Union budget 2014 highlights

Union Budget 2014: by Arun Jaitley in Parliament of India Live, Highlights. Finance Minister of the Narendra Modi government Arun Jaitley is all set to present his first budget today.

Latest reports coming in suggest that Jaitley is on his way to Parliament where he will reveal his budget plans for the nation.

• Lok Sabha commences at 11:00 am
• Arun Jailtely begins the Budget presentation
• Decivise verdict was given by the voters
• Peopl are anxious to overcome poverty

Slow decision making has resulted in loss of oppertunity looking forward to low the inflation aim is to see into unemployement et al

Indian economy needs to manuver to overcome many setbacks Budget is most comprehensive document towards progression aim is to grow by 7-8%.

Large population is BPL and anti-poverty programs given the most priority

• My aim is to lay down a broad policy indicator: Arun Jaitley
• Look forward to lower rates of inflation
• Election verdict represents change of status quo
• See green shoots of recovery in global economy
• Voters are aspirational; want to be a part of new middle class
• Nation is in no mood to suffer job losses, apathetic govt
• Continuing slowdown has posed threat to global recovery
• Two years of sub-5% growth has resulted in challenges
• Budget aims at 7-8% GDP growth in 3-4 years
• Budget aims to lay down broad policy indications
• Prevailing economic situations present great challenges
• Anti-poverty programmes should be well targetted
• FM: tax-to-GDP ratio must be raised
• Fiscal deficit target 3.6%, monsoon unpredictable, inflation at high levels.
• Govt has taken up challenge at right earnest: FM
• Tax/GDP ratio should be raised Tax collections to be improved
• Urgent need to generate more resources for economy
• Need fiscal prudence; is of paramount importance
• Anti-poverty programmes should be well targetted
• Need to revive growth in manufacturing, infra sector
• We should be watchful of Current Account Deficit
• Target of 4.1% Fiscal Deficit is daunting
• We wish to provide an investment friendly taxation system: Arun Jaitley
• FM: There is gradual moderation in WPI recently; but we are still not out of the woods
• The government will not bring about any change that will creat more liability: Jaitley on tax administration
• This govt will not bring any retrospective change in tax administration:
• Will streamline taxation and avoid harassment. This government will not bring any restrospective amendments.
• Black money a serious curse on the economy: Jaitley
• Aim to achieve 7-8 per cent economic growth rate in next 3-4 years: FM Follow live updates
• I propose to strengthen authority for advance ruling in tax
• Enable resident tax payers to avail advance rulings: Arun
• FY 16 fiscal deficit target @ 3,6%
• Target of 4.1% Fisc Deficit is daunting
• Taking bold steps to enhance economy, boost growth
• We have to underatake bold steps to spur growth of our economy
• Aiming at minimum govt maximum governance
• We shall leave no stone unturned in creating a vibrant India, says Arun Jaitley
• Aiming Fiscal Deficit of 3% in FY17
• Constituting Expenditure Mgmt Commission
• We look forward lower level of inflation
• Improving targetting fuel, LPG subsidies
• Constituting Expenditure Management Commission
• Will launch New Urea Policy
• FDI in defence raised to 49%. Insurance FDI also hiked.
• FDI in defence and insurance increased to 49%
• Arun Jaitley: We are targetting 7-8% growth rate. Lack of rain a worry
• High level comittee set up to study tax issues. Policy to introduce FDI in select sectors : Arun Jaitely in his budget speech
• Subsidy, petro-economics and fertilizer subsidy will be re-looked
• India is the largest buyer of defence equipment
• FM proposes changes in transfer pricing rules
• Transfer pricing is major area for litigation; proposes changes in transfer pricing regulation
• India needs boost in manufacturing sector
• Need to revive growth in manufacturing: Arun Jaitley
• Will usher in policy regime that will usher in higher growth, low inflation
• FM: Need over Rs 2 lakh crore to fund PSU banks 11:18 AM
• Fiscal deficit target for 2015-2016 set at 3.6%
• To approve Goods & Services Tax by end of year
• Transfer Pricing Rules to be changed to improve confidence. India needs boost for jobs creation
• Aiming Fiscal Deficit of 3% in FY17, says FM
• Committed to provide stable, predictable tax regime
• Aim to achieve 7-8 per cent economic growth rate in next 3-4 years
• FM: Aim to achieve 7-8 per cent economic growth rate in next 3-4 years
• Streamlining tax administration, avoid harassment of businessmen
• FDI in housing: Low cost housings to be encouraged.
• Govt to examine proposal to give additional autonomy to banks and make them more responsible
• Further sales of shares in PSU banks to help in recapitalisation. Visas being eased.
• There is urgent need to generate more resources: FM Arun Jaitley
• E-visas will be introduced in a phased manner at 9 airports in India: Arun Jaitley says in his maiden budget speech
• I propose 7060 crores for the development of 100 smart cities: A Jaitley
• As large number of people migrate to cities, unless new cities are developed the present would become unliveable
• Rs 760 crore to develop smart cities:
• Financial stability is the foundation of our recovery: Jaitley
• Indian citizen will hold shares in public sector banks directly rather than indirectly at present
• Should we allow economy to suffer because of indecisiveness and populism: Jaitley
• Aiming at total sanitation for all households by 2019
• To allocate Rs 1000 cr for improving irrigation tracts
• Government to approve GST by the end of the year
• India needs boost for jobs creation
• Hoping foreign companies will appreciate move on Retro Tax
• Aim for 7-8% GDP growth in 3-4 years
• Skill India initiative to make youth employable and create more entrpreneurs: FM
• FM: Rs 50,548 cr proposed for SC development
• Govt committed to providing 24/7 power supply to all homes
• I propose "Deen Dayal Upadhyay Gram Jyoti Yojna" for electricity supply to rural areas: Arun Jaitley
• Kisan Vikas Patras to make a return. Good news for small savings!
• Rs 200 cr set aside to support Gujarat govt in the Sardar Patel statue installtion
• "Pradhan mantri krishi sichayin yojana" to be started for irrigation
• Jaitley announces Real Estate Investment Trusts(REITs) & Infrastructure Investment trusts with tax-friendly structure. Big push.
• A national multiscale programme called Skill India to be introduced to provide training and support for employment
• We will introduce currency notes with Braille dots: Jaitley
• Special committee for women safety, to be funded by Nirbhaya Yojna: Arun Jaitley
• FM announces schemes for disabled persons in the country
• Budget 2014: 15 new Brail presses to be established and revival of 10 existing announced by FM-PIB
• FM: EPFO will launch a unified account scheme for portability of Provident Fund accounts-PIB
• We will overhaul subsidy regime: FM
• A large number of money lying unused in postal schemes etc. Propose to set up a committee to examine how this can be utilised-PIB
• To provide Rs 500 cr to boost rural power infrastructure
• Unclaimed PPF funds to be reorganised for senior citizens.
• Rs 150 crore to be spent on safety of women in all cities.
• Rs. 3,600 cr. under NRDWP to provide safe drinking water to 20,000+ households in the next 3 yrs.
• JOKE to break boredom: Rs.100 Cr set aside towards Coffee for all parliamentarians who fall asleep in the Parliament..!
• I propose schemes for disabled persons for a life of dignity and equality in the society: Arun Jaitley
• PMGSY has a massive impact on rural development; sets aside Rs. 14,389 cr for this
• FM proposes National Housing Banking programme; sets aside Rs. 8000 cr for this programme
• To allocate Rs 100 cr to end gender discrimination
• To set up Anti-crisis centers in all NCR districts
• Savings in Kisan Vikas Patra to be introduced. Rs 14389 crore for village roads
• FM laments apathy towards girl child; announces Beti padhao, beti badhao yojana; sets aside Rs. 100 cr
• I propose to set up 4 more AIIMS in AP,WB,Vidarbha & Purvanchal; Rs500cr set aside for this: FM
• FTII, SRFTI to be given status of national institutes: Jaitley
• Iraq crisis having impact on oil prices: FM
• Jaitley: Will build new drug testing laboratories across the country to police drug safety
• Rs 100 cr set aside for Community Radio Centres; 600 new and existing ones will be supported
• Bonds rally after Arun Jaitley sticks to fiscal deficit target in Budget
• National Rural Internet and Technology Mission; Rs. 500 crores set aside
• To provide toilets, clean water in all Girls' School
• Sensex tanks 250 points
• 15 Model Rural Health Research centers to be set up for rural health issues
• 12 more Govt Medical colleges with dental facilities
• The four new AIIMS will be in AP, West Bengal, Vidarbha and Purvanchal
• 'Manufacturing unit can sell product without additional approval'
• Skill development programme for youth proposed, says Arun Jaitley
• Mission for low cost housing proposed to incentivise development of low cost housing; Rs. 400 cr announced
• To spend 28635 cr for Sarva Siksha Abhyaan
• Urban renewal will address drinking water, use of recycled water,solid waste management, digital connectivity; 500 habitats supported
• Jaitley: We are for minimum government, maximum governance
• All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken
• Slum development to be included in Corporate Social Responsibility activities
• FM announces Rs. 100 cr for modernisation of madrasas
• Market update: Sensex cracks 300 pts; Nifty trades below 7600
• FM announces development of Metro rails in PPP mode; Rs. 100 cr set aside for metro scheme in Ahmedabad and Lucknow
• Will launch broadband connectivity at village level, says Arun Jaitley
• Additional Rs. 5000 cr set aside for RIDF
• Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries-
• Propose to provide finance to 5 lakh landless farmers through NABARD
• National Adaption Fund for climate change to be set up
• Govt will initiate scheme to provide a soil health card; Rs. 100 cr set aside. Rs. 56 cr for soil testing labs across the country
• Rs 4,000cr for affordable housing: FM
• Transfer pricing regulations for residents and non-residents being done
• So far disappointed by Budget: S A Aiyar
• Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside
• Proposes 50000 cr for urban infra projects. Proposes Metro projects in cities with 20 lk people
• Growth, jobs among Narendra Modi government's first targets
• Budget 2014: Allocates funds for setting up 2000 producers' organisations across the country
• Committed to introduce 2nd Green Revolution; Protein revolution Proposes Rs 500 cr farm price stabilisation fund
• Rs. 5000 cr short time rural credit refinance fund for 2014-15
• State Govts to be encouraged to develop farming markets
• Rs. 100 cr set aside for Kisan Television to provide real time information on various farming and agriculture issues
• efence stocks plunge upto 10% despite Arun Jaitley raising FDI limit to 49%
• Defence stocks plunge upto 10% despite Arun Jaitley raising FDI limit to 49%
• Allocates Rs. 200 cr for setting up 2000 producers' organisations across the country
• Proposes 5000 cr fund for fresh warehousing capacity
• To set-up 10,000 crore startup fund for new businesses
• Total sanitation for every household by 2019, says Arun Jaitley
• Announces new airports to be developed through PPP mode
• Announces development of Hastkala Academy in PPP mode
• Rs 50 crore set aside for Pashmina Production program in J&K.
• Govt to provide finance to 5 lakh landless farmers'
• There is need to develop more sophisticated models with quick redressal mechanism in PPP contracts
• India has emerged as the largest PPP market in the world.
• Announces Rs. 200 cr for 6 more textile clusters in Rae Bareily, Lucknow,Surat, Bhagalpur
• Rural Fund corpus raised to 30,000 cr in FY15
• Definition of MSME to be revised for high capital ceiling
• Backward Regions Grant Fund to be restructured
• fiscal deficit will stay at 4.1 per cent
• MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months
• PSU banks to raise Rs 2.40 lakh crore capital by 2018
• Proposes 8 lakh cr as farm loan target for FY15. Extended 3% subvention for farmers till FY15
• Arun Jaitley announces new schemes for differently abled
• Effective steps to be taken to revive SEZs
• All govt departments and ministries to be integrated through E-platform by 31 Dec this year
• Proposes 5000 cr fund for fresh warehousing capacity
• Unused money lying in postal schemes to be utilised
• Revamp IDR rules; to introduce Bharat Depository Receipts
• Will launch broadband connectivity for pan-India: Arun Jaitley
• To deepen the currency derivatives market To liberalise ADR, GDR regime to allow permissible securities
• Urgent need to converge current Indian standard with international accounting standards.
• To strengthen rules governing Financial Sector. Essential to have modern monetary policy. Will consult RBI
• Proposes number of measures to energise Indian capital market
• Essential to strengthen and modernize regulatory framework in financial sector to meet challenges of increasing complex economy
• Allocating 37850 cr for Road Building Plan via NHAI. To initiate work on selective highways along with corridors.
• To announce new Ship Building Policy this fiscal.
• To award 16 new Port projects. Allocating 11,635 cr to develop existing ports & harbours.
• Revision of rate of royalty on minerals to be taken up on request from the States
• In order to complete gas grid, 15000 km of additional pipeline to be developed through PPP mode
• New & renewable energy deserves high priority;ultra modern power projects to be taken up in Rajasthan,Tamil Nadu, Ladakh with Rs 500 cr
• Existing impasse of coal sector will be resolved
• Rs. 4200 cr set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia,over 1620 km
• To set up Trade Facilitation Centres for Varanasi
• Sensex slips over 300 points as Arun Jaitley presents Budget 2014
• To set-up 10,000 crore startup fund for new businesses
• To change tax laws governing FIIs, whose managers based abroad. Proposes extending 5% withholding tax to all bonds
• Govt will work out measures for revival of other stressed assets
• RBI will create framework for licenses of small banks
• Benefits of insurance have not reached larger section of people; govt will addres this in multi-pronged manner with stakeholders
• To provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank a/cs in each household
• Unused money lying in postal schemes to be utilised
• Revamp IDR rules; to introduce Bharat Depository Receipts
• To Introduce one single demat a/c to boost simplicity To introduce new Indian Accounting Standards from FY16
• Rs 200 cr set aside for upgradation of indoor and outdoor stadium in J&K to international standards.
• Multiple financial market reforms proposed
• Sports University to be set up in Manipur; Rs. 100 cr provided in current financial year
• Govt will set up national sports academy for different sports in different parts of India
• Biotech clusters to be set up in Bangaluru and Faridabad to take science and technology to new heights
• Rs 200 crore allocated to set up six textiles clusters
• Kisan TV to provide real time information on agriculture
• NRI fund for conservation of river Ganga to be set up
• To create 5 tourist circuits with 500 cr corpus
• Time that we make serious efforts to link rivers; Rs 100 cr set aside for project to link rivers.
• World Class Convention facility to be developed through PPP mode
• FM announces "Namami Ganga", an integrated Ganga Development Project; Rs. 2037 cr set aside for this
• FM announces Rs 100 cr for development of Archaeological sites. Gaya to be developed as world class tourism spot
• Propose to set aside Rs 50 cr for construction of National Police Memorial
• All govt depts, ministries to be integrated through E-platform by 31 Dec 2014
• Rs. 5000 cr set aside for defence outlay over and above amount provided under interim budget
• War memorial to be set up along with a war museum; Rs. 100 cr set aside for this
• Rs 100 cr set aside for development of Technology Development Fund
• PPF savings limited enhanced from 1 lakh to 1.5 lakh
• Govt will allocate Rs 500cr for rural power plan
• Rs 500 crore allocated for solar power projects
• India should allow 100 per cent FDI in disability sector
• Banks to be allowed to raise longer-term funds for infra. Longer-term infra funds to have min rules.
• To Introduce one single demat a/c to boost simplicity To introduce new Indian Accounting Standards from FY16
• To change tax laws governing FIIs, whose managers based abroad. Proposes extending 5% withholding tax to all bonds
• Provide investment allowance at 15% for 3 yrs to manufacturing company which invest more than Rs 25 cr in plant and machinery
• Arun Jaitley retains fiscal deficit target at 4.1%, outlines roadmap
• Propose to increase investment limit under Section 80C from Rs. 1 lakh to Rs. 1.5 lakhs
• PPF savings limit enhanced from Rs 1.1 lakh to Rs 1.5 lakh
• Revenue Deficit seen at 2.9% for FY15
• Raises 80C investment cap to Rs 1.5 lakh. Hikes housing interest rate deduction limit to Rs 2 Lakhs
• No change in tax rates. Income tax expemption hiked by Rs 50000 to 2.5 lakhs.
• Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs
• Gross Tax reciepts seen at 13.64 lakh crores
• Tax exemption limit for senior citizens changed from Rs. 2.5 lakh to Rs. 3.0 lakhs
• Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs
• 2012 retroactive tax amendment stays; Vodafone disappointed
• Planned Expenditure seen at Rs 5.75 lakh crores
• Had to encounter challenge of extremely limited fiscal space in deciding tax policy, says FM
• Non-Planned Expenditure seen at Rs 12.189 lakh crores
• FM retains tax rebate on dividend by foreign companies
• Government to allot Rs 2037 crore to clean up Ganga; set up NRI fund to boost cleaning
• FIIs' portfolio income to be treated as Capital Gains
• 60 more Ayakar Sewa Kendras to be set up in the country
• Insurance stocks trade mixed after FDI cap hike announcement
• Arun Jaitley vows to woo FIIs; five takeaways for markets
• Cheaper Now: TV sets, Solar power units, computers, oil products, soaps
• FM Arun Jaitley proposes 16 new port projects
• Hikes customs duty on flat steel products to 7.5% from 5%
• To cut basic customs duty on some petrochemical units. Exempting picture tubes from basic customs duty
• Rs 1,000 crore for 'one rank, one pension' scheme: FM
• Investment cap under Section 80 C raised to Rs 1.5 lakh
• Net loss on direct tax proposals seen at 22,200 cr in FY15
• Announces increased excise duty on tobacco products, and aerated water products with added sugar
• Rs 3000 cr allocated for state police modernization: FM
• Announces reduction in excise duty for specified food package industry from 10% to 6%.
• Export duty on bauxite enhanced from 10% to 20%
• Rs 500 crore allocated for setting up five tourist circuits
• Raises customs duties on some diamond grades to 2.5%
• Agriculture sector gets a new lease of life
• Cigarettes, pan masalas to be Costlier: FM
• Govt promises to end impasse on coal supplies to power plants
• Clean Energy cess increased from Rs. 50/ tonne to Rs 100/tonne
• Tax proposals on indirect tax front would yield Rs. 7,525 cr
• To increase excise duty on cigarettes between 11% - 72%
• Print media to continue to be exempted from Service Tax
• Sensex up 200 points after shedding 300
• Service Tax proposed on radio taxis
• To extend Service tax on advtg in Mobile phone media space
• Ups excise duty on gutka to 70% from 60%
• TV, computer, fridge to be cheaper: FM
• Igarettes to become expensive, footwear gets cheaper
• Rs 1,000 crore proposed for railways in North East
• Welfare programme for Kashmiri migrants
• FM: 15000 km of pipeline to be developed through PPP
• Market update: Sensex gains over 300 points after shedding 300
• This is a revival budget which will help the common man, it's for the common man-Anath Kumar
• Well, at last we get what this country needs. This budget will cater to all the classes of society-Murli Manohar Joshi
• Sets FY15 divestment target at Rs 43,425 cr
• Nilesh Shah: Budget scores on tourism, river linking. Focus areas are good
• Nilesh Shah: It is positive and constructive for the economy as a whole
• There is nothing for the social sector, they have copied most of our schemes, says Sonia Gandhi
• No bitter medicine as earlier talked about, instead sugar coated pills in the Budget -SA Aiyar
• People friendly Budget, says Rajnath Singh
• Budget 2014: Sets FY15 net market borrowing at Rs 4.61 lk cr
• Sets FY15 net market borrowing at Rs 4.61 lk cr