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