Prime Minister Narendra Modi’s new government presents its inaugural budget today.Union finance minister Arun Jaitley presented the Modi’s government first Union Budget 2014 in Parliament and expectations were high on the Modi’s budget.
The budget is expected to unveil bold reforms in a bid to turn around an economy growing at decade-lows. There are many other expectations, ones Jaitley may or may not be able to deliver on. Like, increasing the basic income tax exemption and Section 80C limit.
Here are some of the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley
* Aim to achieve 7-8 per cent economic growth rate in next 3-4 years.
* We wish to provide an INVESTMENT friendly taxation system: Jaitley
* Pradhan Mantri Gram Sadak Yojana has a massive impact on rural development; Govt sets aside Rs 14,389 crore for this scheme.
* Crisis Management Center for women at Delhi; MONEY to be provided from Nirbhaya fund.
* Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this.
* Rs 50,548 crore proposed for Schedule Caste development.
* Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply to rural areas.
* Rs 200 crore for ‘Statue of Unity’ of Sardar Vallabh Patel.
*Committee to suggest on ways and means to use unclaimed PPF amount, report to be given by Dec 2014
*A national skill program called ‘Skill India’ is proposed to be launched
*Kisan Vikas Patras to be re-introduced, says Jaitley
*Govt to print CURRENCY notes with Braille to help the visually challenged persons
*Rs 50,548 cr for SC development: Jaitley
*MNREGA FUNDS to be linked to asset creation and agriculture
*FDI in Insurance hiked to 49%, insurance sector FDI raised to 49 per cent
*PM has vision of developing 100 smart cities, 7,060 crores for this will be kept aside: Jaitley
*E-visa to promote travel at 9 airports and visa-on-arrival at more airports soon
*Finance Minister to sell shares in PSU banks to retail investors
*Total sanitation in the country by 2019, the 150th birth anniversary of Mahatma Gandhi
*Rs 200 crore for Statue of Unity in Gujarat
*FM aim to achieve 7-8 per cent economic growth rate in next 3-4 years
*Modi govt will not ordinarily change policies retrospectively which creates a fresh liability, says Jaitley
*To set up a committee to assist Central Board of Direct Taxes on gray areas in tax issues
*Goods and Services Tax will streamline tax administration and result in higher tax collection for center and states
*We have no option but to take some bold steps to spurt economy, says Jaitley
*Slow decision making has resulted in loss of opportunity: FM
*Govt to set up expenditure management commission
*Jaitley says 4.1 pc fiscal deficit is a daunting task but he is taking this challenge
*A new urea policy to be formulated
*Country in no mood to suffer unemployment, lack of infrastructure, says Finance Minister Jaitley
*We will leave no stone unturned in creating a vibrant India
*Jaitley emphasizes on fiscal prudence, need to generate more resources
*India cannot live beyond its means, says Jaitley
*Fortunately there are green shoots of recovery in global economy: Jaitley
*Country in no mood to suffer unemployment, lack of infrastructure, says Finance Minister Jaitley
* We will examine proposal to give additional autonomy to banks and make them more responsible: Jaitley
* FDI in insurance to be increased to 49%
* FM announces FDI in defence up from 26 to 49 % with Indian management and control
* Transfer pricing is major area for litigation; proposes changes in transfer pricing regulation: Jaitley
* I propose to strengthen authority for advance ruling in tax: Jaitley
* This govt will not ordinarily change policies retrospectively which creates a fresh liability.
* GST will streamline tax administration and result in higher tax collection for center and states.
* A new urea policy would be formulated.
* Considering that we had two years of low GDP growth, a large subsidy burden, target of 4.1% fiscal burden is daunting: Jaitley
* We must address the problem of black money: Jaitley
* Iraq crisis leading behind an impact. Inflation has remained at elevated level: Jaitley
* We have taken up the challenge in the right ernest; will create a vibrant and strong India: Jaitley.
