Important points of the Union Budget 2014-15

Union Finance Minister, P Chidambaram on 17 February 2014 presented Interim Budget 2014-15 in the Lok Sabha. Excise duty on cars, two-wheelers, SUVs and capital goods and consumer durables has been slashed to boost the manufacturing and growth.

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Important points of the Union Budget 2014-15

• To sustain the pace of plan expenditure, it has been kept at the same level in 2014-15 with 555322 crore rupees has been provided under the plan expenditure as it was budgeted in 2013-14.
• The non-plan expenditure in 2014-15 has been estimated at 1207892 crore rupees
• Spending raised to 2.24 trillion rupees in 2014-15, up 10 percent year on year
• Government to provide 112 billion rupees capital infusion in state run banks in 2014-15
• 33725 crore rupees has been given to Ministry of Health and Family Welfare
• 67398 crore rupees has been given to Ministry of HRD
• 15260 crore rupees has been given to Drinking water and sanitation ministry
• 6730 crore rupees has been given to Social Justice and Empowerment Ministry
• 6000 crore rupees has been given to the Union Ministry of Housing and Poverty Allegation
• 21000 crore has been given to the Ministry of Women and Child Development
• 29000 crore rupees has been given to the railways as budgetary support
• Government has announced one-rank-one-pension scheme for defence personnel from 2015
• 246397 crore rupees has been sanctioned for subsidies
• 116000 crore rupees has been allocated for food subsidy
• Defence allocation has been enhanced by 10 percent to 224000 crore rupees for 2014-15 from 203672 crore rupees of 2013-14
• To strengthen the capacity of Central Armed Police Forces by modernization and providing state-of-the-art equipment and technology, the government has allocated 11009 crore rupees
• To formulate and promote the scheme of community radio station, the government has sanctioned a fund of 100 crore rupees
• The interim budget has sanctioned 6730 crore rupees to the Social Justice Ministry
• 7000 crore rupees has been sanctioned for the Panchayati Raj Ministry
• The finance minister claimed that 140 million Indian people are out of poverty
• 246397 crore rupees has been allocated for food, fertilizer and fuel subsidy
• No changes has been introduced under the tax laws but changes has been introduced for the indirect taxes
• To stimulate growth, the government has slashed excise duty to 10 percent from 12 percent
• The interim budget has stressed its focus on manufacturing and manufacturing exports
• A ten point agenda has been created by Chidambaram to make India the third largest economy after US and China
• The government has moved for a populist move on the students loans and it has decided to waive 2600 crore rupees on outstanding loans taken by students up to 31 March 2009. It has declared a moratorium on these loans.
• Two projects sanctioned under Nirbhaya Fund of which the original was of 1000 crore rupees that was non-lapsable and another 1000 crore rupees has been granted

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This was the 83rd budget of the Union Government and 9th personal budget by Chidambaram as Finance Minister.