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Highlights of the Budget 2014-15:
Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent.
Imported electronics goods to cost more. A cess to be introduced. Sugary carbonated drinks to get costlier. Cigarettes, gutkas, cigars to cost more
CRT TVs exempted from customs duty to help poor
No change in income tax rates; personal income tax exemption limit raised from ₹ 2 lakh to ₹ 2.50 lakh
Propose to increase investment limit under Section 80C from ₹ 1 lakh to ₹ 1.5 lakh
Tax exemption on interest component on housing loan raised to ₹ 2 lakh from ₹ 1.5 lakh
Tax exemption limit for senior citizens changed from ₹ 2.5 lakh to ₹ 3 lakh
Revenue deficit pegged at 2.9 per cent of GDP
Budget proposes Plan expenditure of ₹ 5,75,000 crore for current fiscal.
Annual PPF ceiling to be enhanced to ₹ 1.5 lakh, from ₹ 1 lakh
Airports to be developed in tier 1 and 2 cities, 16 new port projects to be awarded this year
Govt proposes to set up 100 smart cities.
Govt to provide ₹ 7,060 crore for development of such cities:
Budget proposes 49 per cent FDI in insurance through FIPB route
Propose to provide finance to 5 lakh landless farmers through NABARD
₹ 500 crore allocated for stabilizing prices of agricultural commodities
₹ 3600 cr set aside for National Rural Drinking Water: FM
Budget proposes 49 per cent FDI in insurance through FIPB route
Propose to provide finance to 5 lakh landless farmers through NABARD
Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups
₹ 500 crore allocated for stabilizing prices of agricultural commodities
₹ 3600 cr set aside for National Rural Drinking Water: FM
Rural housing: ₹ 8000 crore for national housing banking programme
FM announces development of Metro rails in PPP mode; ₹ 100 cr set aside for metro scheme in Ahmedabad and Lucknow
Each year government will be adding AIIMS to ensure there is an AIIMS in every state: Jaitley
₹ 100 crores to set up virtual classrooms
₹ 500 crores for setting up 5 more IIMs and IITs
₹ 7,060 crore allocated for building new cities
Jaitley announces e-visas to promote tourism
Government is committed to providing 24x7 electricity in all houses
Equity in PSU banks to be raised through share sale to the public
Rural housing: ₹ 8000 crores for national housing banking programme
Women's safety: ₹ 100 crores for Beti Bachcao, Beti Padhao Yojana
Aim to achieve 7-8 per cent economic growth rate in next 3-4 years: FM
Anti-poverty programmes will be targeted well.
Finance Minister emphasizes on fiscal prudence, need to generate more resources
Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge: FM
Defence FDI cap raised to 49% from 26% at present
Promote FDI selectively in sectors. India needs a boost in job creation in the manufacturing sector.
Highlights of the Budget 2014-15 - quick review
CS Swati D Rawat
2014-15 Budget: Duty Cuts on LCD/LEDs, Higher Exemptions, Section 80C Boost, FDI in Insurance & Defense The 2014-15 budget introduced significant changes, including reducing basic customs duty on small LCD and LED screens to zero and increasing costs for imported electronics, sugary drinks, and tobacco products. Income tax rates remained unchanged, but the personal exemption limit increased to 2.50 lakh, with higher exemptions for senior citizens. Investment limits under Section 80C and PPF were raised. The budget emphasized infrastructure development, proposing airports in tier 1 and 2 cities, 100 smart cities, and metro rail projects. It also focused on agriculture, rural housing, education, and women's safety, with plans for increased FDI in insurance and defense sectors. (AI Summary)