Highlights of Union Budget 2014 (Part-I)

Finance Minister Arun Jaitley on Thursday presented the Union Budget for fiscal 2014-15 in the Lok Sabha.

The highlights are as follows:

. Fiscal deficit is indeed daunting. Fiscal deficit is 3.6 percent for the current year and 3 percent for next year".

. Government will target 7-8 percent growth rate.

. Government will streamline taxation and avoid harassment. This government will not bring any retrospective amendments.

. Government to formulate new urea policy.

. Government will constitute an expenditure management commission

. Jaitley says government cannot spend beyond needs. Says fiscal prudence is of paramount importance

. Need to revive growth in manufacturing and infrastructure sector

. All retrospective tax cases to be scrutinized by high-level commission

. NDA committed to minimum government, maximum governance

. Aim to make food and fuel subsidies help those who need them the most

. Urgent need to generate more resources for the economy

. Government will not bring any change in tax rates retrospectively.