Highlights of the India Budget 2014 – 15

Highlights of the Budget 2014 – 15

Finance Minister Arun Jaitley presented the Union Budget 2014-15 on 10.07.2014

1. Indian Custom Single Window Project to be taken up for facilitating trade. 
2. Clean energy cess increased from Rs 50 / tonne to Rs 100 / tonne. 
3. Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%
4. Government announces reduction in excise duty for specified food package industry from 10% to 6%.
5. Excise duty on footwear reduced from 12% to 6%
6. Basic custom duty on LED panel below 19 inch made nil.
7. Government announces measures to encourage manufacture of LCD/LED panels of TVs. 
8. Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.
9. Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.
10. Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh. 
11. Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum. 
12. No changes in tax rate. 
13. PPF limit to be raised to Rs 1.5 lakh: Jaitley
14. Rs 100 crore for training of sportspersons for upcoming Asian Games.
15. Government announces Rs 150 crore for communication needs of Andaman and Nicobar islands.
16. Government announces Arun Prabha channel for northeastern region; will be 24/7 channel.
17. Rs 1000 crore provided for rail connectivity in northeastern region.
18. Programme for displaced Kashmiri migrants with Rs 500 crore to be started.
19. Rs 100 crore set aside for project to link rivers.
20. Government announces Rs 100 crore for development of Archaeological sites. Gaya to be developed as world class tourism spot.
21. Rs 5000 crore set aside for defence outlay over and above amount provided under interim budget.
22. National Police Memorial to be set up. Rs 50 crore set aside for this purpose.
23. Rs 100 crore set aside for development of Technology Development Fund.
24. Rs 100 crore War Memorial at Princess Park, India Gate. 
25. Policy of One Rank One Pension to be adopted for defence personnel.
26. RBI will create framework for licenses of small banks.
27. Government aims to provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank a/cs in each household.
28. Urgent need to converge current Indian standard with international accounting standards: Jaitley
29. Rs 37, 800 crore allotted for National Highways.
30. Revision of rate of royalty on minerals to be taken up on request from the states.
31. In order to complete gas grid, 15000 km of additional pipeline to be developed through PPP mode.
32. ​New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore.
33. Rs 4200 crore set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia , over 1620 km.
34. Scheme for development of new airports at tier II and III cities through PPP mode.
35. Rs 200 crore set aside for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur. Rs 50 crore set aside for Pashmina Production program in J&K.
36. MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months.
37. 6 more textile clusters to be set up.
38. Industrial Smart Cities to come up at 7 cities.
39. All govt departments and ministries to be integrated through E-platform by 31 December this year.
40. Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues.
41. National Industrial Corridor to be set up. Rs 1000 crore set aside for this.
42. Rs 5000 crore short time rural credit refinance fund for 2014-15.
43. Rs 50 core set aside for indigenous cattle breed and blue revolution for inland fisheries.
44. Propose to provide finance to 5 lakh landless farmers through NABARD.
45. Govt will initiate scheme to provide a soil health card; Rs 100 crore set aside. Rs 56 crore for soil testing labs across the country.
46. Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside by the government.
47. Slum development to be included in Corporate Social Responsibility activities.
48. Govt announces Rs 100 crore for modernization of madrassas.
49. Govt announces development of Metro rails in PPP mode; Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow.
50. Rs 100 crore set aside for Community Radio Centres; 600 new and existing ones will be supported.
51. National Rural Internet and Technology Mission; Rs 500 crore set aside.
52. Govt proposes to set up Center of Excellence in MP named after Lok Nayak Jai Prakash Narayan.
53. 5 more IITs and 5 IIMs to be set up.
54. Propose to set up four more AIIMS; Rs. 500 crore set aside for this. Six new AIIMS started recently have become functional. Four new AIIMS will be set up in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal.
55. Govt proposes National Housing Banking programme; sets aside Rs 8000 crore for this program.
56. Pradhan Mantri Gram Sadak Yojana has a massive impact on rural development; Govt sets aside Rs 14,389 crore for this scheme.
57. Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund.
58. Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this.
59. Safety of women of prime importance.
60. EPFO will launch a unified account scheme for portability of Provident Fund accounts.
61. Schemes for disabled persons in the country. 15 new Brail presses to be established and revival of 10 existing.
62. Rs 50,548 crore proposed for Schedule Caste development.
63. Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply to rural areas.
64. Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel.