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Thursday, July 10, 2014

Review: India's Union Budget 2014 - Modi Government maiden act


The maiden budget presented by newly elected Prime minister Modi today in Indian parliament is being considered as one of the most apt budget that had been presented in recent times. While Dalal street has cheered the budget up, others  especially from opposition parties have completely rejected it. The common man is fairly fine with "Modi-ism".

TOP 20 excerpts from Modi budget:

  1. -Excise duty on footwear halved
  2. -Five new tourist circuits to be established
  3. -World class convention centre to come up in Goa
  4. -IT exemption limit for those below 60 raised from Rs.2 lakhs to Rs.2.5 lakhs; from Rs.2.5 lakhs to Rs.3 lakhs for senior citizens
  5. - No change in surcharge for corporates; education cess to continue
  6. - Allocation of Rs.2.037 crore for creating integrated Ganga conservation mission
  7. - National sports foundations to be set up for disciplines like shooting, wrestling and boxing; Jammu and Kashmir gets Rs.200 crore to upgrade sports facilities; Sports university to come up in Manipur
  8. -Defence allocated Rs.229,000 crore; modernisation gets Rs.5,000 crore over and above interim budget
  9. - Uniform KYC norms to be introduced across entire financial sector
  10. - Steps to revive SEZs
  11.  -Sixteen new port projects to be taken up this fiscal
  12. -Jal Marg Vikas programme to be launched to promote navigation on Ganga from Allahabad to Haldia
  13. -Kisan TV to be launched to disseminate information in real time
  14. -Allocation of Rs.14,389 crore for rural roads
  15. -FDI limit in insurance sector raised to 49 percent
  16. -All states to get AIIMS like institutions an allocation of Rs.500 crore for 5 more IITs and 5 more IIMs
  17. - Allocation of Rs.500 crore to provide 24x7 power in rural areas
  18. - E-visas to be introduced at nine airports
  19. - Colour TVs to cost less on reduced customs duties- Thirteen more airports to get 24x7 customs facilities
  20. - Excise duty increased on Tobacco products
Budget Summary & Reviews in 60 seconds:

Insights & Imperatives:

Today's budget speech was one of the longest most speech by any Finance Minister. The budget looks bold aiming to contain fiscal deficit, pull economy back on track by fiscal consolidation. The budget also aimed to improve investment sentiments which should turn around by more job opportunities for young Indian generation. Modi government did cover most of every industry but left in lurch on scheme related to Aviation, Automobiles and Telecom services in general. One of the interesting aspect is Public banks will now be able to raise fund by rolling out shares/IPOs which should infuse much needed capitalization.

We feel this is definitely a brave budget and next 1-2 years will be interesting to watch, the success of the budget and in particular the Govt. will be assessed on how it actually executes, implement and monitor promises made in this budet, we do believe "Acche din zaroor ayengay" ; Good days will surely come.


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