The 2014 Union Budget of India was presented by Finance Minister,

Arun Jaitley Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney. A member of the Bharatiya Janata Party, Jaitley served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019. Jai ...

on 10 July 2014,11 am. This was the first budget of

Narendra Modi Narendra Damodardas Modi (; born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. Modi was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament fro ...

led NDA government.

Salient features of the budget

* provided for the development of

Smart Cities in India National Smart Cities Mission is an urban renewal and retrofitting program by the Government of India with the mission to develop smart cities across the country, making them citizen friendly and sustainable. The Union Ministry of Urban Devel ...

* provided for irrigation *5 New

IITs The Indian Institutes of Technology (IITs) are central government owned public technical institutes located across India. They are under the ownership of the Ministry of Education of the Government of India. They are governed by the Instit ...

and IIMs and four new

AIIMS The All India Institutes of Medical Sciences (AIIMS) is a group of autonomous government public medical universities of higher education under the jurisdiction of Ministry of Health and Family Welfare , Government of India. These institutes h ...

in India. *New airports scheme in tier 1 and 2 cities *Schemes for development of sports across the country.

Foreign Direct Investment

*FDI cap in Defense and Insurance sector has been increased to 49% from 26%. *FDI in real estate for low cost housing

Personal tax and exemption limit

* No changes in personal income tax slabs. But tax exemption limit has been increased to from for those below the age of 60. Income tax exemption limit for senior citizens has been raised to . * Investment limit under Section 80C has also been increased to from the current . * Housing loan interest rate deduction limit has been increased to .

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

Reactions

*Former Prime Minister of India, Manmohan Singh reacted on budget saying that "Budget lacks road-maps". *The

Communist Party of India (Marxist) The Communist Party of India (Marxist) (abbreviated as CPI(M)/CPIM/CPM) is a Marxist–Leninist communist political party in India. It is the largest communist party of India in terms of membership and electoral seats and one of the na ...

accused the budget as "a recipe for further enriching the rich and impoverishing the poor. " *Former

Chief Minister of Delhi The chief minister of the National Capital Territory of Delhi is the head of government of the National Capital Territory of Delhi. According to the Constitution of India, the lieutenant governor is the National Capital Territory of Delhi's ''d ...

Arvind Kejriwal Arvind Kejriwal (Hindi: �ɾʋin̪d̪ ked͡ʒɾiːʋaːl born 16 August 1968) is an Indian politician, former bureaucrat, and activist who is the 7th and current Chief Minister of Delhi since February 2015. Currently, he is the national co ...

stated that "it was a directionless budget with no steps to bring down inflation in the country". *

Sharad Yadav Sharad Yadav (born 1 July 1947) is a politician from Rashtriya Janata Dal (RJD) party. He has been elected to Lok Sabha seven times and to Rajya Sabha thrice from JD(U). He was the first national president of Janata Dal (United) since its form ...

reacted on budget saying that "This Budget shows we are standing where we were. It's like distributing toffees". * Sonia Gandhi said that Arun Jaitley copied the policies of congress government. *

Rajeev Shukla Rajeev Shukla (born 13 September 1959) is an Indian politician, former journalist, political commentator and the former chairman of Indian Premier League. In 2015, he was re-appointed unanimously as the Chairman of IPL by the BCCI. On 18 Dec 2 ...

stated that "This budget is intended for corporate sector and rich people. There is nothing in budget for common man" *

Sudheendra Kulkarni Sudheendra Kulkarni is an Indian politician and columnist. Education Kulkarni was educated at Jadhavji Anandji High School in Athani, a town in Belgaum district, Karnataka, India. He went on to study metallurgical engineering at the Indian ...

: Smart new cities are welcome. But far bigger challenge is to make old cities smarter. Possible only with Good Governance Reforms. * Sunil Duggal: The Union Budget 2014-15 was going to be a tough balancing act for Finance Minister Mr. Arun Jaitley, given the precarious state that the Economy was in. * President of

FICCI The Federation of Indian Chambers of Commerce & Industry (FICCI) is a non-governmental trade association and advocacy group based in India. History Established in 1927, on the advice of Mahatma Gandhi by Indian businessman G.D. Birla an ...

, Sidharth Birla stated that "The FM has set the ground for repair of the economy. There has been a mix of both short-term and long-term measures geared towards boosting confidence of all key constituents." * President of CII, Ajay S. Shriram stated that "It has covered many aspects of the population and that is big plus. The finance minister has looked at policies from 2-3 year view and this is a positive direction for higher economic growth."

References

External links

Budget at a glance
{{2014 in India , state=expanded Union budgets of India Modi administration

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

2014 in Indian economy