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Jaitley's maiden Budget

  • Arun Jaitley

    Finance Minister Arun Jaitley in his Budget Speech today said that the Foreign Direct Investment (FDI) cap will be raised to 49% in the insurance sector. He said that the composite FDI (including Foreign Direct Investment, Non-Resident Indians and Foreign Institutional Investment) cap has been raised to 49%.

  • Arun Jaitley

    In a major push to entrepreneurship in the country, Finance Minister Arun Jaitly has announced a Rs.10,000 cr venture capital fund for start-ups in the country. During his Budget speech in the Parliament, Jaitley acknowledged that funding for such companies is a problem. Moreover, there will be a framework for bankruptcy, which will be worked out. This will make it easier for start-ups to fold up even if an idea doesn't work out. Currently, this is a major hassle for upcoming companies. The UPA had also announced a $100 billion fund to boost innovation -- a venture that couldn't take off during its tenure.

  • Arun Jaitley

    The government today said it will allocate Rs 500 crore for its 'Digital India' initiative to set up broadband network in villages and promote local manufacturing of hardware and Indian software products. Under the Digital India initiative, National Rural Internet and Technology Mission, the government will focus on setting up broadband in villages, promote local manufacturing of hardware and Indian software products, Finance Minister Arun Jaitley today said while presenting the Budget for 2014-15.

  • Arun Jaitley

    In a bid to boost farm production and cut post-harvest losses, Finance Minister Arun Jaitley today announced a slew of measures which included concessional loans to landless growers, a new national scheme to promote irrigation, a separate television channel for farmers.

  • Arun Jaitley

    Delivering his maiden Budget Speech, Jaitley also announced the constitution of a price stabilization fund with an initial allocation of Rs 500 crore and restructuring of the Food Corporation of India (FCI) to check food inflation. He also assured to release as much as wheat and rice required in the open market to cool down prices.

  • Arun Jaitley

    Salaried class has got something to cheer with Finance Minister Arun Jaitley today raising tax exemption limit to Rs 2.5 lakh from Rs 2 lakh, providing a relief of Rs 5,000. "I propose not to make any changes in the tax rate. However, with the view to provide relief to small and marginal and senior citizen, I propose to increase the personal income tax exemption limit by Rs 50,000 from Rs 2 lakh to Rs 2.50 lakh in case of all individual tax payer who are below the ago of 60 years," he said while presenting budget for 2014-15 in the Parliament.

  • Arun Jaitley

    While presenting the Union Budget for 2014-15, Finance Minister Arun Jaitley acknowledged the long pending demand of the electronics industry to incentivise domestic production and "reduce dependence on imports." Jaitley has imposed a basic customs duty of 10% on telecommunication products that are outside the purview of the Information Technology Agreement (ITA). ITA is a global trade agreement and electronics classified under it are exempt from import duty in all countries which are part of the ITA.

  • Arun Jaitley

    Budget papers being brought under security to parliament house in New Delhi Welcoming the Indian budget as "pragmatic and sensible", NRI industrialist Lord Swraj Paul said today that it would send a positive signal to foreign investors. Paul, founder-Chairman of the Caparo Group, which has sizable investments in India in the steel and automotive sectors, said, "I congratulate Finance Minister Arun Jaitley and Prime Minister Narendra Modi for clearly laying out the roadmap for economic recovery of the country.

  • Arun Jaitley

    Industry leaders listening to Finance Minister Arun Jaitley's Budget speech. Finance Minister Arun Jaitley said the country will stick to the fiscal deficit target of 4.1% of gross domestic product (GDP) set by the previous government for the year ending March 2015. Jaitley added the fiscal deficit would narrow to 3.6% of GDP by fiscal 2015/16 and to 3% by 2016/17. Below are analyst comments on the budget.

  • Arun Jaitley

    Industry leaders listening to Finance Minister Arun Jaitley's Budget speech. "I believe it is a very balanced budget, a strong budget, as it reflects the philosophy of the new government," says Naina Lal Kidwai, Country Head of HSBC India.

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