Union Budget 2014-15 Highlights
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Goalie Romero takes Argentina to World Cup final
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Goalkeeper Sergio Romero pulled off two stunning saves as Argentina edged out the Netherlands 4-2 in the penalty shootout in a grinding semifinal match to set up a World Cup summit clash against Germany in Sao Paulo on Thursday.
The second semifinal between the two heavyweight teams ended scoreless in the regulation 90 minutes and 30 minutes of extra time and its result had to be decided via penalty shootout.Captain Lionel Messi, Ezequiel Garay, Sergio Aguero and Maxi Rodriguez scored for Argentina while only Arjen Robben and Dirk Kuyt could found the target for the Netherlands.
Romero turned out to be the hero for Argentina as he blocked shots from Ron Vlaar and Wesley Sneijder to take his side to the fifth World Cup final.
Two-time champions Argentina now take on three-time winners Germany in the summit clash at the iconic Maracana Stadium in Rio de Janeiro on Sunday.
This will be Argentina’s first World Cup final entry in 24 years after 1990 when they lost to Germany in the final under Diego Maradona.
In stark contrast to the goals galore in Germany’s 7-1 humiliation of Brazil in the first semifinal on Friday, today’s match was more of a battle of attrition with very few goal-scoring chances with both sides trying to break down their opponents gradually.
The clash between the two heavyweights was though not without some tense and gripping spells with some fine build-ups but none of the two sides either blinked or committed mistakes to give the other team a chance.
The Dutch were able to keep Argentine captain Messi quiet for most part of the match with Ron Vlaar doing a great job by denying the four-time World Player of the Year free space, stopping him with fine tackles on a couple of occasions.
Messi’s opposite number in the Dutch team, Robin van Persie, who made it to the starting line-up after recovering from a stomach problem just in time for the match, had a forgettable outing though he played the full 90 minutes before being substituted six minutes into the extra time.
Rodrigo Palacio had a glorious chance to score for Argentina five minutes before the end of extra time but he headed into the hands of Dutch goalie Jasper Cillessen who was at his mercy.
The first half was a cagey and tense affair with both sides unable to create clear chances, the closest either team came to breaking the deadlock was Messi’s free kick in the 20th minute that Cillessen dived to his right to comfortably save.
Argentina came close to scoring in the 75th minute when an Enzo Perez delicious through ball was toe-poked towards the goal by Gonzalo Higuain only to hit the side nettings.
The Netherlands pressed hard and laid sieze of Argentina citadel towards the close of regulation time and Arjen Robben was sent clean through inside Argentine penalty area by Wesley Sneijder in the 90th minute but Javier Mascherano made a remarkable recovery to deflect the Dutch winger’s shot.
Romero turned out to be the hero for Argentina as he blocked shots from Ron Vlaar and Wesley Sneijder to take his side to the fifth World Cup final.
Two-time champions Argentina now take on three-time winners Germany in the summit clash at the iconic Maracana Stadium in Rio de Janeiro on Sunday.
This will be Argentina’s first World Cup final entry in 24 years after 1990 when they lost to Germany in the final under Diego Maradona.
In stark contrast to the goals galore in Germany’s 7-1 humiliation of Brazil in the first semifinal on Friday, today’s match was more of a battle of attrition with very few goal-scoring chances with both sides trying to break down their opponents gradually.
The clash between the two heavyweights was though not without some tense and gripping spells with some fine build-ups but none of the two sides either blinked or committed mistakes to give the other team a chance.
The Dutch were able to keep Argentine captain Messi quiet for most part of the match with Ron Vlaar doing a great job by denying the four-time World Player of the Year free space, stopping him with fine tackles on a couple of occasions.
Messi’s opposite number in the Dutch team, Robin van Persie, who made it to the starting line-up after recovering from a stomach problem just in time for the match, had a forgettable outing though he played the full 90 minutes before being substituted six minutes into the extra time.
Rodrigo Palacio had a glorious chance to score for Argentina five minutes before the end of extra time but he headed into the hands of Dutch goalie Jasper Cillessen who was at his mercy.
The first half was a cagey and tense affair with both sides unable to create clear chances, the closest either team came to breaking the deadlock was Messi’s free kick in the 20th minute that Cillessen dived to his right to comfortably save.
Argentina came close to scoring in the 75th minute when an Enzo Perez delicious through ball was toe-poked towards the goal by Gonzalo Higuain only to hit the side nettings.
The Netherlands pressed hard and laid sieze of Argentina citadel towards the close of regulation time and Arjen Robben was sent clean through inside Argentine penalty area by Wesley Sneijder in the 90th minute but Javier Mascherano made a remarkable recovery to deflect the Dutch winger’s shot.
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Categories : sports
Germany crush Brazil 7-1
10072014
Most
infamous matches fIFA bazil 2014 with soccer being played as battle of pushing, colliding, crashing into legs, biting, trampling and many more indecent
play in the play of football. Its high time the administrators of the game try to bring in discipline,neat, cleaner play on the field by introducing viable stances of layers and dribbing the ball take over essence.
Germany poured in the goals Tuesday to hand Brazil its heaviest World Cup loss ever with an astounding 7-1 rout in the semifinals that stunned the host nation.
Miroslav Klose scored a record-setting 16th career World Cup goal in a five-goal spurt in the first half as Brazil’s defense was torn apart.The Germans reached their eighth final and will face either Argentina or the Netherlands on Sunday at the Maracana Stadium in Rio de Janeiro.
Previously, Brazil’s biggest World Cup loss was 3-0 to France in the 1998 final. This matched their biggest ever margin of defeat in any competition, equaling a 6-0 loss to Uruguay in 1920 in the South American championship, the predecessor of the Copa America.. ”We wanted to make the people happy … unfortunately we couldn’t,” defender David Luiz said. ”We apologize to all Brazilians”
It’s also Brazil’s first loss in a competitive match on home soil since 1975, when Peru won 3-1 at the very same Mineirao Stadium in the Copa America. Its last loss at home came in a friendly with Paraguay in 2002.
Brazil’s attack was weakened by the loss of Neymar, who fractured a vertebra after getting kneed in the back in the quarterfinal win over Colombia. But it was Brazil’s porous defense that was the biggest problem in the first half as the host also sorely missed suspended captain Thiago Silva.
On Tuesday, with Bernard playing as the third striker, Brazil attacked from the start. But they failed to get any solid chances, and it wasn’t long before the Germans opened up the defense and started the rout.
Toni Kroos and Andre Schuerrle scored two goals each, while Thomas Mueller and Sami Khedira added the others.
Oscar pulled a late goal back for Brazil.
It was Germany’s biggest World Cup win since routing Saudi Arabia 8-0 in a group match in 2002.
Klose scored his record goal in the 23rd minute, pushing him past Brazil striker Ronaldo’s 15 career World Cup goals. The German had his original shot saved, but he followed up as Brazil goalkeeper Julio Cesar spilled the ball, easily scoring from the rebound.
Kroos scored his first goal in the 25th minute, knocking in a cross from Philipp Lahm that bypassed Mueller in the middle. He made it 4-0 a minute later, beating Cesar after a defensive mistake from Fernandinho left the ball on the feet of Khedira.
Mueller scored the first goal, one-timing a corner from Kroos past Cesar in the 11th minute. Khedira made it 5-0 in the 29th, taking a pass from Mesut Ozil and again beating Cesar.
Schuerrle, who came on for Klose in the 58th minute, scored from a cross by Lahm in the 69th, and then knocked a shot off the underside of the crossbar and into the net in the 79th.
It’s the first time Brazil had allowed five goals in a World Cup match since the 1938 tournament in France, when the team beat Poland 6-5 in extra time.
Previously, Brazil’s biggest World Cup loss was 3-0 to France in the 1998 final. This matched their biggest ever margin of defeat in any competition, equaling a 6-0 loss to Uruguay in 1920 in the South American championship, the predecessor of the Copa America.. ”We wanted to make the people happy … unfortunately we couldn’t,” defender David Luiz said. ”We apologize to all Brazilians”
It’s also Brazil’s first loss in a competitive match on home soil since 1975, when Peru won 3-1 at the very same Mineirao Stadium in the Copa America. Its last loss at home came in a friendly with Paraguay in 2002.
Brazil’s attack was weakened by the loss of Neymar, who fractured a vertebra after getting kneed in the back in the quarterfinal win over Colombia. But it was Brazil’s porous defense that was the biggest problem in the first half as the host also sorely missed suspended captain Thiago Silva.
On Tuesday, with Bernard playing as the third striker, Brazil attacked from the start. But they failed to get any solid chances, and it wasn’t long before the Germans opened up the defense and started the rout.
Toni Kroos and Andre Schuerrle scored two goals each, while Thomas Mueller and Sami Khedira added the others.
Oscar pulled a late goal back for Brazil.
It was Germany’s biggest World Cup win since routing Saudi Arabia 8-0 in a group match in 2002.
Klose scored his record goal in the 23rd minute, pushing him past Brazil striker Ronaldo’s 15 career World Cup goals. The German had his original shot saved, but he followed up as Brazil goalkeeper Julio Cesar spilled the ball, easily scoring from the rebound.
Kroos scored his first goal in the 25th minute, knocking in a cross from Philipp Lahm that bypassed Mueller in the middle. He made it 4-0 a minute later, beating Cesar after a defensive mistake from Fernandinho left the ball on the feet of Khedira.
Mueller scored the first goal, one-timing a corner from Kroos past Cesar in the 11th minute. Khedira made it 5-0 in the 29th, taking a pass from Mesut Ozil and again beating Cesar.
Schuerrle, who came on for Klose in the 58th minute, scored from a cross by Lahm in the 69th, and then knocked a shot off the underside of the crossbar and into the net in the 79th.
It’s the first time Brazil had allowed five goals in a World Cup match since the 1938 tournament in France, when the team beat Poland 6-5 in extra time.
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India’s Renewable Energy market by empowering young minds
10072014Zayed Future Energy Prize seeks to encourage India’s Renewable Energy market by empowering young minds:
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Global Events
10072014Turkey PM calls on Islamic militants to release diplomats
Turkish Prime Minister Recep Tayyip Erdogan has called on ISIS to release 49 people, who were seized from the Turkish consulate in Mosul, before the end of the Muslim holy month of Ramadan. Erdogan appealed to Islamic militants late on Wednesday, during a Ramadan fast-breaking dinner. Diplomats, children and special forces police were seized from the consulate on June 11, when the group took the country’s second-largest city, Mosul, in northern Iraq.
China, US to push ahead with military, counter-terrorism ties
US and China have agreed to cooperate on military-to-military and counter-terrorism relations, China’s top diplomat Yang Jiechi said on Thursday. This statement was made at the end of annual high-level talks – ‘Strategic and Economic Dialogue’ - between the two countries. The Chinese State Councilor added that there must not be any strategic misjudgments between the partners, as they are establishing a new-model relationship.
3 dead as Typhoon Neoguri makes landfall on Japan’s Kyushu island
Three people died as Typhoon Neoguri hit Japan’s southwestern Kyushu island early on Thursday, bringing with it heavy rains and raging winds, Japan Today reported. “It landed near Akune City shortly before 7 a.m.,” a Japan Meteorological Agency official said. The typhoon is expected to move through Kyushu and then continue along the Japanese archipelago. The typhoon came from Okinawa, where it injured dozens of people.
Train carrying 1,300 migrants to US derails in Mexico
A train carrying 1,300 migrants towards the United States has derailed in Oaxaca, Mexico, leaving everyone stranded in what could be a storm-related accident. According to Reuters, local officials stated that there have been zero injuries. The nationalities and ages of those onboard is unclear at this point, but there has been a surge of unaccompanied minors making their way towards the US over the last nine months, leaving American officials debating their next move on border control.
Police in standoff with gunman who killed 6 near Houston
At least six people died during a shooting in a Houston, Texas suburb on Wednesday afternoon. The suspected gunman remains in a standoff with law enforcement, KPRC reported. The suspect shot and injured several people – a child and an adult – before fleeing the scene. The shooter is a relative of the seven victims, Harris County deputy constables said. Police believe he was going to another residence to possibly attack more family members when he was spotted, and then led them on a slow-speed chase before driving into a cul-de-sac about three miles from the scene of the shooting, according to the Houston Chronicle. The suspect is currently sitting in a grey Honda sedan, surrounded by deputies with their guns drawn. There are at least a dozen patrol cars around him as well. Authorities are now working to evacuate homes around the cul-de-sac, KTRK reported.
Uruguay delays sale of marijuana until 2015
The sale of marijuana in Uruguay has been delayed due to “practical difficulties” in implementing a law legalizing cannabis, President José Mujica said in an interview with AFP, adding that sales will begin “next year.” In December, Uruguay became the first country to legalize marijuana on a national level. In May, it set out the legal details of how marijuana will be sold by registered pharmacies, which will offer the drug for under US$1 a gram. The amount of cannabis allowed to be bought from pharmacies will be limited to 10 grams per week.
US Embassy in Tel Aviv closed on Thursday
The US Embassy in Tel Aviv will be closed on Thursday due to the growing tension in Israel, says a statement on the official embassy website.
“Due to the current security situation in Tel Aviv, the U.S. Embassy in Tel Aviv is closed on Thursday, July 10, for routine services for both visas and services for U.S. citizens. Emergency cases will be considered on a case by case basis,”– says the statement.
During the“Protective Edge” military operation, which has entered its second day, Israeli forces have hit more than 400 targets in Gaza, killing 43 Palestinians, AFP reported. Palestinian retaliatory strikes are being blocked by Israel’s Iron Dome defense system.
Israel committing “genocide” in Gaza – Mahmoud Abbas
The president of Palestine Mahmoud Abbas has accused Israel of committing “genocide against Palestinian people” in the Gaza Strip after the Israeli military campaign“Protective Edge” killed 43 locals, including small children and women. “It is genocide. Killing of entire families is Israeli genocide against Palestinian people,” Abbas said, speaking from his residence in Ramallah on the West Bank. The military operation started on Tuesday, and since then about 430 targets in Gaza have been hit, Israeli military reported.
Russia awaits US explanation on arrest of Russian citizen accused of hacking – Lavrov
Russia is waiting for the USA to explain the arrest of its citizen, Roman Seleznyov, on the territory of a third country, Russia’s Foreign Minister Sergey Lavrov said, calling the incident “a kidnapping.”
“We have got a consular convention with the USA and treaty on mutual legal help in criminal cases. These documents presuppose informing about any suspicions about our citizens. That was not done,”– Lavrov said.
Roman Seleznyov, 30, the son of Russian MP Valeriy Seleznyov, was arrested at the Maldives international airport in Male on Sunday on cyber-fraud charges, when he was about to board a flight to Moscow. Valeriy Seleznyov says the US kidnapped his son on bogus charges and may be preparing to offer him as bait in a swap deal for Edward Snowden.
Femen activists face trials for German, French topless church performances
Female activists of provocative right group Femen are facing separate trials in Germany and France for staging their topless performances in churches. The trial of nine Femen activists over the February 2013 action in Notre-Dame making the resignation of Pope Benedict XVI began on Wednesday. A separate trial of one of those activists over an anti-Christmas performance at Paris’ La Madeleine church is to start on Friday. Meanwhile German prosecutors have charged a Femen activist with disruption of a mass at Cologne Cathedral last Christmas.
Russia accepts John Tefft as new US ambassador to Moscow
Russia has accepted veteran US diplomat John Tefft as Washington’s next ambassador to Moscow, presidential aid Yury Ushakov confirmed. He declined to comment on whether the Russian government was concerned with Tefft’s reputation of a hawk and allegations that he was the mastermind behind ‘color revolutions’ in Georgia and Ukraine, where he served as ambassador previously. Tefft is to replace Michael McFaul, who resigned in February.
Jakarta Governor Jokowi leading Indonesia elections – poll
Jakarta Governor Joko ‘Jokowi’ Widodo from Indonesian Democratic party is leading the country’s elections, according to an exit poll conducted by the Indonesian Center for Strategic and International Studies (CSIS). After the polls closed at 1pm local time (06:00 GMT), Jokowi took the lead with 45.1 percent of votes. His main rival, former General Prabowo Subianto from the Great Indonesia Movement Party, had garnered 42.2 percent.
Japan’s super typhoon heads to Russia’s Far East
A super typhoon Neoguri which has already struck Japan, killing at least two people and injuring dozens more, is heading to Russia’s Far-Eastern island of Sakhalin. The island borders on Japan’s northern island of Hokkaido. Sakhalin authorities say Typhoon Neoguri will bring heavy rains to the region. A high alert warning was declared on the Island.
Media agencies
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WEC India members Energy News-10th July 2014
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For more information Contact – WEC India Secretariat, C/o NTPC Limited, 7th Floor, Core-6, SCOPE Complex, New Delhi-110 003, India Email: info@wecindia.in, Phone: 011-2436 3719, Fax: 011-2436 9530, Website: http://www.wecindia.in |
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Mornig Post
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UNION BUDGET IS A DOCUMENT OF FISCAL PRUDENCE
1007201410th July, 2014
UNION BUDGET IS A DOCUMENT OF FISCAL PRUDENCE AND WILL LEAD TO ECONOMIC SOVEREIGNTY
The Union Budget of the Modi Government is a document of fiscal prudence which speaks of galvanization of each sector of economy to its best in the larger interest of the Country-said the Confederation of All India Traders (CAIT), apex body of the trading community of India. After a long time, the budget is not a corporate document but has made all efforts to utilise optimum capacity of all sectors of economy. It would have been more better if the Union Finance Minister would have also announced a National Trade Policy for Retail Trade of India. However, the efforts spelled out in budget to liberate the trade and industry from the clutches of Inspector Rule and simplification and rationalisation of tax structure is a welcome step and the budget will lead to economic sovereignty-added CAIT.CAIT National President Mr. B. C.Bhartia and National Secretary General Mr. Praveen Khandelwal while reacting on the Union Budget said that proposal to to examine financial architecture for MSME sector and for this purpose the FM has declared to constitute a Committee of Finance Ministry, MSME Ministry and RBI is a welcome step. The CAIT was demanding financial inclusion of this sector since a long time. They also lauded the declaration to form a High Level Committee to interact with trade & industry on regular basis for clarity in tax laws will be a major step in direction of simplification and rationalisation of tax structure in the Country. The announcement of early introduction of GST is also a welcome step but the stakeholders should be consulted effectively while drawing a roadmap of GST in India-said both leaders.
Both Mr. Bhartia & Mr. Khandelwal said that serious declarations have been made in the budget for skill development which will provide much employment opportunities in the Country. The provision of E Visa will boost Business Tourism in India. The declaration of setting up of Export Promotion Mission to bring all stakeholders under one umbrella will further boost domestic exports and both trade and industry will be benefited. The creation of a fund with Rs.10,000 crore for venture capital in MSME will strengthen SME fabric in the Country.
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The Union Budget 2014-15
10072014 Union Budget is building on general confidence the announcements made in the various sectors of socio-economic of the economy indicate to build progress in the coming three Qtrs and days ahead. The budgetary sprinkles on rural infrastructure, agriculture infrastructure, urban infrastructure, manufacturing revival, tourism, education, banking and finance and foreign direct investments are to rejuvenate the economic growth.
Direct tax pertaining individuals income tax limit from Rs. 2 lacs to Rs. 2.5 lacs, enhancement of investment limit under Section 80C from Rs. 1 lac to Rs. 1.5 lacs and enhancement of rebate on investments in self owned house from Rs. 1.5 lac to Rs. 2 lac would bring relief to consumers’ and investors’ confidence and propel growth. Ten years tax holiday for undertakings that generate and transmit power-is appreciable. Investment allowance of 15% to manufacturing companies investing Rs 25 crore in plant and machinery would accelerate capital investments and propel manufacturing growth.
Focus on increasing irrigation facilities, farm markets, financial help to landless farmers and Kisan TV to provide real time information to farmers would help to increase productivity of the farm sector. Steps undertaken to revive SEZs would help to rejuvenate the investment cycle and facilitation to manufacturing units to sell their products through retail and e-commerce would reduce the selling cost and benefit both manufacturers and consumers.
Focus on GST implementation and discussions with state governments in this regard are encouraging. We believe, GST will streamline the tax administration, avoid harassment of the business and result in higher revenue collection both for the Centre and the States. Focus on industrial infrastructure such as plan to establish 7 industrial cities in India would enhance industrialization and create employment opportunities in the economy.
The allocation for urban infrastructure earmarked at Rs. 50,000 crore are really appreciable and these announcements would speed up the pace and urbanization in the country and help economic growth to move fast. The Roadmap made for fiscal consolidation in the next 3 years is inspiring on reduced fiscal deficit at 4.1% of GDP in 2014-15, 3.6% in 2015-16 and 3% in 2016-17. Enhancement of FDI limit in insurance and defence sector will increase the capital inflows in the coming times.
Highlights of Union Budget 2014-15
Deficit and Inflation
Administrative Initiatives
ECONOMIC INITIATIVES
Foreign Direct Investment (FDI)
Bank Capitalization
PSU Capital Expenditure
Smart Cities
Real Estate
Irrigation
Rural Development
Scheduled Caste/Scheduled Tribe
Senior Citizen & Differently Abled Persons
Women & Child Development
Drinking Water & Sanitation
Health and Family Welfare
EDUCATION
School Education
Higher Education
Information Technology
Information and Broadcasting
Urban Development
Housing
Minorities
AGRICULTURE
Agriculture Credit
Food Security
INDUSTRY
Micro Small and Medium Enterprises (MSME) Sector
Textiles
INFRASTRUCTURE
Shipping
Inland Navigation
Energy
New & Renewable Energy
Petroleum & Natural Gas
Mining
Changes, if necessary, in the MMDR Act, 1957 to be introduced to encourage investment in mining sector and promote sustainable mining practices.
FINANCIAL SECTOR
Capital Market
BANKING AND INSURANCE SECTOR
Banking
Insurance Sector
Small Savings
DEFENCE & INTERNAL SECURITY
Internal Security
CULTURE & TOURISM
Water Resources and cleaning of Ganga
Science and Technology
Sports and Youth Affairs
North Eastern States
Andhra Pradesh and Telangana
NCT of Delhi
Andaman and Nicobar Island and Puducherry
Displaced Kashmiri Migrants
Himalayan Studies
BUDGET ESTIMATES
TAX PROPOSALS
DIRECT TAXES PROPOSALS
INDIRECT TAXES PROPOSALS
Service tax
Direct tax pertaining individuals income tax limit from Rs. 2 lacs to Rs. 2.5 lacs, enhancement of investment limit under Section 80C from Rs. 1 lac to Rs. 1.5 lacs and enhancement of rebate on investments in self owned house from Rs. 1.5 lac to Rs. 2 lac would bring relief to consumers’ and investors’ confidence and propel growth. Ten years tax holiday for undertakings that generate and transmit power-is appreciable. Investment allowance of 15% to manufacturing companies investing Rs 25 crore in plant and machinery would accelerate capital investments and propel manufacturing growth.
Focus on increasing irrigation facilities, farm markets, financial help to landless farmers and Kisan TV to provide real time information to farmers would help to increase productivity of the farm sector. Steps undertaken to revive SEZs would help to rejuvenate the investment cycle and facilitation to manufacturing units to sell their products through retail and e-commerce would reduce the selling cost and benefit both manufacturers and consumers.
Focus on GST implementation and discussions with state governments in this regard are encouraging. We believe, GST will streamline the tax administration, avoid harassment of the business and result in higher revenue collection both for the Centre and the States. Focus on industrial infrastructure such as plan to establish 7 industrial cities in India would enhance industrialization and create employment opportunities in the economy.
The allocation for urban infrastructure earmarked at Rs. 50,000 crore are really appreciable and these announcements would speed up the pace and urbanization in the country and help economic growth to move fast. The Roadmap made for fiscal consolidation in the next 3 years is inspiring on reduced fiscal deficit at 4.1% of GDP in 2014-15, 3.6% in 2015-16 and 3% in 2016-17. Enhancement of FDI limit in insurance and defence sector will increase the capital inflows in the coming times.
Highlights of Union Budget 2014-15
Deficit and Inflation
- 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.
- 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.
- 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
- The government is committed to achieve this target. Road map for fiscal consolidation outlines fiscal deficit of 3.6 % for 2015-16 and 3 % for 2016-17.
- Inflation has remain at elevated level with gradual moderation in WPI recently.
- The problem of black money must be fully addressed.
- Bold steps required to enhance economic activities and spur growth in the economy.
Administrative Initiatives
- Sovereign right of the Government to undertake retrospective legislation to be exercised with extreme caution and judiciousness keeping in mind the impact of each such measure on the economy and the overall investment climate.
- A stable and predictable taxation regime which will be investor friendly and spur growth.
- Legislative and administrative changes to sort out pending tax demands of more than Rs. 4 lakh crore under dispute and litigation.
- Resident tax payers enabled to obtain on advance ruling in respect of their income-tax liability above a defined threshold.
- Measures for strengthening the Authority for Advance Rulings.
- Income-tax Settlement Commission scope to be enlarged.
- National Academy for Customs & Excise at Hindupur in Andhra Pradesh.
- The subsidy regime to be made more targeted for full protection to the marginalized, poor and SC/ST.
- New Urea Policy would be formulated.
- Introduction of GST to be given thrust.
- High level committee to interact with trade and industry on regular basis to ascertain areas requiring clarity in tax laws is required to be set up.
- Convergance with International Financial Reporting Standard (IFRS) by Adoption of the new Indian Accounting Standards (2nd AS) by Indian Companies.
- Setting up of Expenditure Management Commission to look into expenditure reforms.
- Employment exchanges to be transformed into career centres. A sum of Rs.100 crore provided .
ECONOMIC INITIATIVES
Foreign Direct Investment (FDI)
- Government to promote FDI selectively in sectors.
- The composite cap of foreign investment to be raised to 49 per cent with full Indian management and control through the FIPB route.
- 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.
- 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 manufacturing units to be allowed to sell its products through retail including E-commerce platforms.
Bank Capitalization
- Requirement to infuse `.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.
PSU Capital Expenditure
- PSUs will invest through capital investment a total sum of ` 2,47,941 crores in the current financial year.
Smart Cities
- A sum of ` 7060 crore is provided in the current fiscal for the project of developing “one hundred Smart Cities’
Real Estate
- Incentives for Real Estate Investment Trusts (REITS). Complete pass through for the purpose of taxation.
- A modified REITS type structure for infrastructure projects as the Infrastructure Investment Trusts (INVITS).
- These two instruments to attract long term finance from foreign and domestic sources including the NRIs .
Irrigation
- Rs.1000 crore provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.
Rural Development
- Shyama Prasad Mukherji Rurban Mission for integrated project based infrastructure in the rural areas.
- Rs.500 crore for “Deen Dayal Upadhyaya Gram Jyoti Yojana” for feeder separation to augment power supply to the rural areas.
- Rs.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 Rs.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 Rs.2142 crores.
- Backward Region Grant Fund (BRGF) to be restructured to address intra-district inequalities.
Scheduled Caste/Scheduled Tribe
- An amount of Rs.50,548 crore is proposed under the SC Plan and Rs.32,387 crore under TSP.
- For the welfare of the tribals “Van Bandhu Kalyan Yojna” launched with an initial allocation of Rs.100 crore.
Senior Citizen & Differently Abled Persons
- Varishtha Pension Bima Yojana (VPBY) to be revived for a limited period from 15 August, 2014 to 14 August, 2015 for the benefit of citizens aged 60 years and above.
- A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens?
- Government notified a minimum pension of Rs.1000 per month to all subscriber members of EP Scheme. Initial provision of ` 250 crore.
- Increase in mandatory wage ceiling of subscription to Rs.15000. A provision of Rs.250 crore in the current budget.
- EPFO to launch the “Uniform Account Number” Service for contributing members
- Scheme for Assistance to Disabled Persons for purchase/fitting of Aids and Appliances (ADIP) extended to include contemporary aids and assistive devices.
- National level institutes for Universal Inclusive Design , Mental Health Rehabilitation and a Centre for Disability Sports to be established.
- Assistance to State Governments to establish fifteen new Braille Presses and modernize ten existing Braille Presses.
- Government to print currency notes with Braille like signs for visibly challenged persons.
Women & Child Development
- Outlay of Rs.50 crores for pilot testing a scheme on “Safety for Women on Public Road Transport”.
- Sum of Rs.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 Rs.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.
- School curriculum to have a separate chapter on gender mainstreaming.
Drinking Water & Sanitation
- 20,000 habitations affected with arsenic, fluoride, heavy/ toxic elements, pesticides/ fertilizers to be provided safe drinking water through community water purification plants in next 3 years
- “Swachh Bharat Abhiyan” to cover every household with sanitation facility by the year 2019.
Health and Family Welfare
- Free Drug Service and Free Diagnosis Service to achieve “ Health For All”
- Two National Institutes of Ageing to be set up at AIIMS, New Delhi and Madras Medical College , Chennai.
- A national level research and referral Institute for higher dental studies to be set up.
- AIIMS like institutions in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP. A provision of Rs.500 crores made.
- 12 new government medical colleges to be set up.
- States’ Drug Regulatory and Food Regulatory Systems to be strengthened by creating new drug testing laboratories and strengthening the 31 existing State laboratories.
- 15 Model Rural Health Research Centres to be set up for research on local health issues concerning rural population.
- A national programme in Mission Mode to halt the deteriorating malnutrition situation in India to be put in place within six months.
EDUCATION
School Education
- Government would strive to provide toilets and drinking water in all the girls school in first phase. An amount of Rs.28635 crore is being funded for Sarv Shiksha Abhiyan(SSA) and Rs.4966 crore for Rashtriya madhyamic Shiksha Abhiyan (RMSA).
- A School Assessment Programme is being initiated at a cost of Rs.30 crore.
- Rs.500 crore provided for “Pandit Madan Mohan Malviya New Teachers Training Programme” to infuse new training tools and motivate teachers.
- Rs.100 crore provided for setting up virtual classrooms as Communication Linked
- Interface for Cultivating Knowledge (CLICK) and online courses.
Higher Education
- Jai Prakash Narayan National Centre for Excellence in Humanities to be set up in MP.
- Rs.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.
- Simplification of norms to facilitate education loans for higher studies.
Information Technology
- Pan India programme “Digital India” to with an outlay of Rs.500 crore to be launched.
- Programme for promoting “Good Governance” to be launched .A sum of Rs.100 crore provided.
Information and Broadcasting
- Rs.100 crore allocated for 600 new and existing Community Radio Stations.
- Film & Television Institute, Pune and Satyajit Ray Film & Television Institute, Kolkata are proposed to be accorded status of Institutes of national importance and a “National
- Centre for Excellence in Animation, Gaming and Special Effects to be set up.
- Rs.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.
Urban Development
- Vision of the Government is that 500 urban habitations to be provided support for renewal of infrastructure and services in next 10 years through PPPs
- Present corpus of Pooled Municipal Debt Obligation Facility facility to be enlarged to Rs.50, 000 Crore from Rs.5000 crore.
- Rs.100 crore provided for Metro Projects in Lucknow and Ahemdabad.
Housing
- Extended additional tax incentive on home loans shall be provided to encourage people, especially the young, to own houses.
- Mission on Low Cost Affordable Housing anchored in the National Housing Bank to be set up.
- A sum of ` 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
- Slum development to be included in the list of Corporate Social Responsibility (CSR) activities to encourage the private sector to contribute more.
Minorities
- A programme for the up gradation of skills and training in ancestral arts for development for the minorities “Up gradation of Traditional Skills in Arts, Resources and Goods” to be launched.
- An additional amount of Rs.100 crores for Modernization of Madarsas .
AGRICULTURE
- Government to establish two more Agricultural Research Institute of excellence in Assam and Jharkhand with an initial sum of Rs.100 crore.
- An amount of Rs.100 crores set aside for “Agri-tech Infrastructure Fund”.
- Rs.200 crore provided to open Agriculture Universities in Andhra Pradesh and Rajasthan and Horticulture Universities in Telangana and Haryana.
- A scheme to provide every farmer a soil health card in a Mission mode will be launched.
- Rs.100 crore has been provided for this purpose and additional Rs.56 crores to set up 100 Mobile Soil Testing Laboratories across the country.
- To meet the vagaries of climate change a “National Adaptation Fund” with an initial sum an amount of Rs.100 crore will be set up.
- A sustainable growth of 4% in Agriculture will be achieved.
- Technology driven second green revolution with focus on higher productivity and including “Protein revolution” will be area of major focus.
- To mitigate the risk of Price volatility in the agriculture produce, a sum of Rs.500 crore is provided for establishing a “Price Stabilization Fund”.
- Central Government to work closely with the State Governments to re-orient their respective APMC Acts.
- Sum of Rs.50 crores provided for the development of indigenous cattle breeds and an equal amount for starting a blue revolution in inland fisheries.
- Transformation plan to invigorate the warehousing sector and significantly improve post-harvest lending to farmers.
Agriculture Credit
- 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 Rs.8 lakh crore has been set for agriculture credit during 2014-15.
- Corpus of Rural Infrastructure Development Fund (RIDF) raised by an additional Rs. 5000 crores from the target given in the Interim Budget to Rs.25000 crores.
- Allocation of Rs.5, 000 crore provided for the Warehouse Infrastructure Fund.
- “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 Rs5,000 crore.
- Amount of Rs.50,000 crore allocated for Short Term Cooperative Rural Credit .
- Sum of Rs.200 crore for NABARD’s Producers Development and Upliftment Corpus (PRODUCE) for building 2,000 producers organizations over the next two years.
Food Security
- Restructuring FCI, reducing transportation and distribution losses and efficacy of PDS to be taken up on priority.
- Government committed to provide wheat and rice at reasonable prices to the weaker sections of the society.
- Government when required will undertake open market sales to keep prices under control.
INDUSTRY
- Central Government Departments and Ministries to integrate their services with the e- Biz -a single window IT platform- for services on priority by 31 December this year.
- Rs.100 crore provided for setting up a National Industrial Corridor Authority.
- Amritsar Kolkata Industrial master planning to be completed expeditiously.
- Master planning of 3 new smart cities in the Chennai-Bengaluru Industrial Corridor region, viz., Ponneri in Tamil Nadu, Krishnapatnam in Andhra Pradesh and Tumkur in Karnataka to be completed.
- Perspective plan for the Bengaluru Mumbai Economic corridor (BMEC) and Vizag-Chennai corridor to be completed with the provision for 20 new industrial clusters.
- Development of industrial corridors with emphasis on Smart Cities linked to transport connectivity to spur growth in manufacturing and urbanization will be accelerated.
- Proposed to establish an Export promotion Mission to bring all stakeholders under one umbrella.
- Apprenticeship Act to be suitably amended to make it more responsive to industry and youth.
Micro Small and Medium Enterprises (MSME) Sector
- Skill India to be launched to skill the youth with an emphasis on employability and entrepreneur skills.
- Committee to examine the financial architecture for MSME Sector, remove bottlenecks and create new rules.
- Corpus of ` 200 crore to be set up to establish Technology Centre Network.
- Definition of MSME to be reviewed to provide for a higher capital ceiling.
- Programme to facilitate forward and backward linkages with multiple value chain of manufacturing and service delivery to be put in place.
- Entrepreneur friendly legal bankruptcy framework will be developed for SMEs to enable easy exit.
- A nationwide “District level Incubation and Accelerator Programme” to be taken up for incubation of new ideas and necessary support for accelerating entrepreneurship.
Textiles
- Rs.50 crore is provided to set up a Trade Facilitation Centre and a Crafts Museum to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi .
- Sum of Rs. 500 crore for developing a Textile mega-cluster at Varanasi and six more at Bareilly , Lucknow , Surat , Kutch, Bhagalpur and Mysore .
- Rs. 20 crore to set up a Hastkala Academy for the preservation, revival, and documentation of the handloom/handicraft sector in PPP mode in Delhi .
- Rs.50 crore is provided to start a Pashmina Promotion Programme (P-3) and development of other crafts of Jammu & Kashmir.
INFRASTRUCTURE
- An institution to provide support to mainstreaming PPPPs called 4PIndia to be set up with a corpus of ` 500 crores.
Shipping
- Rs. 11635 crore will be allocated for the development of Outer Harbour Project in Tuticorin for phase I.
- SEZs will be developed in Kandla and JNPT.
- Comprehensive policy to be announced to promote Indian ship building industry.
Inland Navigation
- Project on Ganges called “ Jal Marg Vikas’ to be developed between Allahabad and Haldia.
- Scheme for development of new airports in Tier I and Tier II Cities to be launched.
- Sector needs huge amount of investment along with debottlenecking from maze of clearances.
- An investment of an amount of ` 37,880 crores in NHAI and State Roads is proposed which includes Rs. 3000 crores for the North East.
- Target of NH construction of 8500 km will be achieved in current financial year.
- Work on select expressways in parallel to the development of the Industrial Corridors will be initiated. For project preparation NHAI shall set aside a sum of Rs. 500 crore.
Energy
- Rs. 100 crore is allocated for a new scheme “Ultra-Modern Super Critical Coal Based Thermal Power Technology.”
- Comprehensive measures for enhancing domestic coal production are being put in place.
- Adequate quantity of coal will be provided to power plants which are already commissioned or would be commissioned by March 2015.
- An exercise to rationalize coal linkages to optimize transport of coal and reduce cost of power is underway.
New & Renewable Energy
- Rs. 500 crores provided for Ultra Mega Solar Power Projects in Rajasthan, Gujarat , Tamil Nadu, Andhra Pradesh and Laddakh.
- Rs. 400 crores provided for a scheme for solar power driven agricultural pump sets and water pumping stations.
- Rs. 100 crore provided for the development of 1 MW Solar Parks on the banks of canals.
- A Green Energy Corridor Project is being implemented to facilitate evacuation of renewable energy across the country.
Petroleum & Natural Gas
- Production and exploitation of Coal Bed Methane reserves will be accelerated.
- Possibility of using modern technology to revive old or closed wells to be explored.
- Usage of PNG to be rapidly scaled up in a Mission mode.
- Proposal to develop pipelines using appropriate PPP models.
Mining
Changes, if necessary, in the MMDR Act, 1957 to be introduced to encourage investment in mining sector and promote sustainable mining practices.
FINANCIAL SECTOR
Capital Market
- Ongoing process of consultations with all the stakeholders on the enactment of the Indian Financial Code and reports of the Financial Sector Legislative Reforms Commission (FSLRC) to be completed.
- Government in close consultation with the RBI to put in place a modern monetary policy framework.
- Following measures will be taken to energize Capital markets:
- Introduction of uniform KYC norms and inter-usability of the KYC records across the entire financial sector.
- Introduce one single operating demat account
- Uniform tax treatment for pension fund and mutual fund linked retirement plan
BANKING AND INSURANCE SECTOR
Banking
- Time bound programme as Financial Inclusion Mission to be launched on 15 August this year with focus on the weaker sections of the society.
- Banks to be encouraged to extend long term loans to infrastructure sector with flexible structuring.
- Banks to be permitted to raise long term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending (PSL).
- RBI to create a framework for licensing small banks and other differentiated banks.
- Differentiated banks serving niche interests, local area banks, payment banks etc. arecontemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force.
- Six new Debt Recovery Tribunals to be set up.
- For venture capital in the MSME sector, a ` 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.
Insurance Sector
- The pending insurance laws (amendment) Bill to be immediately brought for consideration of the Parliament.
- The regulatory gap under the Prize Chits and Money Circulation Scheme (Banking) Act, 1978 will be bridged.
Small Savings
- Kissan Vikas Patra (KVP) to be reintroduced.
- A special small savings instrument to cater to the requirements of educating and marriage of the Girl Child to be introduced.
- A National Savings Certificate with insurance cover to provide additional benefits for the small saver.
- In the PPF Scheme, annual ceiling will be enhanced to `.1.5 lakh p.a. from `.1 lakh at present.
DEFENCE & INTERNAL SECURITY
- A further sum of ` 1000 crore to meet requirement for “One Rank One Pension”.
- Capital outlay for Defence increased by ` 5000 crore including a sum of ` 1000 crore for accelerating the development of the Railway system in the border areas.
- Urgent steps would also be taken to streamline the procurement process to make it speedy and more efficient.
- Rs. 100 crore is provided for construction of a war memorial in the Princes Park , which will be supplemented by a War Museum . I am allocating a sum of ` 100 crore for this purpose.
- Rs. 100 crore is provided to set up a Technology Development Fund for Defence.
Internal Security
- Rs. 3000 crore is provided in the current financial year for modernization of state police forces.
- Adequate allocation for Additional Central Assistance for Left Wing Extremist Affected districts..
- Rs. 2250 crore provided to strengthen and modernize border infrastructure.
- Rs. 990 crore allocated for the socio economic development of the villages along the borders.
- A sum of Rs. 150 crore ear-marked for the construction of Marine Police Station, Jetties and for the purchase of boats etc.
- Rs. 50 crores provided for construction of National Police Memorial.
CULTURE & TOURISM
- Rs. 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 .
- Countries to which the Electronic Travel authorisation facility would be extended would be identified in a phased manner.
- Rs. 500 crore provided for developing 5 tourist circuits around specific themes.
- Rs. 100 crore provided for National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD).
- Rs. 200 crore provided for National Heritage City Development and Augmentation Yojana (HRIDAY).
- Rs. 100 crore provided for Archaeological sites preservation.
- Sarnath-Gaya-Varanasi Buddhist circuit to be developed with world class tourist amenities to attract tourists from all over the world.
Water Resources and cleaning of Ganga
- Rs. 100 crore provided for Detailed Project Reports for linking of rivers.
- Rs. 2037 crores provided for Integrated Ganga Conservation Mission “NAMAMI GANGE”.
- Rs. 100 crore provided for Ghat development and beautification at Kedarnath, Haridwar, Kanpur , Varanasi , Allahabad , Patna and Delhi .
- NRI Fund for Ganga will be set up.
Science and Technology
- Government to strengthen at least five institutions as Technical Research Centres.
- Development of Biotech clusters in Faridabad and Bengaluru.
- Nascent agri-biotech cluster in Mohali to be scaled up. In addition, two new clusters, in Pune and Kolkata to be established.
- Global partnerships will be developed under India ’s leadership to transform the Delhi component of the International Centre for Genetic Engineering and Biotechnology (ICGEB) into a world-leader in life sciences and biotechnology.
- Several major space missions planned for 2014-15.
Sports and Youth Affairs
- Rs. 200 crore provided for upgrading the indoor and outdoor sports stadiums in Jammu and Kashmir Valley to international standards.
- Rs. 100 crore provided for sports university in Manipur.
- India to start an annual event to promote Unique sports traditions in the Himalayan region games.
- Rs. 100 crore provided for the training of sports women and men for forthcoming Asian games.
- A “Young Leaders Programme” with an initial allocation of ` 100 crore to be set up.
North Eastern States
- Rs.100 crore provided for development of organic farming in North Eastern States.
- Rs.1000 crore provided for development of rail connectivity in the North Eastern Region.
- To provide a strong platform to rich cultural and linguistic identity of the North-East, a new 24×7 channel called “Arun Prabha” will be launched.
Andhra Pradesh and Telangana
- Government committed to addressing the issues relating to development of Andhra
- Pradesh and Telangana in the AP Re-organization Act, 2014. Provision made by
- various Ministries/Departments to fulfill the obligation of Union Government.
NCT of Delhi
- Rs. 200 crore for power reforms and ` 500 crore for water reforms to make Delhi a truly World Class City.
- Rs. 50 crore provided to solve the long term water supply issues to the capital region. Construction of long pending Renuka Dam to be taken up on priority.
Andaman and Nicobar Island and Puducherry
- Rs.150 crore provided to tide over communication related problems of the Island .
- Rs. 188 crore to Puducherry for meeting commitments for Disaster preparedness
Displaced Kashmiri Migrants
- Rs.500 crore provided to support displaced Kashmiri migrants for rebuilding their lives.
Himalayan Studies
- Rs.100 crore provided to set up a National Centre for Himalayan Studies in Uttarakhand
BUDGET ESTIMATES
- Mandate to be fulfilled without compromising fiscal consolidation
- Non-plan Expenditure of Rs 12,19,892 crore with additional provision for fertilizer subsidy and Capital expenditure for Armed forces.
- Rs. 5,75,000 crore Plan expenditure – increase of 26.9 per cent over actuals of 2013-14.
- Plan increase targeted towards Agriculture, capacity creation in Health and Education, Rural Roads and National Highways Infrastructure, Railways network expansion, clean energy initiatives, development of water resources and river conservation plans.
- Total expenditure of Rs. 17,94,892 crore estimated.
- Gross Tax receipts of Rs. 13,64,524 crore estimated.
- Net to centre of Rs. 9,77,258 crore estimated.
- Fiscal deficit of 4.1% of GDP and Revenue deficit of 2.9% estimated.
- New Statement to separately show plan allocation made for North Eastern Region.
- Allocation of Rs. 53,706 crore for North East Regions.
- Allocation of Rs. 50,548 crore under SCSP and Rs.32,387 under TSP.
- Allocation for women at Rs. 98,030 crore and for children at Rs. 81,075 crore.
TAX PROPOSALS
- Ambitious Revenue Collection Targets in Interim Budget. Proposed tax changes factored in the Budget Estimates 2014-15
- Measures to revive the economy, promote investment in manufacturing, rationalize tax provisions to reduce litigation, address the problem of inverted duty structure in certain areas. Tax reliefs to individual tax payers
DIRECT TAXES PROPOSALS
- Personal Income-tax exemption limit raised by Rs. 50,000/- that is, from Rs 2 lakh to Rs2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens. No change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc.
- Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs 1.5 lakh to Rs.2 lakh.
- Conducive tax regime to Infrastructure Investment Trusts and Real Estate Investment. Trusts to be set up in accordance with regulations of the Securities and Exchange Board of India.
- Investment allowance at the rate of 15 percent to a manufacturing company that invests more than Rs 25 crore in any year in new plant and machinery. The benefit to be available for three years i.e. for investments upto 31.03.2017.
- Investment linked deduction extended to two new sectors, namely, slurry pipelines for the transportation of iron ore, and semi-conductor wafer fabrication
- 10 year tax holiday extended to the undertakings which begin generation, distribution and transmission of power by 31.03.2017.
- Income arising to foreign portfolio investors from transaction in securities to be treated as capital gains. Concessional rate of 15 percent on foreign dividends without any sunset date to be continued.
- The eligible date of borrowing in foreign currency extended from 30.06.2015 to 30.06.2017 for a concessional tax rate of 5 percent on interest payments. Tax incentive extended to all types of bonds instead of only infrastructure bonds.
- Introduction of a “Roll Back” provision in the Advanced Pricing Agreement (APA) scheme so that an APA entered into for future transactions is also applicable to international transactions undertaken in previous four years in specified circumstances.
- Introduction of range concept for determination of arm’s length price in transfer pricing regulations.
- To allow use of multiple year data for comparability analysis under transfer pricing regulations.
- 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
- Income and dividend distribution tax to be levied on gross amount instead of amount paid net of taxes.
- In case of non deduction of tax on payments, 30% of such payments will be disallowed instead of 100 percent.
- Government to review the DTC in its present shape and take a view in the whole matter.
- 60 more Ayakar Seva Kendras to be opened during the current financial year to promote excellence in service delivery.
- Net Effect of the direct tax proposals to result in revenue loss of Rs. 22,200 crore.
INDIRECT TAXES PROPOSALS
- To boost domestic manufacture and to address the issue of inverted duties, basic customs duty (BCD) reduced on certain items.
- To encourage new investment and capacity addition in the chemicals and petrochemicals sector, basic customs duty reduced on certain items.
- Steps taken to boost domestic production of electronic items and reduce our dependence on imports. These include imposition of basic customs duty on certain items falling outside the purview of IT Agreement, exemption from SAD on inputs/components for PC manufacturing, imposition of education cess on imported electronic products for parity etc.
- Colour picture tubes exempted from basic customs duty to make cathode ray TVs cheaper and more affordable to weaker sections.
- To encourage production of LCD and LED TVs below 19 inches in India , basic customs duty on LCD and LED TV panels of below 19 inches reduced from 10 percent to Nil.
- To give an impetus to the stainless steel industry, increase in basic customs duty on imported flat-rolled products of stainless steel from 5 percent to 7.5 percent.
- Concessional basic customs duty of 5 percent extended to machinery and equipment required for setting up of a project for solar energy production.
- Specified inputs for use in the manufacture of EVA sheets and back sheets and flat copper wire for the manufacture of PV ribbons exempted from basic customs duty.
- Reduction in basic customs duty from 10 percent to 5 percent on forged steel rings used in the manufacture of bearings of wind operated electricity generators. Exemption from SAD of 4 percent on parts and raw materials required for the manufacture of wind operated generators.
- Concessional basic customs duty of 5 percent on machinery and equipment required for setting up of compressed biogas plants (Bio-CNG).
- Anthracite coal, bituminous coal, coking coal, steam coal and other coal to attract 2.5 per cent basic customs duty and 2 per cent CVD to eliminate all assessment disputes and transaction costs associated with testing of various parameters of coal.
- Basic customs duty on metallurgical coke increased from Nil to 2.5 percent in line with the duty on coking coal.
- Duty on ship breaking scrap and melting scrap of iron or steel rationalized by reducing the basic customs duty on ships imported for breaking up from 5 percent to 2.5 percent.
- To prevent mis-use and avoid assessment disputes, basic customs duty on semiprocessed, half cut or broken diamonds, cut and polished diamonds and coloured gemstones rationalized at 2.5 percent.
- To encourage exports, pre-forms of precious and semi-precious stones exempted from basic customs duty.
- Duty free entitlement for import of trimmings, embellishments and other specified items increased from 3 percent to 5 percent of the value of their export, for readymade garments. Export duty on bauxite increased from 10 percent to 20 percent.
- For passenger facilitation, free baggage allowance increased from Rs. 35,000 to Rs. 45,000.
- To incentivize expansion of processing capacity, reduction in excise duty on specified food processing and packaging machinery from 10 percent to 6 percent.
- Reduction in the excise duty from 12 percent to 6 percent on footwear of retail price exceeding Rs. 500 per pair but not exceeding Rs. 1,000 per pair.
- Withdraw concessional excise duty (2 percent without Cenvat benefit and 6 percent with Cenvat benefit) on smart cards and a uniform excise duty at 12 percent
- To develop renewable energy, various items exempted from excise duty.
- Exemption to PSF and PFY manufactured from plastic waste and scrap including PET bottles from excise duty with effect from 29th June, 2010 to 7th May, 2012.
- Prospective levy of a nominal duty of 2 percent without Cenvat benefit and 6 percent with Cenvat benefit on such PSF and PFY.
- Specific rates of excise duty increased on cigrettes in the range of 11 per cent to 72 per cent.
- Excise duty increased from 12 percent to 16 percent on pan masala, from 50 percent to 55 percent on unmanufactured tobacco and from 60 percent to 70 percent on gutkha and chewing tobacco. Levy of an additional duty of excise at 5 percent on aerated waters containing added sugar. To finance Clean Environment initiatives, Clean Energy Cess increased from Rs. 50 per tonne to Rs. 100 per tonne
Service tax
- To broaden the tax base in Service Tax, sale of space or time for advertisements in broadcast media, extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media however would remain excluded from service tax. Service provided by radio-taxis brought under service tax.
- Services by air-conditioned contract carriages and technical testing of newly developed drugs on human participants brought under service tax.
- Provision of services rules to be amended and tax incidence to be reduced on transport of goods through coastal vessels to promote Indian Shipping industry.
- Services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India to be taken out of the tax net and Cenvat credit for services of rent-a-cab and tour operators to be allowed to promote tourism.
- Service tax exempted on loading, unloading, storage, warehousing and transportation of cotton, whether ginned or baled
- Services provided by the Employees’ State Insurance Corporation for the period prior to 1st July 2012 exempted, from service tax.
- Exemption available for specified micro insurance schemes expanded to cover all life micro-insurance schemes where the sum assured does not exceed Rs. 50, 000 per life insured.
- For safe disposal of medical and clinical wastes, services provided by common biomedical waste treatment facilities exempted.
- Tax proposals on the indirect taxes side are estimated to yield Rs.7525 crore.
- 24X7 customs clearance facility extended to 13 more airports in respect of all export goods and to 14 more sea ports in respect of specified import and export goods to facilitate cargo clearance.
- Indian Customs Single Window Project’ to facilitate trade, to be implemented.
- The scheme of Advance Ruling in indirect taxes to be expanded to cover resident private limited companies. The scope of Settlement Commission to be enlarged to facilitate quick dispute resolution.
- Customs and Central Excise Acts to be amended to expedite the process of disposal of appeals
Secretary of State John Kerry is meeting with rival Afghan presidential candidates for a second day on Saturday as the United States struggles to find a path out of the crisis enveloping the nation’s elections.
Updated on : 11-07-2014 01:42 PM
The mines were shut as locals protested the company’s plan to relocate them to make way for planned mine expansion
Approval has been sought from shareholders, according to notice sent out for company’s AGM to be held on 13 August
More than 100 families are campaigning against Mahanadi Coalfields’ plan to shift them about 15 km from their homes around the mines
Amrapali mine is expected to produce 3 million tonnes this fiscal year; will start producing at full capacity in 2 years, says Central Coalfields chairman
A business model is being evaluated to meet the fund requirement, given current high crude oil prices
Photo above: GOPIO Officials with Indian High Commissioner Gupta
Photo above: Conference panel on Multi-Cultural Diversity & Inter-ethnic Cooperation in the Indian Diaspora
