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2014 Union budget of India
Government budget From Wikipedia, the free encyclopedia
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The 2014 Union Budget of India was presented by Finance Minister, Arun Jaitley on 10 July 2014,11 am.[1] This was the first budget of the Narendra Modi led NDA government.[2]
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Highlights
- ₹70.6 billion (US$840 million) provided for the development of Smart Cities in India
- ₹10 billion (US$120 million) provided for irrigation
- 5 New IITs and IIMs and four new AIIMS in India.
- New airports scheme in tier 1 and 2 cities
- Schemes for development of sports across the country.
Foreign Direct Investment
- FDI cap in Defense and Insurance sector was increased to 49% from 26%.
- FDI in real estate for low cost housing
Personal tax and exemption limit
- No changes in personal income tax slabs. But tax exemption limit has been increased to ₹250,000 (US$3,000) from ₹200,000 (US$2,400) for those below the age of 60. Income tax exemption limit for senior citizens has been raised to ₹300,000 (US$3,500).
- Investment limit under Section 80C has also been increased to ₹150,000 (US$1,800) from the current ₹100,000 (US$1,200).
- Housing loan interest rate deduction limit has been increased to ₹200,000 (US$2,400).
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Reactions
The budget received largely negative reactions, with former Prime Minister Manmohan Singh saying that it "lacks road-maps,"[3] the Communist Party of India (Marxist) calling it "a recipe for further enriching the rich and impoverishing the poor,"[4] and former Chief Minister of Delhi Arvind Kejriwal stating that "it was a directionless budget with no steps to bring down inflation in the country,"[5] although president of CII Ajay S. Shriram said that it "covered many aspects of the population" and offered a "positive direction for higher economic growth."[6]
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See also
References
External links
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