HIGHLIGHTS FROM ARUN JAITLEY’S BUDGET SPEECH
- Aim is to lay down broad policy indicator for our future: Finance Minister Arun Jaitley
- It will not be too wise to expect much from the first Budget
- India unhesitatingly desires to grow
- We have the mandate of ‘sab ka saath, sab ka vikaas’; we have taken up the challenge
- We need to revive growth in manufacturing, infrastructure; to raise resources
- Fiscal prudence is important; tax-GDP ratio must be improved; non-tax revenue increased
- Target of 4.1% fiscal deficit is daunting
- We must address fully problem of black money
- We need to take tough decisions, govt will constitute expenditure commission
- Will approve scheme to enable legislation of GST
- GST will streamline tax administration & result in higher tax collection for centre and states
- No option but to take some bold steps to spurt economy, these are only the first steps and are directional
- Committed to provide stable taxation regime, which will be investor friendly
- Will set up commission for tax payers to approach with disputes
- India needs jobs in manufacturing sector
- Manufacturers will be allowed to sell their products without any additional approval
- Policy of the NDA Govt is to promote FDI in select sectors
- FDI in Defence raised to 49% with full control of Indian management
- Banking system needs to be strengthened
- Citizens of India to get direct share-holding in banks
- PSUs will get boost to create investment cycle
- PM has vision of developing 100 smart cities, 7,060 crores for this will be kept aside
- Visas on arrival will be expanded for other countries
- In order to give major boost to tourism, e-visas would be introduced at 9 airports. This facilitates visas on arrival
- Programme called ‘Skill India’ will be launched to train resources
- As large number of people migrate to cities, new cities need to be developed
- Govt intends to bring sanitation to all houses by 2019
- Concentration on giving more electricity to rural areas
- Rs 200 crores set aside to build statue of Sardar Patel
- I propose Rs 50,548 crore for SC development
- Sops announced for senior citizens and the disabled
- Govt to print currency notes with Braille to help the visually challenged
- Propose schemes for disabled persons for a life of dignity and equality in the society
- Crisis management Centre in all districts of National Capital Territory, hospitals
- Govt to focus on concerns of girl child; schools to have chapter on gender main-streaming
- Wage and self-employment in rural areas
- More areas to come in under bank loans to women self-help groups
- 4 more AIIMS in Andhra, West Bengal, Maharashtra and Purvanchal
- 12 more govt medical colleges with dental facilities proposed
- Will make sure there is an AIIMS in every state
- Govt will provide toilets, drinking water in all girls’ schools
- Virtual classrooms to be set up
- Propose to set up 5 new IIMs in HP, Punjab, Bihar, Odisha & Maharashtra
- Pan-India programme to ensure broad-band connectivity to villages
- 600 new community radio centres
- FTII, SRFTI to be given status of national institutes
- Planning of Metro for other cities to begin
- Development of Metro rails in PPP mode, Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow
- Mission to be set up for low-cost affordable housing
- Slum development to be part of CSR
- Rs 100 crores for modernization of madrasas
- Agriculture university to be set up in Telangana and Haryana; Rs 100 crore have been allocated for this purpose
- 2nd Green Revolution with focus on higher productivity
- Propose to establish a national adaptation fund for climate change
- Farmers’ markets in township to enable them to sell their produce directly
- Will initiate scheme to provide a soil health card, Rs 100 crore set aside. Rs 56 crore for soil testing labs across country
- FM proposes to provide finance to 5 lakh landless farmers through NABARD
- Government is committed to reforms in the food sector
- Rs 50 crore has been set aside for indigenous cattle breed and blue revolution for inland fisheries
- Rs 5000 crore to address the need for scientific warehousing
- ‘Kisan Television’ will be launched in the current year
- Rs 100 crore for Kisan Television to provide real time information on various farming and agriculture issues
- Engage the states to take India’s export to a higher level
- All the Govt departments and ministries will be integrated through E-platform by Dec 31 this year
- Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme
- ‘Hasthkala academy’ to be set up for revival of handicrafts, Rs 30 crore set aside for this
- Rs 200 crore for six more textile clusters in Bareily, Lucknow, Surat, Kutch, Bhagalpur and Tamil Nadu
- Rs 50 crore set aside for Pashmina Production program in Jammu and Kashmir
- 16 new port projects to be awarded this year, over Rs 11,000 cr for Tuticorin, Kandla and other ports
- Investment in NHAI and state highways to the tune of Rs 37,887 core including Rs 3000 crore for Northeast
- Scheme for development of new airports
- New airports will be developed through the PPP mode
- Rs 4200 crore set aside for the Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia, over 1620 km
- Additional 15,000 km gas pipeline to be set up in the country
- FM says to introduce amendments to Mining Act
- Rs 100 crore for cleaner thermal power technology
- Government’s intention is to encourage investment in the mining sector; current impasse will be resolved
- Essential to strengthen and modernize regulatory framework in financial sector to meet challenges of increasing complex economy
- Adoption of new Indian accounting standards
- Bank will be encouraged to give long-term funds and loans to the infrastructure sector
- Provide all houses in India with banking facilities, focus on empowering the weaker section
- Benefits of insurance have not reached larger section of people, will address in multi-pronged manner with stakeholders
- Pending Insurance Amendment Bill to be taken up in the Parliament
- No compromise with the Defence of our country
- Allocation for Defence Rs 2,29,000 crore
- Modernization of armed forces, increase capital outlay of defence
- War memorial will be constructed, along with a war museum. Rs 100 crore allocated for this
- National Police Memorial to be allocated 50 crore
- Propose to revitalise small savings scheme
- Time bound programme to provide banking services to all households
- Ceiling for PPF investment raised from Rs 1 lakh to Rs 1.5 lakh
- Rs 100 proposed for development of Technology Development Fund
- Rs 990 crore for development of villages along the border
- Rs 5000 cr will be set aside for defence outlay over and above amount provided under interim budget
- Rs 100 crore will be set aside for a project to link rivers
- NRI fund for conservation of river Ganga to be set up
- Several major space mission are planned for 2014-2015
- Mars orbital spacecraft to be launched by September
- FM proposes to set up Trade Facilitation Centres for Varanasi
- Rs 200 crore set aside for upgradation of indoor, outdoor stadiums in Jammu and Kashmir to international standards, Sports university in Manipur
- Biotech clusters to be set up in Bengaluru and Faridabad to take science and technology to new heights
- Rs 500 crore allocated for rehabilitation of displaced Kashmiri migrants
- North Eastern region has a huge scope of organic farming, to provide 100cr for this purpose
- Rs 1000 crore will be provided for rail connectivity in North-east region
- Young Leaders Programme to be set up with Rs 100 crore
- National Centre for Himalayan Studies will be set up in Uttarakhand
- North East to get a separate TV channel
- FM gives Rs 100 crore for Varanasi-Gaya-Saranath Buddhist circuit
- Provision have been made by various ministries and departments to help in the development of Andhra Pradesh and Telangana
- Delhi to get Rs 200 cr for power reforms and Rs 500 cr for Water reforms to make the capital a world-class city
- FM announces Rs 150 crore for communication needs of Andaman & Nicobar Islands
- Tax measures to be introduced to promote investment in manufacturing sectors
- Minimum tax exemption increased from 2 lakhs to 2.5 lakhs for those under 60
- Tax exemption increased to Rs 3 lakh for senior citizens
- Deduction under 80CC increased from Rs 1 lakh to Rs 1.5 lakh
- No changes in direct taxes
- Tax incentive to all types of bonds instead of just infrastructure bonds
- Rate of tax for long term capital gains from 10% to 15%
- Housing loan rebate has been hiked from 1.5 lakh to 2 lakhs
- Income Tax Dept is expected to function not only as an enforcement dept but also as a facilitator
- Asset fund managers encouraged to set up shop in India, income to be treated as capital gains
- 10-year tax holiday for power generation and transmission companies
- Kakinada port and adjoining area to be developed
- 60 more Ayakar Sewa Kendras to be set up across the country
- Televisions sets to be cheaper, basic custom duties on LCD, LED panels reduced
- Export duty on bauxite enhanced from 10% to 20%
- Excise duty on footwear reduced from 12% to 6%
- Colour picture tubes exempt from customs duty
- Reduction in excise duty for specified food package industry from 10% to 6%
- Excise duty on tobacco products and aerated water products with added sugar increased
- Negative list for service tax has been reviewed
- Loading/unloading and transportation of cotton exempted from service tax
- Indian Custom Single Window Project will be taken up for facilitating trade
- Tax proposals on indirect tax front would yield Rs. 7,525 crore
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