2014. The Lok Sabha has passed the Finance (No. 2) Bill, 2014 (Finance Bill) on 28th July with a few amendments, which are summarised below.
The following are the Union Budget 2014-15
highlights
For individuals
3. Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.
3. Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh
4. Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.
5. Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched
6. Long term capial gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years
7. Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to Rs 15,000
8. Minimum pension increased to Rs 1,000 per month
9. LCD, LED TV become cheaper
10. Cigarettes, pan masala, tobacco, aerated drinks become costlier
Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh
New projects
1. 5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan
2. 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.
3. 4 more AIIMS like institutions to come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in Uttar Pradesh
4. Govt proposes to launch 'Digital India’ programme to ensure broad band connectivity at village level
5. Kisan TV for farmers, Arun Prabha TV for northeast.
6. National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed
7. Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology
8. A project on the river Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and Haldia; Rs 4,200 crore set aside for the purpose.
9. EPFO to launch the “Uniform Account Number” Service for contributing members.
10. New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores.
11. Beti Bachao, Beti Padhao Yojana to generate awareness and help in improving the efficiency of delivery of welfare services meant for women.
12. Free Drug Service and Free Diagnosis Service to achieve “ Health For All”
13. Two National Institutes of Ageing to be set up at AIIMS, New Delhi and Madras Medical College, Chennai.
Economic initiatives
1. Composite cap of foreign investment to be raised to 49 per cent in Defence and Insurance sectors.
2. Requirement of the built up area and capital conditions for FDI reduced to 20,000 square metres and USD 5 million respectively for development of smart cities.
3. Manufacturing can sell its products through retail including Ecommerce platforms.
4. Requirement to infuse Rs.2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms PSUs will invest through capital investment a total sum of Rs. 2,47,941 crores.
5. Rs 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.
6. Govt in favour of consolidation of PSU banks
7. Govt considering giving greater autonomy to PSU banks while making them accountable
8. The numbers
9. Government expects Rs 9.77 lakh crore revenue crore from taxes
10. Plan expenditure pegged at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore.
11. Fiscal deficit target retained at 4.1 pc of GDP for current fiscal and 3.6 pc in FY 16
12. Disinvestment target fixed at Rs 58,425 crore
13. Gross borrowings pegged at Rs 6 lakh crore
14. Contours of GST to be finalised this fiscal; Govt to look into DTC proposal.
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