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    BUDGET 2014: highlights

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    July 12, 2014

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    Here are a few highlights of the Budget 2014 presented by the new government. For all those who missed the budget, READ ON. All the major decisions in a nutshell.

     

    1.  Anti-poverty programmes will be targeted well.
    2. Finance Minister emphasizes on fiscal prudence, need to generate more resources.
    3. Banking system needs to be further strengthened. Infusion of Rs. 2.40 lakh crore in our banks.
    4. E-visa to be introduced at 9 airports in the country.
    5. Total sanitation by 2019.
    6. Deen Dayal Upadhaya Gram Jyoti Yojana to be launched to augment power supply in rural areas.
    7. Pension scheme for senior citizens being revived.
    8.  Govt to launch ‘Beti Bachao, Beti Padhao’ scheme; sets aside Rs 100 crore for it.
    9. 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal are under consideration; Rs 500 cr provided.
    10. 5 new IIMs and 5 new IITs proposed to be set up.
    11. Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it.
    12. No change in income tax rate; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh.
    13. Basic custom duty on LCD and LEDs below 19 inch reduced to zero from 10 per cent.
    14.  Banks will be permitted to raise long term funds without regulatory hindrances.
    15.  10-year tax holiday to be extended to companies that start power generation by March 31, 2017.
    16. Basic customs duty on basic flat stainless steel products.
    17.  Excise duty on food processing and packaging machinery for fruits and vegetables reduced to 6 per cent from 10 per cent.
    18. Excise duty on footwear reduced to 6 per cent from 12 per cent.
    19. Specific excise duty on cigarettes raised in the range to 11 to 72 per cent.
    20.  Indian Custom Single Window Project to be taken up for facilitating trade

     

    Views presented in the article are those of the author and not of ED.

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