Union Budget 2014-2015

download

To Download Click here - Key Features of Budget 2014-15

Highlights of Budget 2014-2015:

For individuals

  • Tax slab on personal income remains unchanged
  • Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh.
  • Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched
  • Minimum pension increased to Rs 1,000 per month
  • Cigarettes, pan masala, tobacco, aerated drinks become costlier

Rural Development

  • Shyama Prasad Mukherji Rurban Mission for integrated project based infrastructure in the rural areas.
  • 500 crore for “Deen Dayal Upadhyaya Gram Jyoti Yojana” for feeder separation to augment power supply to the rural areas.
  • 14,389 crore provided for Pradhan Mantri Gram Sadak Yojna(PMGSY) .
  • More productive, asset creating and with linkages to agriculture and allied activities wage employment would to be provided under MGNREGA.
  • Under Ajeevika, the provision of bank loan for women SHGs at 4% to be extended to another 100 districts.
  • Initial sum of ` 100 crore for “Start Up Village Entrepreneurship Programme” for encouraging rural youth to take up local entrepreneurship programs .
  • Allocation for National Housing Bank increased to ` 8000 crore to support Rural housing.
  • New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of ` 2142 crores.
  • Backward Region Grant fund (BRGF) to be restructured to address intra-district inequalities.

Women & Child Development

  • Outlay of ` 50 crores for pilot testing a scheme on “Safety for Women on Public Road Transport”.
  • Sum of ` 150 crores on a scheme to increase the safety of women in large cities.
  • Crisis Management Centres” in all the districts of NCT of Delhi this year government and private hospitals.
  • A sum of ` 100 crore is provided for “Beti Bachao, Beti Padhao Yojana”, a focused scheme to generate awareness and help in improving the efficiency of delivery of welfare services meant for women.

Education

  • ` 500 crore provided for setting up 5 more IITs in the Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala.
  • 5 IIMs in the States of HP, Punjab, Bihar, Odisha and Rajasthan.
  • Government would strive to provide toilets and drinking water in all the girls school in first phase. An amount of ` 28635 crore is being funded for Sarv Shiksha Abhiyan(SSA) and ` 4966 crore for Rashtriya madhyamic Shiksha Abhiyan (RMSA).
  • `500 crore provided for “Pandit Madan Mohan Malviya New Teachers Training Programme” to infuse new training tools and motivate teachers.
  • National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed

AGRICULTURE

  • An amount of ` 100 crores set aside for “Agri-tech Infrastructure funds.
  • A scheme to provide every farmer a soil health card in a Mission mode will be launched.
  • To meet the vagaries of climate change a “National Adaptation fund” with an initial sum an amount of ` 100 crore will be set up.
  • 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 .

INFRASTRUCTURE

  • An institution to provide support to mainstreaming PPPPs called 4PIndia to be set up with a corpus of ` 500 crores.
  • Project on Ganges called “ Jal Marg Vikas’ to be developed between Allahabad and Haldia.

CULTURE & TOURISM

  • ` 200 crore provided to build the Statue of unity(National project)
  • Facility of Electronic Travel Authorization (e-Visa) to be introduced in phased manner at nine airports in India.
  • ` 200 crore provided for National Heritage City Development and Augmentation Yojana (HRIDAY).
  • ‰100 crore provided for Archaeological sites preservation.

Economic initiatives

  • Composite cap of foreign investment to be raised to 49 per cent in Defence and Insurance sectors.
  • Requirement of the built up area and capital conditions for FDI reduced to 20,000 square metres and USD 5 million respectively for development of smart cities.
  • Manufacturing can sell its products through retail including Ecommerce platforms.
  • Requirement to infuse Rs.2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms PSUs will invest through capital investment a total sum of Rs. 2,47,941 crores.
  • Rs 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.
  • Govt in favour of consolidation of PSU banks
Print Friendly

One thought on “Union Budget 2014-2015

  • hemen parekh

    BUDGETING BY OBJECTIVES

    Dear Shri Jaitley ,

    Come Feb 2015 and you will present your Budget in Lok Sabha
    You will allocate thousands of crores of rupees to different ministries , for spending during 2015-16
    You may even increase / decrease their allocations based on , to what extent ( % ) did they manage to actually ” spend ” their current year’s allocations
    The one and only emphasis is on ” spending ” !
    As usual , no MP will ask :
    ” But , what exactly did the Minister concerned achieve by spending this money ?
    What physical / measureable targets did the Minister succeed in reaching / exceeding , with that money ? Where / What are the OUTPUTS ?
    Why is it that no targets were set in advance , before the start of the year ?
    How come , Minister was allowed to shoot first and then draw concentric circles around the hole afterwards ( at the end of the year ) , to claim BULL’S EYE ? ”

    In private sector , shareholders / bankers do not hesitate to sack the CMD / MD / CEO , if he fails to deliver on promised profit
    Then , why are Ministers allowed to retain their posts ( – or even get kicked upstairs ! ), despite failing to deliver ?

    Dear Shri Jaitley :

    MPs should know that YOU cannot answer these questions , simply because , at the time of the Budget Exercise , no physical OUTPUTS got fixed for each Minister
    What did get fixed , were only EXPENDITURE TARGETS !
    Simply because MPs passed the Budget without fixing targets such as following for 31 March 2015 :

    * Finance Minister

    > GDP ….. 6 % ………… [ 10 % improvement ]
    > CAD…….( – ) 5 % …..[ 20 % improvement ]

    * Commerce Minister

    > Exports…….. $ 350 Billion …. [ 10 % improvement ]
    > FDI…………..$ 50 Billion…… [ 20 % improvement ]

    * Railway Minister

    > Lengths of Tracks…… 125,000 Km….. [ Up by 10 % ]
    > No of Passenger Trains / day….. 10,000… [ Up by 10 % ]

    * Health Minister

    > Chronic Hunger and Hunger Related Deaths
    8 Million / year ……………………………… [ Down by 20 % ]
    > Under-nourished people….. 200 million….. [ Down by 10 % ]

    * Social Welfare Minister

    > Dowery Deaths / year……. 8,000…… ……[ Down by 10 % ]
    > People without Toilets…….. 500 Million…. [ Down by 20 % ]

    * Agriculture Minister

    > Farmers Suicide/ year….. .. 14,000…………… [ Down by 20 % ]
    > Food Grain rotting / year….. 5 Million tons….. [ Down by 20 % ]

    So on and so forth for each Minister

    Some caution / suggestions :

    * Ignore the numbers given above. I could be factually wrong
    * Focus on the concept of ” Management by Objectives ”
    * Overcome the fear of ” failure to meet the targets “.
    * Overcome the fear of ” being ridiculed ” !
    * Don’t chop off the neck that dares to stick out !
    * Only failure is , not fixing the targets !
    * Actual vs Targeted achievements must be measured , on an ongoing
    basis , by totally independent THIRD PARTY agencies
    Ministers / Finance Minister and these Agencies , must agree in advance , how the
    Agencies will go about ” measuring ” the Actual Achievements
    The method of measurement must be transparent and well publicized
    in advance
    Agencies shall have no role in fixing of Annual Targets
    That is best done by the Prime Minister – the CEO , MakeInIndia
    * There must be at least 10 performance parameters for each Minister
    * Parameters themselves could be selected / prioritized , based on an
    ONLINE PUBLIC SURVEY / OPINION POLL , from Govt web site
    * If conducting such an ONLINE POLL for the forthcoming budget is
    too late , same could be done on a printed form , by current MPs /
    MLAs / Rajya Sabha Members
    * Results of the SURVEY / POLL , must be published

    I hope readers of this blog will contribute by passing on this message to

    > all of their friends / relatives / acquaintances / colleagues
    > as many legislators whose email IDs they can find
    > to Shri Jaitley ( ajaitley@sansad.nic.in / ajaitley@del5.vsnl.net.in )
    > Everyone in their CONTACT list

    OR,

    > request them to look it up on…www.hemenparekh.in

    Somehow , we must bring pressure on Lok Sabha Members , NOT to approve the forthcoming budget , unless TARGETS are set in advance

    * hemen parekh / 06 Dec 2014

    Reply

Speak Your Mind

Your email address will not be published.

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>