BUDGET 2014: Imported electronics will be costilier

budgetHighlights of the Budget 2014, presented by Finance Minister Arun Jaitley

Thursday, July 24, 2014:


*Imported electronics will be costilier

* It’s time India started its own defence manufacturing

*Tax incentives for manufacturing sector will aid in revival

*Need to revive growth in manufacturing, infra sectors

*Needs a push for job creation, especially in the manufacturing sector

*Government is committed to revive SEZs.


*Fiscal deficit seen at 3.6 per cent of GDP in 2015-16

*Fiscal deficit target of 4.1 per cent of GDP for 2014-15 accepted

*”Tax-to-GDP ratio must be raised,” says Arun Jaitley


*Finance minister promises policies for higher growth, lower inflation

*Aims for sustained growth of 7-8 per cent in the next 3-4 years


*Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs

*Aims to approve goods and services tax by end of this year

*All pending cases of retrospective tax for indirect transfers to be examined by a high-level committee before action is taken


*Raises limit on foreign direct investment in defence sector from 26 per cent to 49 per cent

*Earmarks Rs 70.6 billion to create 100 “smart cities”

*To raise defence FDI to 49 per cent, retain Indian control


*Rs 1000 million set aside for development of Technology Development Fund


*Rural job-guarantee scheme, which provides 100 days of paid employment a year, will become more focused on asset creation


*Five new IITs to be set up in places including Jammu, Chattisgarh, Goa, Andhra Pradesh.

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