How your life will change after Budget 2014

Based on the announcements made in the Budget, here’s how your life is expected to change

Your household Budget will improve marginally

Salaried class has got something to cheer with Finance Minister Arun Jaitley raising tax exemption limit to Rs 250,000 from Rs 200,000, providing a relief of Rs 5,000 annually.

Similarly, he raised tax exemption limit from Rs 250,000 to Rs 300,000 in the case of senior citizens.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

More jobs will come to the market

With the government putting strong emphasis on job creation, experts said measures proposed in the union budget can help create 5-8 million jobs in next 3-4 years across various sectors.

They believe that the sectors that are likely to see an immediate job creation are infrastructure, transport, power, consumer goods, e-commerce, startups and tourism.

Infrastructure, power, transport and consumer goods will see an immediate hike in hiring.

Please click here for the Complete Coverage of Budget 2014 -15

We will see more entrepreneurs

Finance Minister Arun Jaitley unveiled a slew of measures to revitalise the micro, small and medium enterprises sector, laying special thrust on promotion of start-ups.

Presenting the Budget 2014-15 proposals in Parliament, he said Rs 10,000 crore (Rs 100 billion) venture capital fund is to be set up for the sector.

MSMEs form the backbone’ of the country's economy, Jaitley said, adding that financing to this sector is of critical importance, particularly as it benefits the weakest sections. 
Jaitley also announced that the definition of MSME will be reviewed to provide for a higher capital ceiling.

he said, a nationwide 'District level Incubation and Accelerator Programme' would be taken up for incubation of new ideas and providing necessary support for accelerating entrepreneurship. 

Please click here for the Complete Coverage of Budget 2014 -15

The more you will save, more you will earn

As households are main contributors to savings, the investment limit under 80C has been raised to Rs 150,000 from the existing Rs 100,000. This means when you save more, you pay less tax.

Similarly, he also hiked the Public Provident Fund exemption to Rs 150,000 from the earlier Rs 100,000.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

More Mary Koms, Sushil Kumars and Vijender Singhs from India

Arun Jaitley's annual Union Budget 2014 on Thursday has brought cheer to sportspersons.

In a cricket-mad nation where sports awareness is rather low, the government wants to boost budding athletes by building national sports academies across India.

It is not clear what will happen to the Sports Authority of India, which remains the central controlling authority running sports in India.

The government plans to build a sports university in Manipur. The government has also allocated Rs 200 crore to upgrade indoor and outdoor stadiums in Jammu and Kashmir.

…

Please click here for the Complete Coverage of Budget 2014 -15

You will be really tempted to buy property on a home loan

The Finance Minister wants young to buy home and also target that every family should have their own house by 2022.

To give a boost to this, FM hiked the exemption limit on housing loan from to Rs 200,000 from the current Rs 150,000.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

People in non-metro areas will get more opportunities in their cities

To control the migration to metros, the government plans to develop 100 smart cities. For this the finance minster has earmarked Rs 7,060 crore (Rs 70.60 billion) in this financial.

You could see large non-metros to have better public transport, road networks, and more employment opportunities.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

You will see better roads and highways

The government on Thursday unveiled steps including Rs 38,000 crore (Rs 380 bilion) investments for fast-tracking highways to augment the nation's arterial network.

The government will also initiate work on select expressways in parallel to the development of the Industrial Corridors.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

Prices would come down if FM can stick to his targets

Jaitley has kept a target of limiting fiscal deficit to 4.1 per cent for the current fiscal. He aims to reduce it to 3.6 per cent and 3 per cent for 2015-16 and 2016-17 respectively.

These are challenging targets considering the governments usually go for populist measures year after year.

If the fiscal deficit comes down as per the finance minister’s targets, we might see lowering of inflation and India growing at a higher rate.

…

Please click here for the Complete Coverage of Budget 2014 -15

Minimum Rs 1,000 pension guaranteed

All the subscribers of EPFO will get a minimum of Rs 1,000 per month pension. This will benefit 28 lakh pensioners who get less than this amount at present.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

You will be able to buy TVs and computers for less

Planning to buy a new computer? This is the right time. Post Union Budget, computers will be cheaper. Prices of e-book readers, desktop, laptops and tablets will also come down.

Jaitley scrapped basic customs duty on colour picture tubes. Customs duty was cut to nil on import of LCD, LED Panels. Hence, television sets, LCD and LED below 19 inch will be cheaper.

Consumers may have to shell out more money for buying mobile phones as the government has proposed education cess on imported electronic products. The move may push up costs of handsets by up to 8 per cent, especially smartphones that are mostly imported.

It's time you kicked the habit of smoking as it will not only affect your health but will also burn a hole in your pocket. While presenting the Budget for 2014-15, Jaitley proposed to increase the specific excise duty on cigarettes in the range of 11 per cent to 72 per cent.

Please …

Please click here for the Complete Coverage of Budget 2014 -15

Reach smaller cities by air

Government wants to new airports in smaller cities and towns to encourage air travel in the country.

The Airport Authority of India (AAI) will build the airports through public private partnership (PPP) process.

Non-metro airports in the country now account for only about 30 per cent of the total air traffic but this is expected to rise to 45 per cent in the next few years.

India plans to build 200 low-cost airports in the next 20 years to connect tier-II and tier-III cities.

…

Please click here for the Complete Coverage of Budget 2014 -15

Better basic healthcare facilities

The government has proposed setting up of four more All India Institute of Medical Sciences (AIIMS). New AIIMS will come up at in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Purvanchal.

Please click here for the Complete Coverage of Budget 2014 -15

Less paperwork when opening a bank account, investing in a mutual fund or buying an insurance policy

In a bid to make capital market access smoother for investors, Budget 2014 proposed introduction of uniform Know Your Customer (KYC) norms and inter-usability of KYC records across the entire financial sector.

For the investor, it spells good news, as you won’t have to produce a variety of different documents in dealing with different financial service providers. You can use the same document for opening a bank account to buying an insurance policy and investing in a mutual fund.

…

Please click here for the Complete Coverage of Budget 2014 -15

India will produce more IITians and IIM Graduates

The number of the premier institutes is set to go up. We will have more IITians and IIM graduates in the time to come.

Finance Minister Arun Jaitley allocated Rs 500 crore (Rs 5 billion) to set up five new IIMs (Indian Institute of Management Studies) and five new IITs (Indian Institute of Technology) in the Union Budget 2014-15.

The premier engineering IIT colleges will be added to Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala.

Top-ranked business schools or IIMs will be set up in Himachal Pradesh, Punjab, Bihar, Odisha and Maharashtra.

Please …

Please click here for the Complete Coverage of Budget 2014 -15