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People watch a live telecast of the budget presentation by Union Finance Minister Arun Jaitley, at a showroom in Kolkata on Thursday.
PTI People watch a live telecast of the budget presentation by Union Finance Minister Arun Jaitley, at a showroom in Kolkata on Thursday.
Union Budget 2014-15: The Modi Era

New middle class finds a willing backer

Jaitley follows the Modi formula of appealing to the neo-middle class »

Union Budget 2014-15: Highlights

The following are the Union Budget 2014-15 highlights »  

Opinion

Live: Union Budget 2014

  • 13:09 pm: Arun Jaitley ends the Budget speech.
  • 13:08 pm: Radio Taxis have been brought under service tax.
  • 13:08 pm: Bio-medical waste disposal exempted from service tax.
  • 13:04 pm: Indian Tour Operators serving foreigners to tour outside India exempted from service tax.
  • 13:04 pm: Service Tax for broadcast and online advertisements; print advertisements exempted.
  • 13:01 pm: Excise duty on tobacco products increased by 72 pc.
  • 13:01 pm: Excise duty on solar sheets exempted
  • 13:01 pm: Concessional excise duty on smart cards withdrawn.
  • 12:59 pm: Excise duty on food packaging reduced to 6 per cent.
  • 12:58 pm:20 pc export duty on bauxite
  • 12:58 pm: 2.5 per cent Customs duty on diamond, semi-precious stones
  • 12:57 pm: Basic custom duty on all variety of coal made uniform.
  • 12:54 pm: Custom duty on LCD, LED panels below 19 inches made nil.
  • 12:54 pm: Cathode rays exempted from customs.
  • 12:53 pm: 10 pc customs on telecom products outside the purview of IT sector.
  • 12:52 pm: BCC reduced on methane, ethane.
  • 12:51 pm: Basic customs duty on non-fatty acids, glycerine to be reduced
  • 12:50 pm: 60 more IT Seva Kendras to be opened.
  • 12:48 pm: Direct Tax Code Bill will be reviewed.
  • 12:46 pm: Direct Taxes and Indirect Taxes target same as that in interim budget
  • 12:45 pm: Jaitley provides investment allowance at 15% for 3 years to manufacturing company which invest more than Rs 25 cr in plant and machinery
  • 12:44 pm: 10 year tax holiday for power firms
  • 12:42 pm: Surcharge, Cess and tax rates remains the same.
  • 12:42 pm: Housing loans exemption increased to Rs 2 lakh
  • 12:42 pm: Investment limit under 80 (C) increaded to Rs. 1.5 lakh
  • 12:40 pm: IT exemption increased to Rs. 2.5 lakh; Rs 3 lakh for senior citizens.
  • 12:39 pm: I propose to provide relief to individual tax payers.
  • 12:38 pm: Now, comes tax proposals
  • 12:38 pm: Revenue deficit to be 2.1 per cent of GDP
  • 12:36 pm: Total expenditure stands at Rs. 17,94,892 crore
  • 12:35 pm: Rs 150 cr for communication needs of A&N islands
  • 12:35 pm: Rs 200 crore for power reforms and Rs 500 crore for water reforms in Delhi and NCR.
  • 12:34 pm: New 24X7 channel, Arun Prabha, for northeast to be launched.
  • 12:32 pm: Rs 1000 crore additional fund for developing rail connectivity in northeast.
  • 12:32 pm: National Academy for Himalayan Studies to come up in Uttarakhand.
  • 12:32 pm: Rs 500 crore for rehabilitation of displaced Kashmiri migrants.
  • 12:31 pm: Rs 100 crore for training sportspersons for upcoming Commonwealth Games
  • 12:31 pm: Sports University to come up in Manipur.
  • 12:30 pm: Rs 200 crore for upgrading indoor and outdoor stadium in Jammu And Kashmir.
  • 12:29 pm: Govt to set up National Sports Academy.
  • 12:28 pm: Pune and Kolkata to get new clusters for S&T.
  • 12:28 pm: Bio-tech clusters in Faridabad and Bangalore to be scaled-up.
  • 12:27 pm: NRI fund for Ganga will be set up.
  • 12:26 pm: Rs 2037 cr for a mission on Ganga.
  • 12:23 pm: Serious efforts for inter-linking of rivers will be made. Rs. 100 crore allocated for this purpose.
  • 12:23 pm: Rs 100 cr for development of Archaeological sites. Gaya to be developed as world class tourism spot
  • 12:21 pm: Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh
  • 12:21 pm: Rs 100 cr set aside for development of Technology Development Fund
  • 12:20 pm: Rs 100 cr for contruction of war memorial.
  • 12:20 pm: Rs. 5000 cr additional outlay for Defence.
  • 12:19 pm: SSC to promote girl child, which will mature at the time of her marriage, higher education will be introduced.
  • 12:18 pm: FM proposes to revitalize small saving scheme.
  • 12:18 pm: 6 New SEZ proposed.
  • 12:17 pm: Banks can give long-term funding to infrastructure.
  • 12:16 pm: Time-bound programme will be launched to provide two bank accounts in each household.
  • 12:16 pm: Indian Accounting Standard will be revamped
  • 12:15 pm: Introduce one integrated DEMAT Account; inter-usable KYC norms on the anvil
  • 12:13 pm: Completely revamp Indian Repository Receipts and introduce Bharat Respository Receipts.
  • 12:12 pm: Financial Sector Legilative Commission's recommendations will be examined and adopted, in close consultation with RBI
  • 12:11 pm: Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East
  • 12:11 pm: Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan
  • 12:10 pm: Current impasse in mining sector will be resolved
  • 12:09 pm: We have 15,000 km of gas pipeline in the country. It will be doubled by PPP model.
  • 12:08 pm: Existing impasse of coal sector will be resolved
  • 12:07 pm: Rs 100 crore for cleaner thermal power technology.
  • 12:06 pm: New airports to be developed through PPP mode
  • 12:05 pm: Allahabad-Haldia inland waterway on River Ganga for Rs 4200 crore.
  • 12:04 pm: Budget Speech disrupted, resumes
  • 12:03 pm: India has emerged as the largest PPP market in the world: Jaitley
  • 12:03 pm:Rs. 200 cr for 6 more textile clusters in Bareily, Lucknow,Surat, Bhagalpur, Tamil Nadu
  • 12:03 pm: Hastkala academy in Delhi for handloom and handicrafts; Rs 50 cr set aside for Pashmina Production prog in J&K.
  • 12:02 pm: MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months
  • 12:01 pm: Trade facilitation Centre and Craft Centre to promote handloom sector.
  • 12:01 pm: Rs 10000 crore venture capitalist fund to boost start-ups, entrepreneurship.
  • 12:00 noon: 20 industrial clusters will be set-up.
  • 11:59 am: Industrial Smart Cities will be created in 7 places.
  • 11:58 am: All govt departments and ministries to be integrated through E-platform by 31 Dec this year
  • 11:58 am: Kakinada port to be developed for handling hardware exports.
  • 11:57 am: Rs. 100 cr set aside for Kisan Television to provide real time information on various farming and agriculture issues
  • 11:56 am: National Industrial Corridor with headquarters in Pune will be set up. Rs. 100 crores alloted.
  • 11:55 am: Rs. 200 cr for setting up 2000 producers' organisations across the country
  • 11:54 am: FM proposes to provide finance to 5 lakh landless farmers through NABARD
  • 11:54 am: Govts to be encouraged to develop farming markets
  • 11:54 am: Rs 5000 crore to improve agriculture storage infrastructure.
  • 11:54 am: Farmers to get 3 per cent incentive for timely repayments. Farmers will get loans at 7 per cent.
  • 11:53 am: Blue revolution in inland fisheries.
  • 11:53 am: National Adaption Fund for climate change to be set up
  • 11:52 am: Rs. 500 crore for price stabilisation fund.
  • 11:51 am: Committed for growth of agriculture at the rate of 4 per cent.
  • 11:50 am: 100 soil testing laboratories across the country.
  • 11:50 am: House resumes. Budget Speech continues.
  • 11:47 am: Meanwhile, sensex is trading flatly. The 30—scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 25,513.74 points, was trading at 25,542.38 points (at 10.40 a.m.)
  • 11:45 am: Farming has contributed one-sixth of the GDP.
  • Union Budget presentation halted for 5 minutes
  • 11:45 am: House adjourned for five minutes.
  • 11:41 am: AP, Rajasthan to get agriculture university; Haryana, Telangana to get horticulture university
  • 11:41 am: Assam and Jharkhand to get Centre of Excellence on farming
  • 11:41 am: Rs. 100 crores for modernisation of Madarasas.
  • 11:40 am: Slum development will be part of CSR
  • 11:39 am: Rs. 4000 crores for National Housing Bank for low-cost housing.
  • 11:38 am: Metro will be proposed in cities with over 2 million population. Metro will come up in Lucknow and Kanpur.
  • 11:37 am: FM proposes National Rural Internet and Technology Mission; Rs. 500 crores set aside
  • 11:37 am: Rs. 100 crores for Community Radios
  • 11:36 am: Propose to set up Center of Excellence in MP named after Lok Nayak JaiPrakash Narayan in Chhattisgarh
  • 11:35 am: 15 Model Rural Health Research centers to be set up for rural health issues.
  • 11:34 am: Five more IITs, IIMs will be set up in Rs. 500 crores.
  • 11:33 am: School assesment programme will be initiated. All girl schools will be provided with drinking water and sanitation.
  • 11:33 am: Rs 8000 crores for national housing banking programme
  • 11:33 am: An AIIMS will be created in every state.
  • 11:32 am: All six new AIIMS are functional. Four more AIIMS under consideration. 12 more medical colleges will be added. Rs. 500 crore allocated for this.
  • 11:31 am: Free diagnostic service and Free health service will be initiated.
  • 11:30 am: MGNREGA programme will be made more productive
  • 11:29 am: Crisis Management Center for women at Delhi
  • 11:28 am: Start-up village at Rs 100 crore to promote entrepreneurship among rural youth.
  • 11:28 am: Rs. 14,389 crores for PM Sadak Yojana
  • 11:28 am: Gender sensitisation to be part of school curriculam.
  • 11:27 am:Beti Bachao, Beti Padhao yojana launched. Rs. 100 crores set aside for this.
  • 11:26 am:15 Braille press to come up.
  • 11:25 am:Currency note with Braille-like signs
  • 11:25 am:A large number of money lying unused in postal schemes etc. Propose to set up a committee to examine how this can be utilised
  • 11:24 am:Government is committed to providing 24x7 electricity in all houses
  • 11:23 am:Minimum pension of Rs. 1000 per month to all PP schemes.
  • 11:23 am: Rs 50,548 cr proposed for SC development
  • 11:21 am: Bharat Swach Yojna proposed for hygiene and cleanliness.
  • 11:20 am: Rs. 200 crore for Statue of Unity, a statur of Sardar Patel in Gujarat.
  • 11:20 am: Bharat Swach Yojna proposed for hygiene and cleanliness.
  • 11:20 am: Rs. 1000 cr for irrigation plan named Pradhan mantri krishi sichayin yojana.
  • 11:19 am: Skill India initiative to make youth employable and create more entrpreneurs.
  • 11:18 am: Kisan Vikas Patra to be expanded.
  • 11:17 am: e-visa for nine cities.
  • 11:16 am: Rs. 7060 cr for creating smart cities.
  • 11:15 am: Greater autonomy banks
  • 11:14 am: FDI in housing: Low cost housings to be encouraged
  • 11:13 am: 49 per cent FDI in defence with full management control with Indian side
  • 11:13 am: We are committed to provide stable and predictable taxation regime which will be investor friendly
  • 11:12 am: High-level committee will look after tax issues, clarifications.
  • 11:11 am: Retrospective taxation: We are committed to providing industry-friendly tax reforms. A committee under CBDT will scrutinise tax disputes.
  • 11:10 am: Subsidy, petro-economics and fertilizer subsidy will be re-looked.
  • 11:09 am: Expenditure Management Commission will be set up to review the government expenditure.
  • 11:08 am: Bold steps will be taken to revive economy.
  • 11:07 am: Unpredicatble monsoon and Iraq crisis will affect Indian economy.
  • 11:06 am: Fiscal deficit of 4.1 % is daunting. I will accept it. Arun Jaitley retains fiscal deficit target at 4.1%
  • 11:05 am: We must continue to be watchful of containing CAD
  • 11:04 am: Need to introduce fiscal prudence.
  • 11:03 am: Should we be victims of mere populism and wasteful expenditure?
  • 11:02 am: We have taken up this challenge. We will leave no stone unturned: Jaitley
  • 11:02 am: Expecting a sustained growth of seven percent in five years: Jaitley
  • 11:01 am: India desires to grow. People below poverty line anxious to free themselves: Arun Jaitley
  • 11:00 am: We look forward to lower the level of inflation.
  • 10:59 am: Union Budget speech begins.
  • 10:58 am: Union Budget will be presented in shortly.
  • 10:55 am: India Inc. is hoping for some clarity on on retrospective taxation. They are unhappy with the previous government’s move to retrospectively tax past transactions.
  • 10:53 am: Allocation for infrastructure needs to be closely watched. Its widely expected that the Narendra Moodi government is keen on pushing the infrastructure development.
  • 10:51 am: A forward movement on GST can be expected in this budget. There will probably be a timeline set for this government to implement GST, and they will announce it in the budget.
  • 10:50 am: Did you know that India has had 25 finance ministers since Independence in 1947 who have presented and passed in Parliament 83 Budgets — both interim and annual — so far.
  • 10:49 am: Once the President goves consent, the Budget will be tabled in the Lok Sabha.
  • 10:48 am: Finance Minister, MoS and other ministry officials brief the President about the salient features of the Budget.
  • 10:47 am: All you wanted to know about the Budget
  • 10:46 am: The budget speech and the document has two parts – Part A and B. Part A is the macroeconomic part of the budget where various schemes are announced, and allocations are made to several sectors. The priorities of the government are also announced in this part.
  • 10:43 am: Cabinet approves Union Budget for 2014-15
  • 10:41 am: Sensex recovers 75 points ahead of Budget
  • 10:40 am: Although there is strong speculation about revamping income-tax slab and exemptions, but considering the revenue crunch, it would be a difficult task for Jaitley to do so.
  • 10:38 am: The other issue which could figure prominently in the budget could be subsidies.
  • 10:37 am: Economy to cross 5% mark: Survey
  • 10:34 am: Economic Survey, tabled yesterday, proposed Legislative and regulatory changes for taxation, subsidies, financial consolidation, labour
  • 10:32 am: I think the government will step in to create something like a price stabilisation fund which help arrest the rising prices, which will bring in a subsidy element into agriculture product pricing, food grains pricing and help the government control price rise in essential commodities, says our Business Editor, Raghuvir Srinivasan.
  • 10:31 am: Finance Minister Arun Jaitley along with MoS Nirmala Sitharaman and Finance Secretary Arvind Mayaram leaves North Block to present the Union Budget 2014-15 at Parliament House, in New Delhi on Thursday. Photo: Ramesh Sharma
  • 10:28 am: Cabinet meet begins in Parliament
  • 10:15 am: As Finance Minister Arun Jaitley is set to present his maiden budget on July 10, 2014, here are the top ten must watch aspects in his budget. 10 things to look for in this Union Budget
  • 10:14 am: Podcast: What would Jaitley do?
  • 10:12 am: There are two main reasons, why the budget is important. One, how the Finance Minister is going to address the issue of GDP growth, promote it, push it and pull the industry out of its dormant state. Second, how the Finance Minister is going to address the issue of controlling the fiscal deficit.
  • 10:08 am: Finance Minister Arun Jaitley, along with Minister of State Nirmala Sitharaman, leaves North Block to present the Union Budget 2014-15 in Parliament.
  • 10:07 am: There are high hopes that the budget for 2014-15 to be presented in Parliament may actually not tinker with the threshold limit or the other tax slabs but could provide reliefs by incentivising savings.
  • 10:03 am: Expectations are high as a BJP minister will be presenting the Budget after a gap of 10 years.
  • 10:00am: This is the maiden budget by FInance Minister Arun Jaitley
  • 09:55 am: Welcome to The Hindu's coverage of the Union Budget.
  • Union Finance Minister Arun Jaitley arrives at the Parliament House to present the Union Budget 2014-15, in New Delhi on Thursday. Photo: V. Sudershan

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