Problem of black money to be fully addressed"
New Delhi, July 10 - The following are the highlights of the general budget for 2014-15 presented Thursday by Finance Minister Arun Jaitley in the Lok Sabha:
IT exemption limit for those below 60 raised from Rs.2 lakh to Rs.2.5 lakh; from Rs.2.5 lakh to Rs.3 lakh for senior citizens Investment limit under Section 80C of the Income Tax Act raised to Rs.1.5 lakh. Deduction limit on account of interest on loan in respect of self-occupied house property raised from Rs.1.5 lakh to Rs.2 lakh. No change in surcharge for corporates; education cess to continue Excise duty on cigarettes raised from 11 percent to 72 percent Allocation of Rs.150 crore to improve safety of women in larger cities Allocation of Rs.100 crore for Beti bachao, beti padhao (Protect the girl child, educate the girl child) programme Allocation of Rs.500 to support Kashmiri Immigrants for rebuilding their lives Total sanitation in every household by 2019 Colour TVs to cost less on reduced customs duties Free baggage allowance raised from Rs.35,000 to Rs.45,000 Excise duty on footwear halved Total expenditure in 2014-15 estimated at Rs.17,97,892 crore; plan expenditure estimated at Rs.12,19,892 crore Budget will lay down steps aimed at 7-8 percent growth in next few years; aim is Sub ke saath, sub ka vikas (With everyone, For everyone's development) Government committed to achieve fiscal deficit of 4.1 percent in 2014-15, 3 percent by 2015-16 and 2 percent by 2016-17 Defence allocated Rs.229,000 crore; modernisation gets Rs.5,000 crore over and above interim budget FDI in defence sector raised to 49 percent from 26 percent Allocation of Rs.1,000 crore for implementing One Rank One Pension scheme War Memorial and War Museum to be established at Princess Park in New Delhi; Rs.1,000 crore allocated Allocation of Rs.50 crore for National Police Memorial Allocation of Rs.2.037 crore for creating integrated Ganga conservation mission Jal Marg Vikas programme to be launched to promote navigation on Ganga from Allahabad to Haldia Ghat development at Kedarnath, Haridwar, Kanpur, Varanasi, Allahabad, Patna and Delhi gets Rs.100 crore Hastkala Academy to be set up with allocation of Rs.30 crore Six more textile clusters to be set up with allocation of Rs.200 crore Allocation of Rs.200 crore for power reforms and Rs.500 crore for water reforms to make Delhi a truly world-class city E-visas to be introduced at nine airports Five new tourist circuits to be established; Rs.500 crore to be allocated for this World class convention centre to come up in Goa National sports academies to be set up for disciplines like shooting, wrestling and boxing; Jammu and Kashmir gets Rs.200 crore to upgrade sports facilities; Sports university to come up in Manipur Negative list for service tax reduced Thirteen more airports to get 24x7 customs facilities Excise duty to be cut to revive manufacturing Revenue loss of Rs.22,000 crore due to direct tax proposals Government committed to implement GST at the earliest; issues raised by states to be resolved Gas pipeline grid of 15,000 km needs to be doubled Six debt recovery tribunals to be set up Bharat Depository Receipt to be created Uniform KYC norms to be introduced across entire financial sector Steps to revive SEZs Sixteen new port projects to be taken up this fiscal Development of industrial corridors with emphasis on smart cities linked to transport connectivity Skill India to be launched to train the youth with emphasis on employability and entrepreneur skills Target of constructing 8,500 km of national highways in current fiscal Second Green Revolution to be launched with focus on protein revolution Sustainable growth of 4 percent in agriculture to be achieved Price Stabilisation Fund of Rs.500 Crore for mitigating risk of price volatility in agricultural produce Corpus of Rs.5,000 crore for long-term loans to farmers Kisan TV to be launched to disseminate information in real time Allocation of Rs.14,389 crore for rural roads Allocation of Rs.500 crore to provide 24x7 power in rural areas Allocation of Rs.8,000 crore to improve rural housing Allocation of Rs.100 crore for soil testing facilities Allocation of Rs.50 crore for breeding of indigenous cattle Allocation of Rs.500 crore to improve broadband connectivity in rural areas New scheme to provide assured irrigation Export promotion mission to be established to bring all stakeholders under one umbrella FDI limit in insurance sector raised to 49 percent Allocation of Rs.500 crore for 5 more IITs and 5 more IIMs All states to get AIIMS like institutions Allocation of Rs.100 crore to promote good governance Allocation of Rs.3,600 crore for drinking water schemes Allocation of Rs.4,000 crore for National Housing Bank To print currency notes with Braille signs Shares of PSU banks to be sold to retail investors CBDT to scrutinize all cases under 2012 law on retrospective tax cases Problem of black money to be fully addressed Expenditure Management Commission to be established this fiscal
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