Highlights of Union Budget 2014-15
- Income tax rates kept unchanged
- Plan expenditure for the year 2014-15 will Rs 5,55,322 crore
- Non Plan expenditure is estimated at Rs. 12,07,892 crore
- Fiscal deficit for current fiscal to be 4.6%
- Growth in the third and fourth quarter of the current year is expected to be 5.2 percent.
- Foreign exchange reserves up by $15 billion.
- The Growth rate for the whole year has been estimated at 4.9 percent.
- Plan expenditure will be Rs 5,55,322 crore in 2014-15, unchanged from last fiscal.
- Fiscal deficit target of 3% to be achieved by 2017.
- Fiscal deficit for the financial year 2014 to be contained at 4.6 per cent of GDP.
- GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%.
- Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund.
- Defence allocation increased by 10 per cent to Rs 2.24 lakh crore.
- Excise duty on small cars reduced to 8 per cent.
- Excise duty on SUVs reduced to 28 per cent. Excise duty for large and mid-segment cars cut to 20 per cent.
- Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth.
- Excise duty on mobile handset to be 6% on CENVAT credit to encourage domestic production
- Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year.
- Foodgrain production estimated at 263 million tons in 2013-14.
- Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act.
- Blood banks to be exempt from service tax.
- Budgetary support to railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15.
- Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy.