Finance minister Arun Jaitley presented Union Budget 2014

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New Delhi, June 10 : The Narendra Modi government’s maiden Budget  presented in Parliament on Thursday by Finance Minister Arun Jaitley. Narendra Modi government’s first budget is “pragmatic, growth-oriented and forward-looking” and addresses the aspirations of all Indians, BJP today said while claiming the exercise had brought back “hope” into the economy by charting a road map for the country’s economic resurgence.

“Every attempt has been made to meet the aspirations of all Indians and to assuage their pain. This is a balanced budget and the concerns of every section, including the middle class, have been addressed. In addition, several positive steps have been taken to improve the growth rate,” said Modi’s close aide Amit Shah, the newly-appointed BJP President. “This budget brings back ‘hope’ into the economy. It also lays the building blocks for our dream of ‘Ek Bharat, Shreshtha Bharat’,” he added.

 Arun Jaitley announces that ”sports equipment to be cheaper.

Packaged foods to cost lesser, Radio taxis to cost more, online advertisements to cost more,Cigarettes to cost more along with an increase in prices of tobacco products.Aerated drinks to cost more, Pan Masala , Gutkha to cost more.

 semi processed and half cut, polish, gemstones, diamonds will attract a custom duty of 2.5%. Solar power units and steel to be cheaper,10 per cent custom duty in telecom products. Duty on retail footwear reduced, to be cheaper.

 Computers, TV sets to be cheaper, LED/LCDs to be cheaper, CRT TVs will be cheaper and Plastic products, soap to be cheaper. 10 to 2.5% custom duty on petrochemicals, imported gadgets to cost more.

Every taxpayer will get tax relief of Rs.5,000 in the Union Budget 2014-15

The limit for investments under Section 80C has been increased from Rs.1 lakh to Rs.1.5 lakh per annum. The deduction for housing loan interest was also revised from Rs.1.5 lakh to Rs.2 lakh per annum.

National industrial corridor being set up in Pune, Long term agriculture credit fund through NABARD allotted Rs 5000 crore. Short term agriculture credit fund through NABARD allotted Rs 5000 crore and Rs 100 crore for national industrial corridor

“I do not propose to make any change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc,” Jaitley said in his speech.
Among the various measures, Jaitley announced a national multi-scale programme called Skill India for providing training to youth and their employment, a national irrigation scheme and a smart city with an investment of over $1 billion as part of the larger plan for 100 such projects.

He also announced many other schemes, such as one to help farmers realise right prices for their produce, at least four more institutions modelled on the All India Institute of Medical Sciences (AIIMS), more money for people’s welfare, many new airports on public-private partnership mode, a target of total sanitation in five years, greater autonomy for banks and higher investments by state-run enterprises.

 

 

 

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