Union Budget 2014 :
Highlights of Finance Minister Arun Jaitley’s speech
India's economy is stuttering under high inflation and the worst slowdown since free-market reforms in the early 1990s, and the budget is the first major test of Mr Modi's reformist credentials since he swept to power in May with a pledge to boost growth and create millions of new jobs.
Here are the highlights of Budget 2014:
- Slowdown in India broadly reflects the trend in many economies. Fortunately, there are green shoots of recovery seen in the global economy
- People have decided for a change
- Those below poverty lines anxious to free themselves
- Look forward to lower levels of inflation
- Country in no mood to suffer unemployment, lack of infrastructure
- Broad policy indicator of the direction we want to take
- Poor who suffer the most
- We have to ensure anti-poverty programmes are well targeted
- Mandate of sab ka saath, sab ka vikaas will be followed
- Will leave no stone unturned in creating a vibrant India
- Need to revive growth in manufacturing and infrastructure sector
- Can't spend beyond our means, need fiscal prudence
- Conscious choice has to be made by all of us...should we allow our future to suffer because if our indecisiveness
- Need to revive growth in manufacturing and infrastructure
- The task is simple if we accept we cannot spend beyond our means
- We need to introduce fiscal prudence
- We have large subsidy burden
- Target of 4.1% fiscal deficit is daunting
- I have accepted this target as challenge
- Tax-to-GDP ratio must be raised
- Will streamline taxation and avoid harassment. This government will not bring any restrospective amendments
- Banking Sector needs to be strengthened
- There is urgent need to generate more resources
- We need to revive growth particularly in manufacturing sector and infrastructure
- Anti-poverty programmes will be targeted well.
- We wish to achieve 7 to 8 per cent growth in next 3-4 years
- Will leave no stone unturned to create a vibrant India
- Will usher in policy regime that will usher in higher growth, low inflation
- Slow decision making has resulted in loss of opportunity
- Pradhan Mantri Krishi Sichai Yojana - 1000 crores set aside
- Swach Bharat Abhiyaan - sanitation is of prime importance
- Van Bandhu Kalyan Yojana launched with initial allocation of 100 crores for welfare of tribals
- Rs. 500 crore for Deen Dayal Upadhyay rural electrification programme.
- Sardar Patel statue work will be completed in Gujarat
- Outlay of Rs. 50 crores for a pilot scheme on road safety
- Another 150 crores to be spent by MHA on safety on women in larger cities
'Beti Bachao, Beti Padhao Yojana' - 100 crores - 8000 crores for national housing banking programme - for rural housing
- All 6 additional AIIMS have become operational
- Plan to set up 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharbha and Purvanchal. Rs. 500 crore allocated
- Pandit Madan Mohan Malviya New Teacher's Training Programme launched. 5 more IITs and IIMs to be set up - Rs. 500 crores allocated
- FTII Pune, SRFTI Kolkata will be accorded the status of institute of national importance
- 100 Crores for modernising Madrasas
Agriculture:
- Urgent need for investment in agro-technology and development.
- 100-crore Agri-Infrastructure fund
- Horticulture University in Telangana and Haryana
- 50-crores for indigenous cattle breeding. 8 lakh crores set aside for Agriculture credit
- Allocation of 5000 crores to address the need to scientific warehousing
- Long-term rural credit fund to be set up in NABARD with initial support of 5000 crores
- Kisan TV will be launched in the current year
- The government is committed to provide housing for all by 2022, said Finance Minister Arun Jaitley Thursday
- All the Government departments and ministries will be integrated through E-platform by 31 December this year
- MSME sector - 10,000 crore rupee fund by way of attracting further private equity
- Entrepreneurship friendly bankruptcy laws to facilitate easy exit
- 200 crores for new textile centres in Bareily, Kutch, Surat, Mysore and Bhagalpur
- Hastkala Academy in Delhi - 30 crores set aside for that
- Pashmina production centre in Jammu and Kashmir
- 16 new port projects to be awarded this year
- Over 11 thousand crores for Tuticorin, Kandla and other ports
- Schemes for development of airports in tier 1 and 2 cities via AAI and PPP
- Investment in NHAI and state highways to the tune of 37,887 cores - including 3000 crore for North east
- Allahabad-to-Haldia Ganga waterway project announced
- Proposals to boost investment in mining sector
- Proposals for Capital Markets - Introduction of uniform KYC norms
- One single operating DMAT account
- Modern monetary policy framework; liberalize ADR, GDR regime
- Revamp Indian Depository Reciepts
- Time bound programme to provide banking services to all households
- Two bank accounts in each household to be opened which would also be eligible for credit
- Pending Insurance Law Amendment Bill to be taken up for consideration
- 2,29,000 crores allocated for Defence; One-Rank-One-Pay Adopted
- War Memorial to be constructed at Princess' Park and supplemented by a War Museum - 100 crores allocated
- Wage ceiling for EPFO schemes increased to Rs. 15,000 from existing Rs. 6,500 per month.
- Construction of a national police memorial
- Rs. 100 crore for development of Technology Development Fund
- Additional 5000 crore will be set aside for defence outlay over and above amount provided under interim budge
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