Common Man’s Budget 2014-15

1. Most Comprehensive Budget of recent time:
• Has touched upon almost every issue
• Mars and Minority: If it talks about Mars Mission then it also talks about Minorities. For Minority it proposes to launch a program for upgrading traditional skills (Para 73) and modernization of madarsas (Para 74).
• Capital market and Rural market: If it talks about improvement in capital market then it also talks about rural and agricultural markets. To ensure that farmers get better value for their produce it speaks about developing a National Market (Para 82) and Price Stabilization Fund (Para81).
• Urban and Rural development: If it addresses the concerns of urban areas by developing 100 smart cities (Para 24) then it also talks about urbanization of rural areas through Shyama Prasad Mukherji Rurban Mission (Para 31), Housing for all by 2022 (Para 69) and Low Cost Affordable Housing (Para 70) and slum development (Para 71).
• If it proposes to encourage young IT startups in urban areas then it also proposes to encourage young startups in rural areas through Star-Up Village Entrepreneurship Programme (Para 48); startups from SC community (Para 36), a Rs. 10000 cr fund to attract venture capital in Micro, Small and Medium (MSME) sector (Para103).

2. Pro Farmer Announcements:
• Bhoomi Heen Kisan (Para 80): Landless farmers do not get access to institutional finance due to lack of guarantee. To save them from money lenders this budget proposes to provide finance to them through NABARD.
• Kisan TV (para 93)
• Interst Subvention for Farmers (Para 85): farmers get an incentive for timely payment of loan by way of 3% interest subvention.
• Agriculture Warehouse Infrastructure Fund (Para 87): Rs. 5000 cr for increasing shelf life of argri produce.
• Long Term Rural Credit Fund (Para 88): Rs. 5000 cr for asset creation in agriculture and allied activities.
• Producer Development and Upliftment Corpus (Para 90): Rs. 200 cr for small and marginal farmers.

3. For artisans and unskilled workers:
• Skill India (Para 28): for developing skills of welders, carpenters, cobblers, masons, blacksmiths, weavers etc. So that these people can live a dignified life.
• Textile Clusters (Para 107), Hastkala Academy (Para 108) and Pashmina Promotion Program (Para 109) clearly highlights the concern of this government for common man.

4. Rural Development:
• MGNREGA (Para 47): to be used for creating more productive assets that are substantially linked with agriculture and allied activities.
• National Livelihood Mission (Para 48): extended to 100 more districts.
• Rural Housing Scheme (Para 49): increased allocation to Rs. 8000 cr.
• Neeranchal (Para 50): watershed development program.
• Safe Drinking Water (Para 52).

5. Health & Education:
• 4 new AIIMS in Andhra Pradesh, West Bengal, Vidarbha and Poorvanchal (Para 55).
• 12 new government medical collages (Para 55).
• Free Drug Service and Free Diagnosis Service (Para 53).
• 2 National Institutes for Aging (Para 54).
• 5 new IITs and 5 new IIM to be set up (Para 60).
• CLICK: Rs. 100 cr for setting up virtual classroom and online courses (Para 59)

6. Care for All Sections of society:
• Women and Child Development (Para 43): operationalization of Nirbhaya Fund and establishment of Crisis Management Centres. Beti Bachao, Beti Padhao Yojana. Gender mainstreaming.
• Schedule Caste (Para 35 & 36)
• Schedule Tribes (Para 37): Van Bandhu Kalyan Yojana
• Senior Citizens (Para 38, 39 and 40): Also, income tax exemption limit raised to Rs. 3 lakhs for senior citizens.
• Differently Abled Persons (Para 41): Assistance for purchasing aids and appliances. Establishment of national level institute for Universal Inclusive Design and Mental Health Rehabilitation. Establishment of Centre for Disability Sports.
• Visually Challenged Persons (Para 42): 15 new Braille Press and Braille sign on currency notes.

7. Pro Common Man Tax Proposals:
• Income Tax exemption limit raised to Rs. 2.5 lakh (Para 192)
• Tax exempted investment limit under section 80C raised from 1 lakh to 1.5 lakh (Para 195). This will encourage domestic investment in long term savings.
• Deduction limit on account of interest on housing loan increased to Rs. 2 lakh (Para 196)
• Due to Indirect Tax proposals, TVs, computer, footwares and soaps would become cheaper and cigarette, pan masala, tobacco, soft drinks, diamonds would become dearer. This again highlights that budget is pro common man.