union budget 2014
DESCRIPTION
Outline of the Fiscal Budget presented in the Parliament today by FM Arun JaitleyTRANSCRIPT
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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Outline of the Union Budget for fiscal years 2014-15 presented by
Finance Minister Arun Jaitley in the Parliament
Presentation prepared by:Nirav Desai
MBA IT 2014-2016
SICSR
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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Government objectives:Government aims for sustained growth of 7-8%Fiscal deficit at 4.1% of GDP targeted by end of this fiscal yearSteady and predictable income tax regimeTax to GDP ratio at 10.6%
FY 2014-15 Budget
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EXPENDITURES FOR FY 14-15 FUNDS ALLOCATED (crores)1 crore = 10 million
Rural Housing 8,000.00₹ Power+Water Infrastructure (Delhi) 700.00₹ Start-Up Fund 10,000.00₹ Defense Expenditure 229,000.00₹ 5 Tourist Circuits 500.00₹ Sports Training 100.00₹ Displaced Kashmiri Migrants 500.00₹ Rail Connectivity in North East 1,000.00₹ Ganga Development Project 2,037.00₹ Young Leaders Program 100.00₹ State Police Modernisation 3,000.00₹ Socio Economic Development of villages 990.00₹ Heritage Sites 100.00₹ Police Memorial 50.00₹ War Memorial + War Museum 100.00₹ Clean Thermal Power 100.00₹ Industrial Corridor Expressway Development 37850 37,850.00₹
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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Solar Power Generation 500.00₹ Agriculture Infrastructure Fund 100.00₹ Warehouse Capacity 5,000.00₹ NABARD 500.00₹ Price Stabilisation Fund 500.00₹ Affordable Housing (Urban) 4,000.00₹ National rural internet 500.00₹ 5 IITs and 5 IIMS (new) 500.00₹ Rural Power Plan 500.00₹ Rural Roads 14,389.00₹ SCST Schemes 50,500.00₹ 100 Smart Cities 7,060.00₹ PM Irrigation Scheme 1,000.00₹ Fuel Subsidy 63,430.00₹ Fertilizer Subsidy 72,970.00₹ Food Subsidy 115,000.00₹ Infusion in PSU Banks 112,000.00₹ Public Sector Expansion 247,000.00₹ Total Outlays Pan Expenditure 989,576.00₹
Non-plan Expenditure 1,220,000.00₹ Plan Expenditure 575,000.00₹ Total Budget Expenditure 1,795,000.00₹
FY 2014-15 Budget Outlays (details):
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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Sector Spending (lakh crore)
Energy Security 65,230.00₹ Food Security 195,070.00₹ Rural Infrastructure 23,879.00₹ Urban Infrastructure 52,197.00₹ Human Resources 65,200.00₹ Industrial Expansion 588,000.00₹
989,576.00₹
FY 2014-15 Budget Outlays by sectors:
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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7%
20%
2%
5%
7%
59%
FY 2014-15 Budget Outlays presented by FM Arun Jaitly: Plan Expenditure: Rs. 7,42,576 core PSU Expansion: Rs. 2,47,000 crore
Non-plan expenditure: Rs. 12,20,000 croreTotal Budget Outlays: Rs. 17,95,000 crore
Energy SecurityFood SecurityRural InfrastructureUrban InfrastructureHuman ResourcesIndustrial Expansion
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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FY 2014-15 Budget Revenues details:REVENUE SOURCE EXPECTED MOP UP
(CRORES)1 crore = 10 million
Income Tax (Direct Tax Code) 284,000.00₹ Customs Duty 202,000.00₹ Excise Duty 207,000.00₹ Service Tax 216,000.00₹ PSU Disinvestment 43,425.00₹ Market Borrowing 600,000.00₹ Receipts from communication services 45,470.00₹
Revenues (Total) 1,597,895.00₹ Revenue Gap 197,105.00₹ Total Outlays 1,795,000.00₹
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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FY 2014-15 Budget Revenues by sectors:
Income Tax (Direct Tax Code)18%
Customs Duty13%
Excise Duty13%
Service Tax14%PSU Disinvestment
3%
Market Borrowing38%
Receipts from communication services3%
EXPECTED MOP UP (CRORES) Rs. 15,97,895
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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Infrastructure Related Policies in Budget 2014-15:Development of Inland WaterwaysDevelopment of 15000km of gas pipelinesNHAI target of 8000km of road developmentDevelopment of expressways along industrial corridorsAll deparments and ministeries to be integrated through e-platform
FY 2014-15 Budget New Policy Proposals:
Financial Sector Related Policy Proposals:Consolidation of PSU banksNew Indian Accounting Standard from FY17Insurance Bill to be tabledLiberalization of FDI in e-commerceGoods and Services Tax will be approved by the end of the year
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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FY 2014-15 Budget New Policy Proposals:
TAX RELATED CHANGESEducation cess 3%Portfolio income of FIIs under capital gains taxHome loan deduction up to 2 lakhs (Sec 80C)Dividend Income Tax 15%Long term capital gains tax on Mutual Fund (>36 months): 20%Personal Income Tax Limit raised from 1.0 lacs to 2.5 lacs
Customs and Excise Duties:Customs on Coal: 2.5%Export duty on bauxite: 20%Packaging machinery, packaged foods, shoes: Excise duty of 6%Telecom equipment: Excise duty 10%Cigarettes: Excise Duty 72%
Prepared by: Nirav Desai, MBA IT 2014-16 SICSR
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References:
• Twitter feed of CNBC TV-18 and ET NOW news networks
• Times of India, The Hindu: Online Newspapers• Reuters (online)