Budget 2014-15

General Budget 2014-15 Highlights

 

·       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%

·           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.

·           PPF limit to be raised to Rs. 1.5 lakh: Jaitely

·           Rs. 1000 crore provided for rail connectivity in northeastern region.

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

·           Rs. 100 crore War Memorial at Princess Park, India Gate

·           Policy of One Rank One Pension to be adopted for defence personnel

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

·           Scheme for development of new airports at tier II and III cities through PPP mode.

·           6 more textile clusters to be set up.

·           Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana; Rs 200 or cr set aside by the government

·           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 Ahmadabad and Lucknow

·           5 more IITs and 5 IIMs to be set up

·           Proposes 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. (Read story here)

·           Pradahn Mantri Gram Sadak Yojana has a massive on rural development; Govt. sets aside Rs. 14,389 crore for this scheme

·           Govt. announces Beti Padhao, Beti Badho Yojana sets aside Rs. 100 crore for this

·           Schemes for disabled person in the country. 15 new Brail presses to be established and revival of 10 existing.

·           Rs. 200 crore for 'Statue of Unity' of Sardar Ballabh Patel.

·           Pradahn Mantri Krishi Sichayin Yojana to be started for irrigation.

·           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.

 

Economic Survey 2013-14

Economic Survey is an annual statement that comes just a day before the main budget. It talks about the conceptual aspects of the financial status of the nation. A mid-term to short-term foresight of the general growth and economy of the nation is discussed. It is prepared by Ministry of Finance.

 

Agriculture Sector

·           Record food grains production of 264.4 mt in the year 2013-14

·           Record production of oil seeds of 32.4 mt in the year 2013-14

·           Record production of pulses of 19.6 mt in the year 2013-14

·           Groundnut shows the largest increase in productivity i.e., 73.17%  in the year 2013-14

·           India ranks first in the world in productivity of grapes, banana, cassava, peas, and papaya

·           Agriculture sector growth rate 4.7% in the year 2013-14