Budget 2014: Highlights of Finance Minister Arun Jaitley’s Budget speech

FDFinance Minister Arun Jaitley presented the Narendra Modi government’s first budget. Here are the highlights:

1. Two years of sub-five per cent growth has led to challenges to the economy

2. Green shoots of recovery seen in global economy

3. Slow decision making has resulted in loss of opportunity

4. We look forward lower level of inflation

5. Will usher in policy regime that will usher in higher growth, low inflation

6. Aim to achieve 7-8 per cent economic growth rate in next 3-4 years

7. Will leave no stone unturned to create a vibrant India

8. Budget proposes Plan expenditure of Rs 5,75,000 crore for current ficsal

9. Anti-poverty programmes will be targeted well.

10. We need to revive growth particularly in manufacturing sector and infrastructure

11. There is urgent need to generate more resources

12. Should we allow economy to suffer because of indecisiveness and populism

13. Task before us is challenging

14: We must continue to be watchful of CAD

 15. Target of 4.1 per cent fiscal deficit is daunting but accepting it as a challenge

16. Finance Minister emphasizes on fiscal prudence, need to generate more resources.

17. Iraq crisis having impact on oil prices

18. We must address the problem of black money fully

19. We must take bold steps to enhance economic activity

20. Expenditure Management Commission will be constituted to look at expenditure reforms

21. We are for minimum government, maximum governance

22. Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected

23. New urea policy will be formulated

24. We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional

25. This govt will not ordinarily change policies retrospectively which creates a fresh liability

26. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken

27. We are committed to providing stable tax regime which is investor friendly

28. Govt to set up a high-level Committee to interact with industry to bring about changes in tax laws if required

29. FM Proposes to enhance the scope of income tax settlement commission.

30. Govt proposes to strengthen authority for advance ruling in tax, set up more benches

31. Transfer pricing regulations for residents and non-residents being done

32. FDI in Defence sector raised to 49 per cent

33. Finance Minister Arun Jaitley takes 5-minute break; Lok Sabha adjourned for 5 minutes

34. Financial stability is foundation of rapid recovery

35. Our domestic manufacturing is still at nascent stage

36. Manufacturing units will be allowed to sell their products through retail and e-commerce

37. Budget proposes 49 per cent FDI in insurance through FIPB route.

38. Our Banking system needs to be further strengthened. Need to infuse rs 2.40 lakh crore in

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