 "Word Cloud: 'Development' major theme of Jaitley's Budget 2014")
Arun Jaitley’s highly anticipated first union budget seems to have been well received by the masses - it is being seen as more of a statement of direction than something that will have quick short-term impact.
A quick look at the word cloud of today’s budget speech reveals that ‘development’ and ’tax’ seemed to be major themes, with those words used most frequently.
The Modi sarkar’s first budget took its development pushes seriously. Funds have been allocated across a range of sectors - from educational measures like virtual classrooms (Rs 100 crore) and more IITs and IIMs (Rs 500 crore), to development of the renewable energy sector, specifically solar power (Rs 1,000 crore) to helping create a conducive environment for India’s startup sector to grow (Rs 10,000 crore).
Some of the highlights of the budget include:
- Aims for sustained growth of 7-8 percent in the next three-four years
- Aims to approve goods and services tax by the end of this year
- Will not change rules on retrospective taxation Proposes changes in transfer pricing mechanism
- Raises limit on FDI in defence sector to 49 percent
- Earmarks Rs 7,060 crore to create 100 “smart cities”
- Earmarks Rs 1,000 crore for irrigation scheme
- Earmarks Rs 200 crore for Sardar Patel Statue in Gujarat
- Fiscal deficit target for FY16 put at 3.6 percent; for FY17 at 3 percent.
- FM announces Rs 100 crore for modernisation of madrasas
- EPFO will launch a unified account scheme for portability of Provident Fund accounts
- FM allocates Rs 500 crore for establishing price stabilisation fund
- FM proposes open market sales of food to curb prices
- Government sets aside Rs 8 lakh crore for farm credit in FY15
- Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issue
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