Jaitley presents union budget, IT exemption raised to Rs 2.5 lakh

Jaitley also announced an increase in the FDI in defence to 49% from the existing 26%. FDI in Insurance sector was also raised to 49 percent.

After the budget speech ended there was sharp recovery in the Sensex as it was up by 400 points from the day's lows.

Jaitley, who was not too well while presenting the budget and sought five minutes break and then delivered the rest of the speech sitting down, gave a big focus on rural areas and agriculture with various schemes.

He also laid emphasis on social sectors, women safety and education in Budget 2014-15, announcing new IITs and IIMs. He also announced more AIIMS like healthcare centres in several cities and assuring to have them in all cities in coming years. He focused on Northeast also and announced schemes for the physically challenged people.

Jaitley called for setting up of smart cities and allocated more than Rs 7000 crore for that.

The personal income tax exemption limit has been raised by Rs 50,000 at Rs 2.5 lakh. The same for senior citizens has been raised to Rs 3 lakh.

Jaitley said there will be changes in direct taxes.

Housing loan interest exemption has been increased to Rs.2 lakh from Rs.1.5 lakh, said Jaitley.

Finance Minister also raised the popular tax saving scheme Public Provident Fund (PPF) ceiling from current Rs 1 lakh to Rs 1.5 lakh. 

The outlay on defence  for the coming financial year has been hiked to Rs. 2, 29 lakh crore.

Jaitley said the indirect tax proposals in the budget will yield Rs. 7520 crore more revenue.

Jaitley said the aim of the government will be to return to 7 to 8 pc growth in next three-four years.

Jaitley said the subsidy regime, particularly in food and fuel, will be overhauled.

SOME HIGHLIGHTS OF BUDGET SPEECH

Jaitley begins budget speech saying we cannot spend beyond our means

Jaitley says the budget will focus on anti-poverty measures

Jaitley in budget speech says aim is for return to 7 to 8 pc growth in next three-four years

Jaitley in speech said 2012 retro tax cases to be scrutinised by CBDT committee

Jaitley spells out greater autonomy to banks with accountability

Jaitley says fuel subsidy will be more targetted

To boost tourism the facility of e-visa will be introduced in next six months in 9 airports

Jaitley says food and oil subsidy will be more targeted

A national multi-skill India for youths will be introduced

Jaitley spells out 49 pc FDI for Insurance sector

Jaitley spells out composite FDI in defence at 49% via FIPB route

All houses to have sanitation by 2019: Jaitley

Jaitley: A more inclusive society for people differently abled and proposes a disability sports, currency notes with braille like features for visually challenged, and other measures

Jaitley says his govt committed to 24x7 electricity in all houses

Rs 100 crore for girl child education and save them

Jaitley allocates Rs. 50500 crore  for scheduled caste, tribe schemes

Jaitley allocates Rs 200 crore for Sardar Patel statue in Gujarat

Jaitley allocates women safety funds worth Rs 100 crore for women in cities

Jaitley allocates Rs 1000 crore for PM irrigation scheme

Five more IITs in Jammu, Goa, Chhattisgarh, Kerala, etc. Five new IIMs also proposed.

Four AIIMS like institutions in West Bengal, Purvanchal, Andhra Pradesh and Jharkhand announced by Jaitley

Jaitley allocates more than Rs 7000 crore to create smart cities

Jaitley proposes AIIMS in every state in coming years

Rs 100 core for modernisation of madrasas, says Jaitley

Jaitley proposes assistance to minorities for taking forward their traditional skills

Arun Jaitley takes 5 minute break in budget speech feeling not too well

Jaitley reads out budget speech sittting after 5 min break because he was feeling unwell

Jaitley allocates Rs 400 crore   for Metro project in Lucknow and Ahmedabad

Rs 100 crore for Agri-infra fund allocated by Jaitley

Rs 100 crore for rural entrepreneurship allocated in Budget

Jaitley says warehousing capacity will be increased, sets aside Rs.5000 crore

Jaitley allocates Rs.100 crore for Kisan television to educate farmers on latest in agriculture

New airports to come up for all Indians to travel by air, says Jaitley

Rs 100 crore for clean thermal power allocated in budget

Jaitley announces six new textile clusters

Rs 500 crore for solar power development, says Jaitley

Rs 5000 crore increase in defence outlay: Jaitley

Rs 100 crore for war memorial and war museum: Jaitley

Rs 37,800 crore for national highways

Rs 500 crores for new five tourist circuits: Jaitley

Rs 100 crores for archaeological sites in Budget

Rs 100 crore for ghat developments in Budget

A sports university to come up in Manipur with Rs 100 crore: Jaitley

Displaced Kashmiri migrants fund of Rs 500 crore: Jaitley

A national centre for Himalayan studies in Uttarakhand announced by Jaitley

Excise duty on cigarettes to be raised to 22% from 11%.  Excise duty on pan masala to be raised to 16% from 12%.

Non-flat TVs to get cheaper with custom duty reduction. Manufacture of LCD/LED panels of TVs encouraged

No changes in direct tax rates: Jaitley

Personal income tax exemption limit raised by Rs 50,000/- to Rs 2.5 lakh, for senior citizens it is Rs 3 lakh

Footwear will be cheaper

Jaitley allocates Rs 500 crore for Internet connectivity in villages