When Arun Jaitley reads out his annual Union Budget today, it could well be
the constructive road map the NDA government lays out to bring the "Acchhe
din" it has promised the nation.
-
When Arun Jaitley reads out his annual Union Budget today, it could well be
the constructive road map the NDA government lays out to bring the "Acchhe
din" it has promised the nation. The state of the economy of India is
deplorable though it looks quite solid when compared to many other
countries in the world. Jaitley needs to handle taxation issues, social
sector schemes, rationalise its subsidies without affecting the poorest,
and revive growth in the economy. The expectations from the Budget is huge.
Though many of our problems cannot be fixed in a year, this Budget has to
lay out the vision of the government for the nation.
*Here's a Live coverage of the Budget:*
Jaitley finishes his Budget speech, tables the Bill in the Parliament. The
speaker adjourns the House till tomorrow morning. The house will resume its
activities on 11 July 2014.
Rs 7500 crore additional revenue due to changes in indirect taxes
*Service Tax*: Minimal changes. Negative list: Sales of space for
advertisements on online. Newspapers will remain exempted.
Tourism to be boosted for change in service tax
*Indirect Taxes*
*Customs duty*: Reduced basic customs duty for some industries with varying
rates
LCD and LED TV prices below 19 inches to go down
Coal customs duty changed to reduce disputes regarding quality of coal
*Excise duty*: Tweaked to boost domestic production
Concessional 2% benefit to sports clubs
Cigarettes, Pan Masala, Gutka, chewing tobacco: Price to go up by hiking
duty
Additional duty of excise on aerated waters containing added sugar
Reduced duty in footwear, packaged food
*Power: *10 year tax holiday for new generators or distributors
Income out of portfolio: capital gains
Long term foreign borrowing: eligible date from 31.6.2016 to 20.6.2017:
concessional rate of 5% for interest payments. All bonds, not just
infrastructure bonds
Transfer Pricing: Range concept for determination of arms length price.
Provide investment allowance at 15% for 3 yrs to the manufacturing company
which invests more than Rs 25 cr in plant and machinery
*Direct Tax Code*: Govt will review and take a decision. Previous proposal
lapsed with dissolution of Lok Sabha
Non plan expenditure: Rs 1219892 crore
Fertiliser and capital expenditure separate
*Taxation*
Direct tax: retain interim budget targets. Rs 13,64,524 cr tax receipts
Introduce measures to promote manufacturing
Individual: No changes in tax rate
Increase personal exemption increased by Rs 50000.
Senior citizens: moved up to Rs 3 lakh
No change in surcharge rate
Education cess: remain 3%
Savings at 30.1% in 1013. Increase in savings required.
Investment limit under 80C increase to Rs 1.5 lac
Housing loan: Rebate hiked to Rs 2 lac for self occupied houses
Andhra Pradesh-Telengana: Provisions to help both states
60 more Ayakar Sewa Kendras to be set up across the country
Rs 10000 crore extra to build railways in North East over and above Interim
Budget
Displaced Kashmiri migrants: Rs 500 crore for rehabilitation
Himalayan studies: National centre in Uttarakhand with initial outlay at
Uttarakhand
North East: organic farming development: Rs 100 crore
*Sports*
National Sports academies at different parts of the country
Jammu & Kashmir: special sum of Rs 200 crore to upgrade indoor and outdoor
stadiums
Sports University in Manipur: Rs 100 crore
International events to be held in North and North East India
Rs 100 crore for training of sports persons for Asian Games
Young leader's programme: Rs 100 crore
*Rivers*
Serious effort to link rivers. Sets aside Rs 100 crore for a report.
Substantial money spent to clean Ganga. Integrated Ganga Conservative
Mission: Rs 2037 crore for it
Rs 100 crore for Ghat development
*Science and technology*
Turn 5 centres into research instituions. PPP model
2 clusters for research in Kolkata and Pune
*Defense*
Rs 2,29000 crore for defense
1 rank- 1 pension for army
Rs 1000 crore set apart for it
Capital outlay increased by Rs 5000 crore over interim Budget
Police reforms: Rs 3000 crore set asie vs Rs 1800 crore last Budget
*Banking*
Govt in principle agrees to consolidation of PSU banks
Rise of NPA matter of concern
6 new revival tribunals to be set up
Bank will be encouraged to give long term funds & loans to the
infrastructure sector
*Insurance*
Insurance Bill to be brought for consideration in Parliament
Special small saving instrument for girl child education and girl marriage
PPF scheme: Rs 1.5 lakh per annum
*Financial Sector*
Essential to strengthen financial sector
Modern monitory policy to be brought in
Advise regulators for liquid corporate bond market, eliminate unnecessary
restrictions
Allow international settlements of bond settlements
Introduce uniform KYC norms across financial sector
1 operating Demat account to control any instrument
New accounting norms for corporate India: mandatory by 2017
*Energy and transport*
Rs 4200 crore: Inland navigation
Airport:Scheme for airport in Tier 1 and 2 under Airport Authority of
India. Airport to be built under PPP mode
Road:NHAI to get Rs 37000 crore; include Rs 3000 crore for North East
New and renewable energy: Ultra modern solar plant in Tamil Nadu, Rajasthan
and Ladakh
Oil and gas: Use of PNG to be incerased
15000 km of gas pipeline in the country now. Additional 15000 km required.
To be developed udner appropriate PPP model.
Mining: Encourage investment, promote sustainable mining. Current impass
including iron ore to be carried out quickly.
Request for change royalty on minerals. Last revision in August 2009. Now
to revise again
4200 cr set aside for the Jal Marg Vikas project on river Ganga connecting
Allahabad to Haldia,over 1620 km
National Industrial corridor with headquarter in Pune
SME: Bulk of service sector also SMEs. Majority run by SC ST OBC. Financing
is important. Need to examine financial architecture of this sector. Set up
committee to give suggestion in 3 months.
Venture capital in SME: Rs 10,000 crore fund. To attract other investors
Apprentice Act to be suitably amended to strengthen the Apprentice Training
Scheme
All the Govt departments and ministries will be integrated through
E-platform by 31 Dec this year
16 new port porjects this year
*Agriculture sector*
Fertilser- must take care of degradation of soil. Intitial fund of Rs 100
crore for climate change fund.
Farmers bank lending: propose to produce of Rs 5 lakh to Bhumeeheen Kisan
groups through NABARD
Price stabilisation fund
Food, oil subsidies to be more targeted
Indigenous cattle breeding to be supported
Banks: target of Rs 8,00,000 crore to lend to agriculture sector
Short term crop loan: Farmers to get further incentive of 3% for farmers
who pay on time. Was already getting loan at 7%.
Raise RIDF corpus by Rs 5000 crore. Target of Rs 25000 crore set by
Chidambaram
Rs 5000 crore for infrastructure fund in agriculture
Long term rural credit bank to provide support to cooperative banks and
RRBs, by NABARD. Rs 5000 crore allocated.
Producer's development fund to get Rs 200 crore in NAABARD
*Food Sector*
Need to restructure FCI
Govt will undertake open market sales to keep prices under control
Farmers to get information on new techniques. Rs 100 crore set aside
E-based platforms:
FTII Pune, SRFTI Kolkata:special status of national importance
Use of recycled water, solid waste management, sae drinking water: hubs
using PPP model to be set up
Rs 100 crore: Metro project in Lucknow
Propose to set up 5 new IIMs in HP, Punjab, Bihar, Odisha & Maharashtra:
Low cost housing:Rs 4000 crore for National Housing Bank
Slum development to be part of CSR.
Currency notes to have braille
Rs 200 crore for 4 agricultural institutes in 4 states
Rs 100 crore has been allocated for the modernization of Madras as Universal
healthcare:
4 more AIIMS in Andhra Pradesh, West Bengal, Vidharbha,Purvanchal. Rs 500
crore set aside
12 more medical colleges in government hospitals.
Aim to create AIIMS in every state of the country
Rs 3650 crore for safe drinking water
Toilets and drinking water in all girls' school to begin with. More than Rs
26000 crore set aside
Under the 'Pradhanmantri sadak yojna' propose 14,389 cr for development of
roads-Arun Jaitley.
*Budgetory Allocations*
Rs 50548 crore for SC-ST plan
Senior citizens: Additional pension introduced by NDA govt last time.
Unclaimed amount of PPF etc. Mostly out of investments belonging of senior
citizens. Set up a committee to protect senior citizens. report by December
2014.
EPFO to launch unified accounts to transfer PF funds.
Min pension of Rs 1000 per month. Initial fund of Rs 250 crore.
Differently abled persons: Make incluisve opportunities. Centre for sports
for differently abled
Visually challenged: 15 new braille press.
Women's safety: Rs 50 crore to be spent by Roads ministry to increase
safety of women on roads: Pilot project
Beti bachao Beti padhao Yojana: Apathy towards girl child rampant. Rs 100
crore allocation.
NREGA: Rural SHGs extend 4% loans to more rural areas. NREGA to target
more productive work.
National Housing programme: Rs 8000 crore
Banking: Disinvestment to retail investors to collect money. To give
greater autonomy to banks.
PSU capital expenditure: Rs 2, 47,000 crore.
Urbanisation: Need to develop new cities. Provides Rs 7060 crore.
E Visas: To facilitate visa on arrival
Infrastructure Investment Trust to help infrastructure projects.
Kisan Vikas Patra: To have bank and non-bank savings for farmers.
Bulk of farm lands are rain fed. Must improve irrigation. Sets aside Rs
1000 crore for this.
Sanitation: Rural sanitation to reach of every household.
Power: Dindayal Upadhyay Gram Jyoti Yojana launch: Rs 500 crore set aside
Litigation in direct tax: Resident to have possibility of getting advanced
order on tax liability.
FDI: Allow selectively in sectors. India needs a push for job creation. We
are buying substantial portion of defence requirement.
Insurance sector: Increases FDI to 49% from 265 currently.
FDI in defense raised to 49%
Promoted to minimum government and maximum governance.
Govt will form commission to review expenditure.
Urea policy will be reformulated.
GST essential to restructure taxation. I assure all states govt will be
more than fair to all states.
Retrospect taxation: No change to be brought in retrospectively. Govt will
be extremely cautious.
Jaitley says the people below poverty line wants to raise themselves above
it. While higher growth is important, we cannot ignore that the poor suffer
the most.
The government has taken up the challenge in right earnest. The task is
challenging because we need to revive manufacturing and infrastructure
sector. We need to introduce fiscal prudence. We cannot spend to day which
is compensated by tax in future.
Must improve tax-GDP ratio. Although the external sector witnessed turn
around and CAD improved, it was through restriction on non-essential
imports.
Fiscal Deficit: target 4.1% set by Chidambaram is daunting, but accept the
challenge. 3.6% for 2016 and 3% for 2017.
Arun Jaitley start reading out his Budget speech at Lok Sabha. He says
people have voted for a change, they decide to grow unhesitatingly.
Cabinet meet is over; the Budget has been approved by the Cabinet. The
Budget announcements will begin at 11.00 am. The Sensex in the meanwhile
stays absolutely flat at 25444 and Nifty at 7578.
Arun Jaitley enters the Parliament at 10.00 am, and will hold a Cabinet
meeting before announcement of the Budget. The Sensex meanwhile is flat at
25435 points, and will await movement till the announcements start pouring
in. Here are the copies of the Budget at the Parliament.
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