Indian Budget (2014-2015) Highlights

Indian Budget, newsloft.in

Indian Finance Minister Arun Jaitley unveils the budget plans, Finance Minister Arun Jaitley said "We shall leave no stone unturned in creating a vibrant and strong India," India's economy has slowed in recent years, growing by 4.7% in 2013-14, the difference between the government's earnings and its expenditure has lead to these concern.Mr Jaitley told parliament that India's economy would grow at a rate of 7-8% within three to four years.

• The government plans to spend 1.13bn dollars to build 100 "smart cities".

• Addition of 5% excise tax will be levied on drinks while tobacco products also have a price hike as tax is increased  by 72%. And there will be reduction of price on specified food packages.

• Excise duty on Footwear was cut down to 6% from 12% previously.

• Under 'Deen Dayal Upadhyay Gram Jyoti Yojna' for electricity supply to rural areas. ​Govt committed to providing 24/7 power supply to all homes.

• Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel near Vadodara and Bharuch in Narmada district in Gujarat, India. This will be the Tallest statue in the whole world after construction. 

• All govt departments and ministries to be integrated through E-platform by 31 December this year. E-visas to be introduced at nine airports in India in phased manner

• Cutting giveaways on Fuel and Petroleum products to reduce subsidy of $40 billion's. This is considered to be one of the key reason for country's down fall.

• Tax exemption limits for Senior tax payers changed from Rs 2.0 to Rs 2.5 lakh, Senior citizens who earn 3 lakh per annum need not pay tax and PPF limit to be raised to Rs 1.5 lakh.

• Rs 100 crore for training sportspersons for upcoming Asian Games. 

• Government announces Rs 150 crore for Tele-communication needs of Andaman and Nicobar islands.

• Rs 1000 crore provided for rail connectivity in north indian region and Rs 37, 800 crore allotted for National Highways.

• Rs 100 crore set aside for project to link rivers.

• Government announces Rs 100 crore for development of Archaeological sites.

• Rs 5000 crore set aside for defence outlay.

• Government aims to provide all households with banking facilities to empower the weaker sections and remove poverty. There should be atleast 2 bank accounts in each household.

• New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore.

• Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia, over 1620 km. Rs 4200 crore set aside

• Rs 100 crore set aside for Kisan Television (Kisan TV) to provide real time information on various farming and agriculture issues. 

• Rs 5000 crore short time rural credit refinance fund for 2014-15.

• Rs 200 cr set aside by the government to setup Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana.

• National Rural Internet and Technology Mission; Rs 500 crore set aside. 

• Propose to set up four more AIIMS; Rs. 500 crore set aside for this. Six new AIIMS started recently have become functional. Four new AIIMS will be set up in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal. 

• Govt announces "Beti Padhao", "Beti Badhao" Yojana sets aside Rs 100 crore. and also safety of women