Union budget 2014-2015 was presented by Minister of Finance Arun Jaitley. The highlights of the budget.
- The planned expenditure for current fiscal year - Rs 5,75,000 crore.
- Income tax exemption limit is raised to Rs 2.50 lakh (from existing Rs 2 lakh). And the same limit for senior citizens increased to Rs. 3 lakh (from existing Rs 2.5 lakh )
- Increase in annual PPF ceiling to Rs 1.5 lakh (existing Rs 1 lakh)
- 16 new airport projects to be awarded this year
- 1200 for clean energy projects of which Rs 500 crore allocated for solar power development projects
- 49 per cent FDI in insurance allowed through FIPB route
- FDI in Defence sector increased to 49% (from existing 26%)
- Five new IIT and IIM to created with an allocation of Rs 500 crores.