Focusing on the building blocks to revive India's growth momentum, the finance minister presented a Budget that addresses long-standing structural problems, and sets a path for India to emerge a winner in the global economy.There is a clear focus on infrastructure development to foster economic growth - sixteen new port projects, new airports, investment of Rs 37,880 crore for road development, and the Ganga Waterway Transport Plan will help in connecting cities and improving logistics.The Budget also highlights the need for foreign investment in certain sectors, while preserving other indigenous nascent sectors; increase in FDI (foreign direct investment) limit for defence and insurance sectors is a welcome move. Moreover, introduction of GST (Goods and Services Tax) will add impetus to the burgeoning retail industry.From introducing currency to aid the blind, investing Rs 8,000 crore in rural housing, facilitating youth skill development to reinforcing safety of women, the Budget lea

Tone has been set for good governance: Shashwat Goenka

Business Standard

I had high expectations from the finance minister. But I was a bit disappointed with the outcome. I did not see any big announcements and big-ticket reforms from Arun Jaitley.Instead, there were many initiatives announced, which I felt deviated from his stated purpose of "maximum governance, minimum government". At one point, I was a bit lost with the number of allocations that he announced.However, there were a few key positive measures such as investment in the infrastructure sector, focus on agricultural growth, release of food stocks to curtail food prices, formation of committees to tackle issues such as transfer pricing, initiatives that would ease doing business in India.But I felt Mr Jaitley should have been aggressive with foreign direct investment rather than capping it at 49 per cent (in insurance and defence manufacturing).While there was some degree of assurance that retrospective tax amendments would be looked at with caution, I felt it was below expectation.The governmen

Could have done with more aggressive reforms: Harsh Mariwala

I think Finance Minister Arun Jaitley's maiden Budget matches the need of the occasion. Prime Minister Narendra Modi had made promises on the development agenda during the election campaign and people wanted to know how this will be reflected in the Budget. Specifics in some cases and contours in others were present in the Budget speech. In the last two to three years, the collapse of growth has been disconcerting for all. On this count, while many things have been clearly said, there's only a contour in many others. The FM rightly said it would not be wise to expect everything in the first Budget presented within 45 days of formation of the new government. The full flavour of the Budget and policies will be clear in February 2015.Some people will be left unsatisfied. In the Vodafone tax issue, the FM has not spelt out what he wants to do. The clear position on FDI in insurance, defence, and withholding tax is positive. There are problems on the expenditure side and the finance ministe

Full flavour of the policies will be clear in Feb 2015: Saumitra Chaudhuri

Amitabh Chaudhry

Says steps have been taken to tackle the falling savings and investment rates

A pragmatic approach for revival of the economy: Amitabh Chaudhry

Baba N Kalyani

We had moderate expectations from this Budget and I am happy that these have largely been met. From a macroeconomic perspective, the Budget emphasises the need for fiscal prudence, which clearly is the need of the hour. What is particularly noteworthy is the emphasis on the manufacturing and infrastructure sectors as the key levers to revive economic growth.This is perhaps one of the few times that the manufacturing sector has received special attention. The government's commitment for early introduction of GST and a new DTC are positive signals. The proposed overhaul of the subsidy regime to make food and fuel subsidies better targeted is also encouraging.From a policy perspective, the decision to raise FDI in the defence sector from 26 per cent to 49 per cent through the FIPB route with management control in Indian hands will provide a boost to domestic manufacturing industry. The Finance Minister's statement of wanting to reduce reliance on imports coupled with his intent to streaml

A pragmatic, growth-oriented approach: Baba N Kalyani

Rupa Kudva

This may seem to be a Union Budget of many small steps, but a deeper evaluation does show the themes of urbanisation and infrastructure, job-creation and promotion of entrepreneurship, besides the increase in foreign direct investment in defence and insurance.But, it appears to have given the domestic capital markets a miss. The gates have opened wider for long-term foreign money but India needs significantly more domestic wherewithal to achieve and sustain the stated objective of 7-9 per cent growth. The absence of domestic capital market enhancing measures is surprising considering the pervasive funding constraints in the economy and the social contract implicit in the recent voter mandate of providing faster economic growth.This, even as the government is hoping to reduce fiscal deficit through growth than by cutting expenditure. The government expects to generate only Rs 63,000 crore this fiscal through divestments. So, how will the required raft of infrastructure investments be fu

Domestic capital markets given a miss: Rupa Kudva

Murtaza Khorakiwala

The Union Budget 2014, presented by a government barely six weeks in office, is well-balanced. It addresses the issue of enhancing economic growth to 7-8 per cent over the next few years through a slew of measures.The focus on infrastructural development across transportation, education and healthcare is noteworthy as this will go a long way in nation-building.The health-related infrastructure development initiatives are moves in the right direction for creating a healthy nation. The impetus provided to drug-testing, the setting aside of Rs 500 crores for establishing four new AIIMS (All India Institute of Medical Sciences), 12 government medical colleges with dental facilities and 15 Model Rural Health Research centres are all steps in the right direction. While the government has provided some relief via removal of service tax on disposal of bio-medical waste, such an exemption has not been provided for clinical trials, which is much needed to boost the activity. Health expenditure,

Govt's health care contribution to increase with new steps: Murtaza Khorakiwala

Surabhi Marwah

There's a general consensus the Budget 2014 has ticked all the boxes and will steer the economy to a positive direction, with the finance minister's priority on fiscal prudence and reform measures. The commitment to meet the fiscal deficit to gross domestic product target of 4.1 per cent in FY15 reiterates the government's commitment towards controlled inflation. While more was expected on the retrospective amendments to the Income Tax Act, measures such as e-visas at nine airports, rise in the number of Income Tax Seva Kendras, steps to reduce income tax litigation and proposed discussions on the Direct Taxes Code are welcome. In keeping with the expectations, though there is no change in tax rates, the threshold limit for taxable income has been increased from Rs 2 lakh to 2.5 lakh (Rs 2.5 to Rs 3 lakh for resident citizens aged above 60 years). The maximum limit for deduction under Section 80C, for investments, has been increased from Rs 1 lakh to Rs 1.5 lakh. This is consistent wit

FM ticked all the right boxes: Surabhi Marwah

T S Kalyanaraman

The three-pronged focus of the finance minister (FM) - a renewed thrust on infrastructure development, rationalisation and overhauling of the taxation regime and the development of the rural economy - is expected to guide the Indian economy towards its true potential. The FM has attempted to improve the business climate for both domestic and international investors by bringing in new measures.Increase in foreign direct investment for key sectors will help create an immediate sense of comfort and employment in the long-term. The energy and resources devoted to the rural economy - to improve infrastructure, employment opportunities and its income-earning potential - would immensely benefit sector-specific retailers like us. Rural incomes have always played a role in sustaining retail businesses.I understand the FM had to study all the sectors in a very limited time. I am sure that as he continues to look into various issues, he will look at the jewellery sector and help us join the India

A road map for revival of the Indian economy: T S Kalyanaraman

Subhashis Gangopadhyay

There are two things that can be safely said about Finance Minister Arun Jaitley. He is brave and he measures allocations in units of Rs 100 crore. The bravado is obvious because in spite of levelling the charge of "fudging the figures" that he laid on his predecessor (P Chidambaram), when it came to the estimated fiscal deficit for this year, he has stuck to the old figure. Also, almost every good idea has been monetised at Rs 100 crore. This, by the way, includes a Rs 100-crore bill for writing a report on the linking of rivers.The one thing that he kept hidden in his Budget speech is the government's focus on job creation. The tax cuts and their rationalisation should boost manufacturing but the FM didn't discuss its impact on job-creation. The boost to infrastructure, health, tourism and the talk about supporting start-ups are also important ways to generate jobs. This is of special significance when the economy is gearing for a drought-like situation and pressures on food inflatio

Speech failed to reflect job creation focus: Subhashis Gangopadhyay

Prasoon Joshi

What is the most striking feature of the Budget?This is a growth-oriented Budget. It is a statement of intent that has realistically touched upon many important sectors.The thrust on infrastructure, agriculture and manufacturing and rationalisation of duties on input costs is welcome.It reflects that the government has a credible economic and social vision.What could have been better?There will always be more to ask for in terms of income tax and requirements for specific industries. But we need to see if we are moving progressively in the direction of economic revival.Prasoon Joshi, lyricist, CEO & chairman, McCannIndia and South Asia

My Budget: Prasoon Joshi

Sonal Mansingh

What is the most striking feature of the Budget?The proposal to enhance connectivity between rural areas and cities as a part of the National Rural Internet and Technology Mission is a good one. Also, the announcement to set up new IITs and IIMs will help improve quality of education in India.What could have been better?The decision to not allocate funds for the promotion of cultural activities is disheartening. Also, all rivers should be brought under the umbrella of the Ganga Conservation Plan.Sonal Mansingh, Dancer

My Budget: Sonal Mansingh

Gul Panag

What is the most striking feature of the Budget?The striking thing is that it is not much different from the UPA Budget. On another note, I am happy to see the commitment to the 'One Rank One Pension' scheme for the armed forces, even though the funds allocated do not appear adequate at this stage.What could have been better?I was expecting path-breaking steps to bring down inflation. This is sadly missing. No concrete plans either to bring about universal and equitable access to education and health care.Gul Panag, Actor and politician

My Budget: Gul Panag

J J Valaya

What is the most striking feature of the Budget?The Budget focuses on revival of growth, is holistic and remains friendly to farmers, youth, women and senior citizens. Some of the key features include encouragement to exports of readymade garments, setting up of new textile mega clusters and a trade facilitation centre and a crafts museum.What could have been better?Some important steps that need to be taken include expansion of the insurance sector and improving our image as an investment-friendly nation. Clearly, progress, in this case, will be derived through good economics.J J Valaya, Fashion designer

My Budget: J J Valaya

Direct TaxRelief to small taxpayers, senior citizensTo provide relief to small and marginal taxpayers and senior citizens, the personal income tax exemption limit has been increased by Rs 50,000 - from Rs 2 lakh to Rs 2.5 lakh in the case of individual taxpayers below the age of 60 years. For senior citizens, the exemption limit has been raised from Rs 2.5 lakh to Rs 3 lakh.Investment limit under section 80C hikedTo encourage domestic investment in long-term savings and thus boost economic growth, the investment limit under section 80C of the Income Tax Act has been increased from Rs 1 lakh to Rs 1.5 lakh.Relief on housing loansTo reduce the high cost of housing finance for the middle and lower-middle classes, the deduction limit on account of interest on loans in respect of self-occupied house property is being increased from Rs 1.5 lakh to Rs 2 lakh.Investment allowance for manufacturing firmsTo incentivise smaller entrepreneurs, an investment allowance will be provided at 15 per cen

Budget in 2 minutes

Tax breaks and duty benefits for fresh capacity creation

Power: Sector reforms inspired by the Gujarat model

BS Reporter

FM invokes the migrant worker; Rs 7,060 crore allotted for developing 100 smart cities; credit for affordable housing

City focus welcome but broader vision needed

Sector will be able to raise Rs 8,000 cr if Insurance Bill passed

Insurance: FDI cap increase to allow investment by FIIs, NRIs

But moving ahead with FSLRC suggestions could be a bone of contention

FM, Rajan in tune on policy; FSLRC a sticking point

Funding of infra sector exempted from CRR, SLR and priority sector lending norms

Liberal infrastructure funding regime for banks

The finance minister has announced increased expenditure of about Rs 31,000 crore more than mentioned in the interim Budget of February. On the revenue side, he has given away a net amount of about Rs 9,000 crore in tax giveaways (Central account, plus more on the states' account). That's a cumulative figure of Rs 40,000 crore that has to be accounted for, yet the fiscal deficit is only Rs 2,000 crore more than it was in February. How has Mr Jaitley managed this? By raising the disinvestment target to an all-time high, by assuming much higher dividend payouts by the Reserve Bank, government-owned banks and other financial institutions, and other such non-tax receipts. Some of this may be doable; but, with less than nine months left in the year, the disinvestment target in particular will be a challenge - even if the buoyancy on the stock market is a helpful development.There is optimism in display in the tax revenue assumptions as well. Overall, tax collection is expected to go up by 1

An assumption of "Achche Din"

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