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Budeget Summary Which Would Give

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Submitted By csatish01
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Highlights of Budget-Special Issue of Newsflash

(1) Banking Sector ▪ Requirement to infuse [pic]2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms. ▪ Capital of banks to be raised by increasing the shareholding of the people in a phased manner ▪ Six new Debt Recovery Tribunals to be set up. ▪ For venture capital in the MSME sector, a [pic]10,000 crore fund to act as a catalyst to attract private Capital by way of providing equity , quasi equity, soft loans and other risk capital for start-up companies with suitable tax incentives to participating private funds to be established. ▪ RBI to create a framework for licensing small banks and other differentiated banks. ▪ Banks to be encouraged to extend long term loans to infrastructure sector with flexible structuring. Simplification of norms to facilitate education loans for higher studies.

(2) OTHER ECONOMIC AND FINANCIAL INITIATIVES ▪ The composite cap of foreign investment to be raised to 49 per cent with full Indian management and control through the FIPB route. ▪ Introduction of uniform KYC norms and inter-usability of the KYC records across the entire financial sector. ▪ Requirement of the built up area and capital conditions for FDI to be reduced from 50,000 square metres to 20,000 square metres and from USD 10 million to USD 5 million respectively for development of smart cities. ▪ The composite cap in the insurance sector to be increased up to 49 per cent from 26 per cent with full Indian management and control through the FIPB route. ▪ [pic]100 crore provided for setting up virtual classrooms as Communication Linked Interface for Cultivating Knowledge (CLICK) and online courses. ▪ PSU will invest through capital investment a total sum of [pic] 2,47,941 crores in the current financial year. ▪ A sum of [pic]4000 crores for NHB from the priority sector lending shortfall with a view to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment is provided. ▪ EPFO to launch the “Uniform Account Number” Service for contributing members . ▪ 15 Model Rural Health Research Centres to be set up for research on local health issues concerning rural population. ▪ “Long Term Rural Credit Fund” to set up for the purpose of providing refinance support to Cooperative Banks and Regional Rural Banks with an initial corpus of [pic]5,000 crore. ▪ Sum of [pic] 200 crore for NABARD’s Producers Development and Upliftment Corpus (PRODUCE) for building 2,000 producers organizations over the next two years. ▪ Amount of [pic]50,000 crore allocated for Short Term Cooperative Rural Credit .

(3) Deficit and Inflation ▪ 4.1 per cent fiscal deficit a daunting task in the backdrop of two years of low GDP growth, static industrial growth, moderate increase in indirect taxes, subsidy burden and not so encouraging tax buoyancy. ▪ Improvement in current account deficit from 4.7 % in 2012-13 to year end level of 1.7% mainly achieved through restriction on non-essential import and slow-down in overall aggregate demand. Need to keep watch on CAD. ▪ Decline in fiscal deficit from 5.7% in 2011-12 to 4.5% in 2013-14 mainly achieved by reduction in expenditure rather than by way of realization of higher revenue.

(4) Administrative Initiatives ▪ Legislative and administrative changes to sort out pending tax demands of more than [pic] 4 lakh crore under dispute and litigation. ▪ Convergance with International Financial Reporting Standard (IFRS) by Adoption of the new Indian Accounting Standards (2nd AS) by Indian Companies. ▪ Employment exchanges to be transformed into career centres. A sum of [pic] 100 crore provided .

(5) Budget Estimates ▪ Non-plan Expenditure of [pic] 12,19,892 crore with additional provision for fertilizer subsidy and Capital expenditure for Armed forces. ▪ [pic]5,75,000 crore Plan expenditure – increase of 26.9 per cent over actuals of 2013-14. ▪ Total expenditure of [pic] 17,94,892 crore estimated. ▪ Gross Tax receipts of [pic] 13,64,524 crore estimated. ▪ Net to centre of [pic] 9,77,258 crore estimated. ▪ Fiscal deficit of 4.1% of GDP and Revenue deficit of 2.9% estimated. ▪ Allocation of [pic] 50,548 crore under SCSP and [pic] 32,387 under TSP. ▪ Allocation for women at [pic] 98,030 crore and for children at [pic] 81,075 crore. ▪ New Statement to separately show plan allocation made for North Eastern Region. Allocation of [pic] 53,706 crore for North East Regions.

(6) Tax Proposals ▪ Personal Income-tax exemption limit raised by [pic]50,000/- that is, from [pic] 2 lakh to [pic]2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from [pic] 2.5 lakh to [pic]3 lakh in the case of senior citizens. ▪ Investment limit under section 80C of the Income-tax Act raised from [pic] 1 lakh to [pic] 1.5 lakh. ▪ Deduction limit on account of interest on loan in respect of self occupied house property raised from `[pic]1.5 lakh to [pic]2 lakh. ▪ To remove tax arbitrage, rate of tax on long term capital gains increased from 10 percent to 20 percent on transfer of units of Mutual Funds, other than equity oriented funds. ▪ Net Effect of the direct tax proposals to result in revenue loss of [pic].22,200 crore. ▪ Investment linked deduction extended to two new sectors, namely, slurry pipelines for the transportation of iron ore, and semi-conductor wafer fabrication manufacturing units. ▪ 10 year tax holiday extended to the undertakings which begin generation, distribution and transmission of power by 31.03.2017. ▪ 60 more Ayakar Seva Kendras to be opened during the current financial year to promote excellence in service delivery. ▪ Specific rates of excise duty increased on cigrettes in the range of 11 per cent to 72 per cent. ▪ To finance Clean Environment initiatives, Clean Energy Cess increased from [pic]0.50 per tonne to [pic]1.00 per tonne.

(7) Smart Cities – A sum of [pic] 7060 crore is provided in the current fiscal for the project of developing “one hundred Smart Cities’

(8) Irrigation- ▪ [pic]1000 crore provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.

(9) Rural Development- ▪ Initial sum of [pic] 100 crore for “Start Up Village Entrepreneurship Programme” for encouraging rural youth to take up local entrepreneurship programs . ▪ Under Ajeevika, the provision of bank loan for women SHGs at 4% to be extended to another 100 districts. ▪ Allocation for National Housing Bank increased to [pic] 8000 crore to support Rural Housing. ▪ [pic] 500 crore for “Deen Dayal Upadhyaya Gram Jyoti Yojana” for feeder separation to augment power supply to the rural areas. ▪ New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of [pic]2142 crores.

(10) MSME - ▪ Fund of Funds with a corpus of [pic]10,000 crore for providing equity through venture capital funds, quasi equity, soft loans and other risk capital specially to encourage new startups by youth to be set up. ▪ Corpus of [pic]200 crore to be set up to establish Technology Centre Network . (11) Agriculture – ▪ An amount of [pic]100 crores set aside for “Agri-tech Infrastructure Fund”. ▪ To meet the vagaries of climate change a “National Adaptation Fund” with an initial sum an amount of [pic] 100 crore will be set up. ▪ [pic] 200 crore provided to open Agriculture Universities in Andhra Pradesh and Rajasthan and Horticulture Universities in Telangana and Haryana. ▪ A sustainable growth of 4% in Agriculture will be achieved. ▪ To provide institutional finance to landless farmers, it is proposed to provide finance to 5 lakh joint farming groups of “Bhoomi Heen Kisan” through NABARD . ▪ A target of [pic] 8 lakh crore has been set for agriculture credit during 2014-15. ▪ Allocation of [pic]5,000 crore provided for the Warehouse Infrastructure Fund. ▪ Amount of [pic] 50,000 crore allocated for Short Term Cooperative Rural Credit . ▪ Sum of [pic] 200 crore for NABARD’s Producers Development and Upliftment Corpus (PRODUCE) for building 2,000 producers organizations over the next two years. ▪ “Long Term Rural Credit Fund” to set up for the purpose of providing refinance support to Cooperative Banks and Regional Rural Banks with an initial corpus of [pic]5,000 crore. ▪ Corpus of Rural Infrastructure Development Fund (RIDF) raised by an additional [pic] 5000 crores from the target given in the Interim Budget to [pic] 25000 crores . ▪ [pic] 100 crore is provided for Kisan TV, to disseminate real time information to the farmers on issues such as new farming techniques, water conservation, organic farming etc.


Baroda Academy, Ahmedabad [pic] बजट सारांश 2014-2015

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