Budget 2014: Highlights of Finance Minister Arun Jaitley’s Budget speech


360_story_36_635405925350489860Finance Minister Arun Jaitley presents the Narendra Modi government’s first budget. Here are the highlights:

1. Two years of sub-five per cent growth has led to challenges to the economy


2. Green shoots of recovery seen in global economy

3. Slow decision making has resulted in loss of opportunity

4. We look forward lower level of inflation

5. Will usher in policy regime that will usher in higher growth, low inflation

6. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years

7. Will leave no stone unturned to create a vibrant India

8. Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal

9. Anti-poverty programmes will be targeted well.

10. We need to revive growth particularly in manufacturing sector and infrastructure

11. There is urgent need to generate more resources

12. Should we allow economy to suffer because of indecisiveness and populism

13. Task before us is challenging

14: We must continue to be watchful of CAD

 15. Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge

16. Finance Minister emphasizes on fiscal prudence, need to generate more resources.

17. Iraq crisis having impact on oil prices

18. We must address the problem of black money fully

19. We must take bold steps to enhance economic activity

20. Expenditure Management Commission will be constituted to look at expenditure reforms

21. We are for minimum government, maximum governance

22. Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected

23. New urea policy will be formulated

24. We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional

25. This govt will not ordinarily change policies retrospectively which creates a fresh liability

26. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken

27. We are committed to providing stable tax regime which is investor friendly

28. Govt to set up a high-level Committee to interact with industry to bring about changes in tax laws if required

29. FM Proposes to enhance the scope of income tax settlement commission.

30. Govt proposes to strengthen authority for advance ruling in tax, set up more benches

31. Transfer pricing regulations for residents and non-residents being done

32. FDI in Defence sector raised to 49 per cent

33. Finance Minister Arun Jaitley takes 5-minute break; Lok Sabha adjourned for 5 minutes

34. Financial stability is foundation of rapid recovery

35. Our domestic manufacturing is still at nascent stage

36. Manufacturing units will be allowed to sell their products through retail and e-commerce

37. Budget proposes 49 per cent FDI in insurance through FIPB route.

38. Our Banking system needs to be further strengthened. Need to infuse rs 2.40 lakh crore in our banks

39-Bank capital to be raised through retail sale of shares; Govt to continue to hold majority in PSU banks

40. We will examine proposal to give greater autonomy to banks

41. Will examine proposal to give additional autonomy to banks and make them more responsible

42. E-visa to be introduced at 9 airports in the country

43. Govt proposes to set up 100 smart cities. Govt to provide Rs 7,060 crore for development of such cities

44. Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018

45. Budget proposes additional autonomy to banks and make them more responsible

46. We expect PSUs to invest Rs 2,47941 crore this fiscal

47. Infrastructre Investment Trust being set up to finance infra projects and reduce burden on banks

48. Total sanitation by 2019

49. Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility

50. National multi-scale programme ‘Skill India’ to be introduced to provide training and support for employment

51. Rs 200 cr set aside for the Sardar Patel statue project in Gujarat

52. Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas

53. Pension scheme for senior citizens being revived

54. Govt committed to providing 24×7 power supply to all homes

55. Rs 50,548 cr proposed for SC development

56. EPFO will launch a unified account scheme for portability of Provident Fund accounts

57. Govt proposes to set up committee to examine how to utilise large funds lying unused in postal schemes

58. Govt approves minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO

59. Committee will be set up to examine how unused money in postal schemes can be utilised

60. Govt announces schemes for disabled persons; to set up 15 new Braille press and revive 10 existing ones

61. Rs 14,389 crore provided for Pradhan Mantri Gram Sadak Yojana.

62. Govt to launch ‘Beti Bachao, Beti Padhao’ scheme; sets aside Rs 100 crore for it

63. Crisis Management Centres for women to be set up at all government hospitals in NCR region

64. Govt increases wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month

65. Rs 3,600 crore provided for safe drinking water in 20,000 habitations in villages facing problem of impure drinking

66. Budget proposes National Housing Banking programme; sets aside Rs 8,000 crore

67. Rs 2.29 lakh crore allocated for Defence budget.

68. 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided

69.  Each state where there is no AIIMS will be added in the coming years

70. Govt proposes to add 12 more medical government colleges

71. 5 new IIMs and 5 new IITs proposed to be set up

72. ‘Kisan’ TV channel to be launched by DD at cost of Rs 100 crore: Rs 100 crore for Community radio stations proposed

73. FM proposes National Rural Internet and Technology Mission; Rs 500 crore set aside.

74. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it

75. Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research intitutes in

Jharkhand and Assam

76. FM announces Rs 100 crore for modernisation of madrasas

77. Govt sets aside Rs 200 cr for setting up of agriculture university in AP and Rajasthan, and horticulture university in Haryana, Telangana

78. Rs 100 crore provided for providing soil card to every farmer

79. Govt committed to achieve 4 per cent farm growth; to use new technologies to boost crop yields

80. Rs 500 crore price stabilisation fund to be set up

81. Govt proposes to provide finance to 5 lakh landless farmers through NABARD



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