Budget 2014-15 highlights

New Delhi: New Delhi: Outlining the roadmap for fiscal consolidation on Wednesday, Finance Minister Arun Jaitley said the government will retain the fiscal deficit target for 2014-15 at 4.1 per cent of GDP and reduce it further to 3 per cent by 2016-17.

Here are highlights from Arun Jaitley's Budget 2014-15:

• Aim is to lay down broad policy indicator for our future: Finance Minister Arun Jaitley
• It will not be too wise to expect much from the first Budget
• India unhesitatingly desires to grow
• We have the mandate of 'sab ka saath, sab ka vikaas'; we have taken up the challenge
• We need to revive growth in manufacturing, infrastructure; to raise resources
• Fiscal prudence is important; tax-GDP ratio must be improved; non-tax revenue increased
• Target of 4.1% fiscal deficit is daunting
• We must address fully problem of black money
• We need to take tough decisions, govt will constitute expenditure commission
• Will approve scheme to enable legislation of GST
• GST will streamline tax administration & result in higher tax collection for centre and states
• No option but to take some bold steps to spurt economy, these are only the first steps and are directional
• Committed to provide stable taxation regime, which will be investor friendly
• Will set up commission for tax payers to approach with disputes
• India needs jobs in manufacturing sector
• Manufacturers will be allowed to sell their products without any additional approval
• Policy of the NDA Govt is to promote FDI in select sectors
• FDI in Defence raised to 49% with full control of Indian management
• Banking system needs to be strengthened
• Citizens of India to get direct share-holding in banks
• PSUs will get boost to create investment cycle
• PM has vision of developing 100 smart cities, 7,060 crores for this will be kept aside
• Visas on arrival will be expanded for other countries
• In order to give major boost to tourism, e-visas would be introduced at 9 airports. This facilitates visas on arrival
• Programme called 'Skill India' will be launched to train resources
• As large number of people migrate to cities, new cities need to be developed
• Govt intends to bring sanitation to all houses by 2019
• Concentration on giving more electricity to rural areas
• Rs 200 crores set aside to build statue of Sardar Patel
• I propose Rs 50,548 crore for SC development
• Sops announced for senior citizens and the disabled
• Govt to print currency notes with Braille to help the visually challenged
• Propose schemes for disabled persons for a life of dignity and equality in the society
• Crisis management Centre in all districts of National Capital Territory, hospitals
• Govt to focus on concerns of girl child; schools to have chapter on gender main-streaming
• Wage and self-employment in rural areas
• More areas to come in under bank loans to women self-help groups
• 4 more AIIMS in Andhra, West Bengal, Maharashtra and Purvanchal
• 12 more govt medical colleges with dental facilities proposed
• Will make sure there is an AIIMS in every state
• Govt will provide toilets, drinking water in all girls' schools
• Virtual classrooms to be set up
• Propose to set up 5 new IIMs in HP, Punjab, Bihar, Odisha & Maharashtra
• Pan-India programme to ensure broad-band connectivity to villages
• 600 new community radio centres
• FTII, SRFTI to be given status of national institutes
• Planning of Metro for other cities to begin
• Development of Metro rails in PPP mode, Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow
• Mission to be set up for low-cost affordable housing
• Slum development to be part of CSR
• Rs 100 crores for modernization of madrasas
• Agriculture university to be set up in Telangana and Haryana; Rs 100 crore have been allocated for this purpose
• 2nd Green Revolution with focus on higher productivity
• Propose to establish a national adaptation fund for climate change
• Farmers' markets in township to enable them to sell their produce directly
• Will initiate scheme to provide a soil health card, Rs 100 crore set aside. Rs 56 crore for soil testing labs across country
• FM proposes to provide finance to 5 lakh landless farmers through NABARD
• Government is committed to reforms in the food sector
• Rs 50 crore has been set aside for indigenous cattle breed and blue revolution for inland fisheries
• Rs 5000 crore to address the need for scientific warehousing
• 'Kisan Television' will be launched in the current year
• Rs 100 crore for Kisan Television to provide real time information on various farming and agriculture issues
• Engage the states to take India's export to a higher level
• All the Govt departments and ministries will be integrated through E-platform by Dec 31 this year
• Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme
• 'Hasthkala academy' to be set up for revival of handicrafts, Rs 30 crore set aside for this
• Rs 200 crore for six more textile clusters in Bareily, Lucknow, Surat, Kutch, Bhagalpur and Tamil Nadu
• Rs 50 crore set aside for Pashmina Production program in Jammu and Kashmir
• 16 new port projects to be awarded this year, over Rs 11,000 cr for Tuticorin, Kandla and other ports
• Investment in NHAI and state highways to the tune of Rs 37,887 core including Rs 3000 crore for Northeast
• Scheme for development of new airports
• New airports will be developed through the PPP mode
• Rs 4200 crore set aside for the Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia, over 1620 km
• Additional 15,000 km gas pipeline to be set up in the country
• FM says to introduce amendments to Mining Act
• Rs 100 crore for cleaner thermal power technology
• Government’s intention is to encourage investment in the mining sector; current impasse will be resolved
• Essential to strengthen and modernize regulatory framework in financial sector to meet challenges of increasing complex economy
• Adoption of new Indian accounting standards
• Bank will be encouraged to give long-term funds and loans to the infrastructure sector
• Provide all houses in India with banking facilities, focus on empowering the weaker section
• Benefits of insurance have not reached larger section of people, will address in multi-pronged manner with stakeholders
• Pending Insurance Amendment Bill to be taken up in the Parliament
• No compromise with the Defence of our country
• Allocation for Defence Rs 2,29,000 crore
• Modernization of armed forces, increase capital outlay of defence
• War memorial will be constructed, along with a war museum. Rs 100 crore allocated for this
• National Police Memorial to be allocated 50 crore
• Propose to revitalise small savings scheme
• Time bound programme to provide banking services to all households
• Ceiling for PPF investment raised from Rs 1 lakh to Rs 1.5 lakh
• Rs 100 proposed for development of Technology Development Fund
• Rs 990 crore for development of villages along the border
• Rs 5000 cr will be set aside for defence outlay over and above amount provided under interim budget
• Rs 100 crore will be set aside for a project to link rivers
• NRI fund for conservation of river Ganga to be set up
• Several major space mission are planned for 2014-2015
• Mars orbital spacecraft to be launched by September
• FM proposes to set up Trade Facilitation Centres for Varanasi
• Rs 200 crore set aside for upgradation of indoor, outdoor stadiums in Jammu and Kashmir to international standards, Sports university in Manipur
• Biotech clusters to be set up in Bengaluru and Faridabad to take science and technology to new heights
• Rs 500 crore allocated for rehabilitation of displaced Kashmiri migrants
• North Eastern region has a huge scope of organic farming, to provide 100cr for this purpose
• Rs 1000 crore will be provided for rail connectivity in North-east region
• Young Leaders Programme to be set up with Rs 100 crore
• National Centre for Himalayan Studies will be set up in Uttarakhand
• North East to get a separate TV channel
• FM gives Rs 100 crore for Varanasi-Gaya-Saranath Buddhist circuit
• Provision have been made by various ministries and departments to help in the development of Andhra Pradesh and Telangana
• Delhi to get Rs 200 cr for power reforms and Rs 500 cr for Water reforms to make the capital a world-class city
• FM announces Rs 150 crore for communication needs of Andaman & Nicobar Islands
• Tax measures to be introduced to promote investment in manufacturing sectors
• Minimum tax exemption increased from 2 lakhs to 2.5 lakhs for those under 60
• Tax exemption increased to Rs 3 lakh for senior citizens
• Deduction under 80CC increased from Rs 1 lakh to Rs 1.5 lakh
• No changes in direct taxes
• Tax incentive to all types of bonds instead of just infrastructure bonds
• Rate of tax for long term capital gains from 10% to 15%
• Housing loan rebate has been hiked from 1.5 lakh to 2 lakhs
• Income Tax Dept is expected to function not only as an enforcement dept but also as a facilitator
• Asset fund managers encouraged to set up shop in India, income to be treated as capital gains
• 10-year tax holiday for power generation and transmission companies
• Kakinada port and adjoining area to be developed
• 60 more Ayakar Sewa Kendras to be set up across the country
• Televisions sets to be cheaper, basic custom duties on LCD, LED panels reduced
• Export duty on bauxite enhanced from 10% to 20%
• Excise duty on footwear reduced from 12% to 6%
• Colour picture tubes exempt from customs duty
• Reduction in excise duty for specified food package industry from 10% to 6%
• Excise duty on tobacco products and aerated water products with added sugar increased
• Negative list for service tax has been reviewed
• Loading/unloading and transportation of cotton exempted from service tax
• Indian Custom Single Window Project will be taken up for facilitating trade
• Tax proposals on indirect tax front would yield Rs. 7,525 crore

Watch Live Budget 2014-15: http://budgetlive.nic.in/