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Union Budget 2014-15: Schemes/Initiatives

Jul 10, 2014 17:57 IST

Union Finance Minister Arun Jaitley presented his maiden budget on 10 July 2014. The Budget has focused on rejuvenating growth of the Indian economy with special focus on Agriculture, Industry, Infrastructure and Energy sector.

• Pradhan Mantri Krishi Sinchayee Yojna assured irrigation 1000 crore rupees
• Two more Agricultural Research Institute of excellence in Assam and Jharkhand with an initial sum of 100 crore rupees
• Agri-tech Infrastructure Fund to be set up with an initial corpus of 100 crore rupees
• Agriculture Universities in Andhra Pradesh and Rajasthan and Horticulture Universities in Telangana and Haryana to be opened with an outlay of 200 crore rupees
• A scheme to provide every farmer a soil health card in a Mission mode will be launched with an outlay of 100 crore rupees
• 100 Mobile Soil Testing Laboratories to be set up across the country with an outlay of 56 crores rupees
• National Adaptation Fund with an amount of 100 crore rupees to be set up to meet the vagaries of climate change
• Protein revolution to be launched
• Price Stabilization Fund to be set up with an outlay of 500 crore rupees to mitigate the risk of Price volatility in the agriculture produce
• To provide institutional finance to landless farmers, it is proposed to provide finance to 5 lakh joint farming groups of Bhoomi Heen Kisan through NABARD
• Warehouse Infrastructure Fund to be set up with an outlay of 5000 crore rupees
• Long Term Rural Credit Fund to set up for the purpose of providing refinance support to Cooperative Banks and Regional Rural Banks with an initial corpus of 5000 crore rupees

• Central Government departments and Ministries to integrate their services with the e-Biz, a single window platform, for services on priority by 31 December 2014
• National industrial Corridor Authority to be set up with an outlay of 100 crore rupees
• Export Promotion Mission to be established to bring all stakeholders under one umbrella
• Committee to examine the financial structure of Micro, Small and Medium Enterprises (MSMEs) to be set up
• Fund of Funds with a corpus of 10000 crore rupees for providing equity to encourage new startups by youth to be set up
• Technology Network Centre to be set up with a corpus of 200 crore rupees
• District level Incubation and Accelerator Programme to be taken up
• Trade Facilitation Centre and a Crafts Museum with an outlay of 50 crore rupees to be set up to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi.
• Sum of 500 crore rupees for developing a Textile mega-cluster at Varanasi and six more at Bareilly, Lucknow, Surat, Kutch, Bhagalpur and Mysore.
• Hastkala Academy for the preservation, revival, and documentation of the handloom/handicraft sector in PPP mode in Delhi to be set up with an outlay of 20 crore rupees
• Pashmina Promotion Programme (P-3) for the development of other crafts of Jammu & Kashmir to be started with an allocation of 50 crore rupees

• An institution to provide support to mainstreaming PPPPs called 4PIndia to be set up with a corpus of 500 crores rupees
• Phase-I of Outer Harbour Project in Tuticorin, Tamil Nadu to be developed with an outlay of 11635 crore rupees
• Special Economic Zones to be developed in Kandla and Jawahar Lal Nehru Port Trust
• Project on Ganges called Jal Marg Vikas to be developed between Allahabad and Haldia
• Scheme for development of new airports in Tier I and Tier II Cities to be launched
• Tax incentives for Infrastructure Investment Trusts (INVITS)

• Ultra-Modern Super Critical Coal Based Thermal Power Technology Scheme to get 100 crore rupees‰
• Ultra Mega Solar Power Projects with an outlay of 500 crores rupees provided to States of Rajasthan, Gujarat, Tamil Nadu, Andhra Pradesh and Laddakh
• Solar power driven agricultural pump sets and water pumping stations to be started with an outlay of 400 crores rupees
• 100 crore rupees provided for the development of 1 MW Solar Parks on the banks of canals
• A Green Energy Corridor Project is being implemented to facilitate evacuation of renewable energy across the country

Banking and Finance
• A National Savings Certificate with insurance cover will also be launched to provide additional benefits for the small saver
• Introduction of uniform KYC norms and inter-usability of the KYC records across the entire financial sector.
• Introduce one single operating Demat account
• Uniform tax treatment for pension fund and mutual fund linked retirement plan
• Financial Inclusion Mission to be launched on 15 August 2014 with focus on the weaker sections of the society
• Six new Debt Recovery Tribunals to be set up
• For venture capital in the MSME sector, a 10000 crore rupees fund to act as a catalyst to attract private Capital by way of providing equity , quasi equity, soft loans and other risk capital for start-up companies with suitable tax incentives to participating private funds to be established
• Kissan Vikas Patra (KVP) to be reintroduced
• A special small savings instrument to cater to the requirements of educating and marriage of the Girl Child to be introduced
• FDI in insurance sector raised to 49 percent

Defence and Internal Security
• FDI in defence sector raised to 49 percent with full Indian management and control
• One Rank One Pension to get 1000 crore rupees
• 100 crore rupees provided for construction of a war memorial in the Princes Park, which will be supplemented by a War Museum
• Technology Development Fund for Defence to be set up with an initial outlay of 100 crore rupees
• National Police Memorial to be constructed with an outlay of 50 crore rupees

Tourism and Culture

• Statue of Unity (National Project) to be built at a cost of 200 crore rupees
• Facility of Electronic Travel Authorization (e-Visa) to be introduced in phased manner at nine airports in India
• National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD) to be launched with an outlay of 100 crore rupees
• National Heritage City Development and Augmentation Yojana (HRIDAY) to be launched at an outlay of 200 crore rupees
• Sarnath-Gaya-Varanasi Buddhist circuit to be developed with world class tourist amenities to attract tourists from all over the world
• Integrated Ganga Conservation Mission NAMAMI GANGE to be launched with an outlay of 2037 crore rupees
• 100 crore provided for Ghat development and beautification at Kedarnath, Haridwar, Kanpur, Varanasi, Allahabad, Patna and Delhi.
• NRI Fund for Ganga will be set up

Science and Technology
• Development of Biotech clusters in Faridabad and Bengaluru
• Nascent agri-biotech cluster in Mohali to be scaled up and two new clusters in Pune and Kolkata to be established
• Digital India, a Pan India programme to be launched with an outlay of 500 crore rupees
• Programme for promoting Good Governance to be launched with an outlay of 100 crore rupees

• Young Leaders Programme with an initial allocation of 100 crore rupees to be set up

Tax Administration

• National Academy for Customs & Excise at Hindupur in Andhra Pradesh
• Setting up of Expenditure Management Commission to look into expenditure reforms

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