-16 and 3% for 2016-17.

    11:07 am: FM says we cannot overspend. Cannot leave behind debt for the next generation.

    11:04 am: Finance Minister says bound to usher in policies for higher growth, lower inflation.

    11:03 am: FM begins his speech.

    11: am: Sensex, Nifty rally for the first time today. Both the indices are up half a per cent.

    10:47 am: Among the keenly awaited initiatives is the GST implementation. Let's see if the government sets a deadline for one of the most important legislations.

    10:46 am: Cabinet has approved Union Budget 2014-2015.

    10:45 am: There is speculation that a Price Stablisation Fund maybe in the offing to tame prices. Let's and wait and watch.

    10:42 am: Sensex, Nifty are going nowhere. Sensex down 1 point and Nifty down 8 points currently.

    10:35 am: Fiscal deficit numbers would be closely watched by the markets and economists. Any number beyond 4.5% of GDP, is not likely to go down well.

    10:10 am: Individuals should not expect major sops given the fact that the government's deficit now is Rs 5.3 lakh crore.

    10:05 am: Rupee is trading marginally higher on hopes that there would be FDI liberalisation in a host of sectors.

    9:55 am: Individuals are pinning their hopes on hike in basic tax exemption limit and hike in 80C limit.

    9:40 am: Sensex, Nifty flat ahead of the Budget. The Sensex has lost almost 650 points in two trading sessions ahead of the Budget.

    9:35 am: Some traction is seen in realty stocks on hopes that the interest exemption on housing loans would be raised.

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