10 July 2014 Current Affairs
Union Budget 2014-15
Union Finance Minster Arun Jaitley presented the Narendra Modi Government’s maiden Budget for the year 2014-15 on 10 July 2014.
Highlights of the Union Budget 2014-15 :-
* The tax bracket has been increased to 2.5 lakh rupees from previous 2 lakh rupees, whereas, for senior citizen it has been raised to 3 lakh rupees from previous 2.5 lakh rupees
* Tax relief for interest on housing loan rose from 1.5 lakh rupees to 2 lakh rupees
* Deduction under 80C increased from 1 lakh rupees to 1.5 lakh rupees
* No change in surcharge
* No change in Direct Tax rates
* Cigarettes to cost more, excise duty hiked to 72 percent from 11 percent
* Personal computers, electronic goods to be cheaper
* Basic customs duty on LED panel below 19 inch removed
* Soaps and oil products to become cheaper
* Excise duty on footwear reduced from 12 percent to 6 percent
* Excise duty concessions to continue till 31 December 2014
* Annual deposit under PPF scheme rose to 1.5 lakh rupees from previous 1 lakh rupees
* 2037 crore rupees for Ganga cleaning
* 4200 crore rupees for Ganga project river connectivity from Allahabad to Haldia
* 15000 KM of additional pipeline through PPP mode to complete Gas Grid
* 37800 crore rupees proposed for NHAI and State Highways
* 3000 crore rupees for roads in North East
* 1000 crore rupees for improving North East connectivity
* 1000 crore rupees for one rank one pension policy adopted by government
* 11635 crore rupees for habour projects
* 10000 crore rupees set aside for startup firms
* 1000 crore rupees proposed for Pradhanmantri Krishi Seechai Yojana to improve irrigation facility
* 30 crore rupees for setting up Hasthkala Academy for revival of handicrafts
* 14389 crore rupees announced for Pradhan Mantri Gram Sadak Yojna, PMGSY
* 1785 crore rupees for road under-bridges & over-bridges
* 4000 crore rupees for National Housing Bank for flow of cheap housing finance
* 3600 crore rupees for National Rural Drinking Water programme
* 100 crore rupees has been allotted for modernization of Madarasas
* 500 crore rupees for power transmission
* 100 crore rupees allotted for Beti bachao-beti padhao yojna
* 150 crore rupees for safety of women scheme
* Minimum pension of 1000 rupees to meet the expenditure to all subscribers of EPFO scheme
* 1000 crore rupees allocated for PM Irrigation Scheme
* 200 crore rupees has been allocated for the Statue of Unity in Gujarat, Sardar Patel stands as a unity of statue
* 8000 crore rupees allocated for rural housing scheme
* 2000 crore rupees allocated for new Water Shed programme
* 3600 crore rupees under national rural drinking water programme
* 50000 crore rupees for SC/ST schemes
* 500 crore rupees allocated for setting AIIMS in Andhra Pradesh, West Bengal, Vidharbha and Purvanchal. Aim is to create an AIIMS in every state
* FDI cap in Defence sector has been raised to 49 percent
* The finance minister in the budget announced steps for sustained growth of 7-8 percent within the next three-four years
* Separate commission will be constituted to decrease government expense
* Aim to make food and fuel subsidy more targeted so that it helps those who need them
* High-level committee will scrutinize all retro taxes
* No change was made in tax rates retrospectively
* PSU 247944 crore capex to create industrial cycle
* 100 new Smart cities to be developed, 7060 crore rupees fund for smart cities
* Tourism: e-visas to be introduced at nine airports in the country in a phased manner
* Modified REITS (Real estate investment trusts) has been announced for infrastructure projects to reduce pressure on banking system
* Kisan Vikas Patra has been pushed further
* New scheme for skill development called Skill India to be launched
* By 2019, every household will have Sanitation
* Shyama Prassad Mukherjee Rozgar mission to be launched
* Gender main-streaming: School curriculum to have a chapter on the issue
* MNREGA will be made more productive by linking it to agriculture related activities
* Women SCGs bank loan scheme to be extended to other districts
* Backward region grant fund for 272 backward districts: BRGF will be restructured
* Under Health for all, free drug and free diagnostic service to be taken
* 12 more government medical colleges to be added
* Open market sale of food grains, wherever required
* National industrial corridor to be set up with Pune at centre
* 10-year Tax holiday for power sector to continue
* War Memorial will be set up at Princess Park, New Delhi
* To augment power supply in rural areas Deen Dayal Upadhaya Gram Jyoti Yojana to be launched
* Composite cap on FDI in insurance proposed to be raised to 49 percent from 26 percent
* 15 Model Rural Health Research centers for rural health issues
* National multiscale Skill India programme to provide training and support for employment
* 15 new Braille presses to be established and 10 existing to be revived