The Narendra Modi government has come out with a semi – populous budget for the financial year 2014-15. The Finance minister, Arun Jaitley has submitted the budget to the Parliament on 10th July 2014. This is the first budget of new NDA / BJP government at the center. Following are the salient features of the Union Budget 2014-15.
1) Rs. 10000 crore venture capital fund will be set up for the benefit of new enterpreneurs.
2) Rs. 7060 crores will be allocated for 100 smart cities, announced by PM Narendra Modi.
3) 5 New IITs in AP, Jammu Kashmir, Chattisgarh, Goa and Kerala.
4) 5 New IIMs at Himachal, Punjab, Maharashtra, Bihar and Odisha.
5) 100 crores for modernisation of Madarsas
6) 4 New AIIMS campuses at Andhra Pradesh, West Bengal, Vidarbha and Purvanchal with Rs. 500 crores.
7) Expected 4 percent growth in Agriculture.
8) FM proposed 7 new Industrial Smart Cities.
9) Rs. 5000 crore will be spent on modernisation of armed forces.
10) Bangalore – Mumbai infrastructure corridor will be completed on time.
11) Kisan Television will be set up for farmers. This television will provide up to date information on advanced agricultural system.
12) Metro Rail project for Ahmedabad City.
13) E-Visas will be granted in 9 airports across the country.
The Budget is expected to offer tax sops to the salaries sections. The government may also introduce some populous measures to thank the people for giving stupendous mandate to the BJP in the recent elections.
At the same time the Budget is also likely to give philip to the ailing economy. Measures may be taken to cut the subsidies in several sectors and will unleash free market reforms in various new sectors. Here we provide important points in the Union Budget 2014-15.