Template:Infobox government budget
The 2014 Union Budget of India was presented by Finance Minister, Arun Jaitley on 10 July 2014,11 am.[1] This was the first budget of Narendra Modi led NDA government.[2]
Salient features of the budget
- Template:INRConvert provided for the development of Smart Cities in India
- Template:INRConvert provided for irrigation
- 5 New IITs and IIMs and four new AIIMS in India.
- New airports scheme in tier 1 and 2 cities
- Schemes for development of sports across the country.
Foreign Direct Investment
- FDI cap in Defense and Insurance sector has been increased to 49% from 26%.
- FDI in real estate for low cost housing
Personal tax and exemption limit
- No changes in personal income tax slabs. But tax exemption limit has been increased to Template:INRConvert from Template:INRConvert for those below the age of 60. Income tax exemption limit for senior citizens has been raised to Template:INRConvert.
- Investment limit under Section 80C has also been increased to Template:INRConvert from the current Template:INRConvert.
- Housing loan interest rate deduction limit has been increased to Template:INRConvert.
Budget 2014: Highlights of Finance Minister Arun Jaitley’s Budget speech
Reactions
- Former Prime Minister of India, Manmohan Singh reacted on budget saying that "Budget lacks road-maps".[3]
- The Communist Party of India (Marxist) accused the budget as "a recipe for further enriching the rich and impoverishing the poor. "[4]
- Former Chief Minister of Delhi, Arvind Kejriwal stated that "it was a directionless budget with no steps to bring down inflation in the country".[5]
- Sharad Yadav reacted on budget saying that "This Budget shows we are standing where we were. It's like distributing toffees".
- Sonia Gandhi said that Arun Jaitley copied the policies of congress government.[6]
- Rajeev Shukla stated that "This budget is intended for corporate sector and rich people. There is nothing in budget for common man"
- Sudheendra Kulkarni: Smart new cities are welcome. But far bigger challenge is to make old cities smarter. Possible only with Good Governance Reforms.[7]
- Sunil Duggal: The Union Budget 2014-15 was going to be a tough balancing act for Finance Minister Mr. Arun Jaitley, given the precarious state that the Economy was in.[8]
- President of FICCI, Sidharth Birla stated that "The FM has set the ground for repair of the economy. There has been a mix of both short-term and long-term measures geared towards boosting confidence of all key constituents."[9]
- President of CII, Ajay S. Shriram stated that "It has covered many aspects of the population and that is big plus. The finance minister has looked at policies from 2-3 year view and this is a positive direction for higher economic growth."[10]
See also
References
- ↑ Expectation from union budget 2014-15. Patrika Group(10 July 2014).
- ↑ Union Budget 2014: Jaitley hands middle class its big tax break(10 July 2014).
- ↑ No roadmap in budget : Manmohan. Patrika Group(10 July 2014).
- ↑ On Union Budget. Polit Bureau of the Communist Party of India (Marxist)(10 July 2014).
- ↑ Arvind Kejriwal reacted to the general budget saying that it was a directionless budget. www.arvindkejriwal.co.in.
- ↑ जेटली ने ज्यादातर कांग्रेस की योजनाओं को कॉपी किया है. Patrika Group.
- ↑ Twitter / SudheenKulkarni: Smart new cities are welcome. www.twitter.com.
- ↑ Post Budget Reactions. www.adgully.com.
- ↑ Budget 2014-15: India Inc reactions(July 11, 2014).
- ↑ Budget 2014 positive, implementation will be ke(Jul 10, 2014).