Highlights of Union Budget 2014

NEW DELHI: Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley on Thursday: * Tax proposals on indirect tax front would yield Rs 7,525 crore. * ​Indian Custom Single Window Project to be taken up for facilitating trade. * Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne. * Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72% * Government announces reduction in excise duty for specified food package industry from 10% to 6%. *​ Excise duty on footwear reduced from 12% to 6% * Government announces measures to encourage manufacture of LCD/LED panels of TVs.  * Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh. * Net effect of direct tax proposals is revenue loss of Rs 22,200 crore. * Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh.  * Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.  * No changes in tax rate.  * PPF limit to be raised to Rs 1.5 lakh: Jaitley * Rs 100 crore for training of sportspersons for upcoming Asian Games.  * Government announces Rs 150 crore for communication needs of Andaman and Nicobar islands. * Government announces Arun Prabha channel for northeastern region; will be 24/7 channel.  * Rs 1000 crore provided for rail connectivity in northeastern region. * Programme for displaced Kashmiri migrants with Rs 500 crore to be started. * Rs 100 crore set aside for project to link rivers. * Government announces Rs 100 crore for development of Archaeological sites. Gaya to be developed as world class tourism spot. * Rs 5000 crore set aside for defence outlay over and above amount provided under interim budget. * National Police Memorial to be set up. Rs 50 crore set aside for this purpose. * Rs 100 crore set aside for development of Technology Development Fund. * Rs 100 crore War Memorial at Princess Park, India Gate.  * Policy of One Rank One Pension to be adopted for defence personnel. * RBI will create framework for licenses of small banks. * Government aims to provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank accounts in each household. * Urgent need to converge current Indian standard with international accounting standards: Jaitley * Rs 37, 800 crore allotted for National Highways. * Revision of rate of royalty on minerals to be taken up on request from the states. * In order to complete gas grid, 15000 km of additional pipeline to be developed through PPP mode. * ​New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore. * Rs 4200 crore set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia , over 1620 km. * Scheme for development of new airports at tier II and III cities through PPP mode.  * Rs 200 crore set aside for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur. Rs 50 crore set aside for Pashmina Production program in J&K. * MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months. * 6 more textile clusters to be set up. * Industrial Smart Cities to come up at 7 cities. * All govt departments and ministries to be integrated through E-platform by 31 December this year. * Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues. * National Industrial Corridor to be set up. Rs 1000 crore set aside for this. * Rs 5000 crore short time rural credit refinance fund for 2014-15. * Rs 50 core set aside for indigenous cattle breed and blue revolution for inland fisheries. * Propose to provide finance to 5 lakh landless farmers through NABARD. * Govt will initiate scheme to provide a soil health card; Rs 100 crore set aside. Rs 56 crore for soil testing labs across the country. * Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside by the government. * Slum development to be included in Corporate Social Responsibility activities. * Govt announces Rs 100 crore for modernization of madrassas. * Govt announces development of Metro rails in PPP mode; Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow. * Rs 100 crore set aside for Community Radio Centres; 600 new and existing ones will be supported. * National Rural Internet and Technology Mission; Rs 500 crore set aside.  * Govt proposes to set up Center of Excellence in MP named after Lok Nayak Jai Prakash Narayan. * 5 more IITs and 5 IIMs to be set up . * 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 proposes National Housing Banking programme; sets aside Rs 8000 crore for this program. * Pradhan Mantri Gram Sadak Yojana has a massive impact on rural development; Govt sets aside Rs 14,389 crore for this scheme. * Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund. * Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this. * Safety of women of prime importance. * EPFO will launch a unified account scheme for portability of Provident Fund accounts. * Schemes for disabled persons in the country. 15 new Brail presses to be established and revival of 10 existing. * Rs 50,548 crore proposed for Schedule Caste development. ​* Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply to rural areas. * Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel. * Pradhan Mantri Krishi Sichayin Yojana to be started for irrigation. * We will examine proposal to give additional autonomy to banks and make them more responsible: Jaitley * E-visas to be introduced at nine airports in India in phased manner. * FDI in insurance to be increased to 49% * FM announces FDI in defence up from 26 to 49 % with Indian management and control * Transfer pricing is major area for litigation; proposes changes in transfer pricing regulation: Jaitley * I propose to strengthen authority for advance ruling in tax: Jaitley * Aim to achieve 7-8 per cent economic growth rate in next 3-4 years. * We wish to provide an investment friendly taxation system: Jaitley * This govt will not ordinarily change policies retrospectively which creates a fresh liability. * GST will streamline tax administration and result in higher tax collection for center and states. * A new urea policy would be formulated. * Considering that we had two years of low GDP growth, a large subsidy burden, target of 4.1% fiscal burden is daunting: Jaitley * We must address the problem of black money: Jaitley * Iraq crisis leading behind an impact. Inflation has remained at elevated level: Jaitley * We have taken up the challenge in the right ernest; will create a vibrant and strong India: Jaitley. * The task before me is very challenging. We need to introduce fiscal prudence. there is an urgent need for more reforms. * The steps I will announce are only the beginning of the journey we wish to take for macro economic stabilization: Jaitley *People below poverty line anxious to free themselves: Jaitley * Green shoots of recovery seen in world economy. *​ We look forward to lower inflation: Jaitley TOI