2014 Union budget of India
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| Submitted | 10 July 2014 |
|---|---|
| Submitted by | Arun Jaitley, Finance Minister |
| Party | Bharatiya Janata Party |
| Website | www |
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2015› | |
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 the Narendra Modi led NDA government.[2]
Highlights
- ₹70.6 billion (US$840 million) provided for the development of Smart Cities in India
- ₹10 billion (US$120 million) 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 was 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 ₹250,000 (US$3,000) from ₹200,000 (US$2,400) for those below the age of 60. Income tax exemption limit for senior citizens has been raised to ₹300,000 (US$3,500).
- Investment limit under Section 80C has also been increased to ₹150,000 (US$1,800) from the current ₹100,000 (US$1,200).
- Housing loan interest rate deduction limit has been increased to ₹200,000 (US$2,400).
Reactions
The budget received largely negative reactions, with former Prime Minister Manmohan Singh saying that it "lacks road-maps,"[3] the Communist Party of India (Marxist) calling it "a recipe for further enriching the rich and impoverishing the poor,"[4] and former Chief Minister of Delhi Arvind Kejriwal stating that "it was a directionless budget with no steps to bring down inflation in the country,"[5] although president of CII Ajay S. Shriram said that it "covered many aspects of the population" and offered a "positive direction for higher economic growth."[6]
See also
References
- ^ "Expectation from union budget 2014-15". Patrika Group. 10 July 2014. Archived from the original on 14 July 2014. Retrieved 10 July 2014.
- ^ "Union Budget 2014: Jaitley hands middle class its big tax break". India Today. 10 July 2014. Retrieved 10 July 2014.
- ^ "No roadmap in budget : Manmohan". Patrika Group. 10 July 2014. Archived from the original on 14 July 2014. Retrieved 11 July 2014.
- ^ "On Union Budget". Polit Bureau of the Communist Party of India (Marxist). 10 July 2014. Archived from the original on 14 July 2014. Retrieved 11 July 2014.
- ^ "Arvind Kejriwal reacted to the general budget saying that it was a directionless budget". www.arvindkejriwal.co.in. Retrieved 11 July 2014.
- ^ "Budget 2014 positive, implementation will be ke". Economic times. Times of India. 10 July 2014. Archived from the original on 15 July 2014. Retrieved 11 July 2014.