Union Budget 2014-2015 Highlights ''SAB KA SAATH SAB KA VIKAAS''....


The Union Budget 2014-2015 aims to cater all groups of the society with a motto, "Sab ka Saath Sab ka Vikas". While making his maiden Budget Speech in Parliament on July 10, the Union Finance Minister Shri Arun Jaitley said that India has a strong urge to grow and free itself from the curse of poverty. The people are in no mood to suffer unemployment, inadequate basic amenities, lack of infrastructure and apathetic governance. The Indian economy will have to maneuver its way through a sluggish global recovery, he added.The Finance Minister said that the Government intends to usher in a policy regime that would bring the desired growth, lower inflation, sustained level of external sectorbalance and prudent policy stance.
Union Budget keeps the account of the government's finances for the fiscal year that runs from 1st April to 31st March. Union Budget is classified into Revenue Budget and Capital Budget.
Revenue budget includes the government's revenue receipts and expenditure. There are two kinds of revenue receipts - tax and non-tax revenue. Revenue expenditure is the expenditure incurred on day to day functioning of the government and on various services offered to citizens. If revenue expenditure exceeds revenue receipts, the government incurs a revenue deficit.

New Projects and New Schemes:-
* 5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan
* 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.
* 4 more AIIMS Hospitals.
* ‘Digital India to ensure broad band connectivity at village level
* Kisan TV for farmers, Arun Prabha TV for northeast.
* Govt proposes Ultra Modern Super Critical Coal Based
Thermal Power Technology
* A project on the river Ganga called ‘Jal Marg Vikas’ for inland
waterways between Allahabad and Haldia; Rs 4,200 crore set
aside for the purpose.
* EPFO to launch the “Uniform Account Number” Service for
contributing members. One Account No For All.
* New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores.
* Beti Bachao, Beti Padhao Yojana for girl child education.
* Swachh Bharat Abhiyan to cover every household with sanitation
facility by the year 2019
Tax Policy and Monetary:-
Fiscal deficit target retained at 4.1% of GDP for current fiscal and 3.6 for 2015-16 and 3% for 2016-17.
Revenue Deficit seen at 2.9% for FY15
Aim to achieve 7-8 per cent economic growth rate in next 3-4 years:
FM Committed for growth of agriculture at the rate of 4 per cent.
Defence FDI cap raised to 49% from 26% at present.
Exemption limit on income tax from Rs. 2 lakh to Rs. 2.5 lakh.
For senior citizens, the exemption on income has been raised to Rs. 3 lakh per annum.
Tax-free cap on home loan interest from Rs. 1.5 to Rs. 2 lakh.
No change in Income tax rates and slabs .
Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh
Minimum pension increased to Rs 1,000 per month
Amount Allocated To Various Schemes:-
* Rs 100 crore to support about 600 new and existing Community Radio Stations.
* Rs 100 crore for metro projects in Lucknow and Ahmedabad
* Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called ‘Namami Gange’
* Rs 150 crore allocated for increasing safety of women in large cities
* Rs. 7,060 crore for the project of developing 100 Smart Cities.
* Set aside Rs 11,200 crore for PSU banks capitalisation
* Govt provides Rs 500 crore for rehabilitation of displaced Kashmiri migrants
* 1000 crore provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.

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