Union Budget 2014 - Foreign trade related highlights

1:14 pm: Single-window Customs service to be initiated for faster clearance of imports and exports; 24x7 clearance facility to be provided at select airports and sea ports 1:10 pm: Service tax on loading/unloading of cotton exempted 1:08 pm: Increase in excise duty on aerated drinks 1:07 pm: Increase in excise duty on cigarettes and other tobacco products 1:06 pm: Reduction in excise duty on sports goods 1:05 pm: Reduction of excise duties on footwear not exceeding Rs. 1,000 per pair 1:04 pm: Custom duties on various coal varieties harmonised 1:03 pm: Basic custom duty on gems and stones rationalised; exemption for some items to promote gem exports; duties on some diamond varieties raised 12:59 pm: Custom duties increased for flat-rolled stainless steel imports 12:58 pm: Custom duties reduced for electronic goods; Exemption for computer parts, colour picture tubes (LCD below 19 inches) 12:55 pm: Custom duties slashed for fatty acids for manufacture of soaps/steel grade limestone/ battery manufacturing 12:54 pm: IT to be used to broaden tax base 12:53 pm: FII portfolio gains to be categorised under 'Capital gains' 12:53 pm: Tax administration governing transfer pricing in MNCs to be made more transparent and solid 12:50 pm: Tax rebate on dividends by foreign companies retained 12:48 pm: 10-year tax holiday extended for new power generating companies to March 2017 12:46 pm: To promote investment in infrastructure, construction and manufacturing sectors

#FM: propose to increase investment limit under Section 80C from Rs. 1 lakh to Rs. 1.5 lakhs — PIB India (@PIB_India) July 10, 2014

12:40 pm: Taxation - measures to revive economy; individual taxpayers to get relief 12:37 pm: AP to get National Academy for Customs & Excise 12:37 pm: Young leaders program with Rs.100 crore to develop HR/improve employment 12:30 pm: Bio-tech clusters to get support; Mohali cluster to be scaled up; Two new clusters in Kolkata and Pune 12:27 pm: Five tourist circuits to be set up with a fund of Rs.500 crore 12:20 pm: Banks can raise longer-term funds for infrastructure projects

#FM: to provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank a/cs in each household — PIB India (@PIB_India) July 10, 2014

12:18 pm: To have Indian accounting standards in line with international standards from 2015 12:17 pm: Rs. 11,600 crore allocated to develop outer harbour port projects 12:15 pm: Rs. 37,800 crore allocated to road building plan (NHAI projects) 12: 14 pm: To introduce airports in Tier 1&2 cities 12: 14 pm: Solar power projects; Rs.500 crore allocated in Rajasthan, Ladakh and TN 12:11 pm: Rs. 10,000 crore fund to be set up to enable venture capital into MSMEs 12:10 pm: Inland waterway from Allahabad to Haldia to be developed: Rs. 4,600 crore allocated 12:07 pm: 16 new port projects to be set up; Rs. 11,000 crore allocated for development of Kakinada, Tuticorin ports 12:05 pm: Trade facilitation centres for handlooms with a corpus of Rs. 50,000 crore to be set up; Six new textile clusters announced; to set up textile mega clusters with a fund of Rs. 200 crore 12:04 pm: Rs. 10,000 crore fund to promote start-ups

Industrial corridors are emphasised and 20 new clusters in BMEC and Bang-Chennai corridors is a good move. — Dr A Didar Singh (@SecyGEN_ficci) July 10, 2014

12:02 pm: Exports to get a boost; SEZs to be revived 12 noon: Kakinada port to be developed 11:59 am - National industrial corridor to link smart cities to drive manufacturing growth - Rs. 100 crore allocated for master plan; 7 industrial cities planned; 20 new industrial clusters announced 11:59 am - Government to introduce real time Kisaan TV; Rs. 100 crore allocated 11:58 am - Rs. 5,000 crore allocated for rural agriculture fund 11:58 am - Rs. 5,000 crore to improve warehousing/storage of farm produce 11:57 am - Farmers to get a further incentive of 3% on bank loans for timely repayment 11:56 am - Private markets and farmers markets to help farmers sell produce directly 11:54 am - Rs. 100 crore allocated for climate change fund 11:47 am Insurance in defence hiked to 49% 11:46 am Rs. 100 crore for agri-infra fund 11: 43 am To consider FDI in affordable housing 11: 43 am FDI in e-commerce extended to manufacturers who are sellers 11:42 am Urban renewal – focus on water, sewerage management, organic food, solid waste management and digital connectivity 11:40 am Programme for good governance - Rs. 100 crore allocated 11:35 am FDI limit hiked in insurance; 26% to 49% 11:25 am Rs. 200 crore allocated to encourage new entrepreneurs 11:23 am Committed to provide 24x7 power supply to all households

#Budget2014 India needs a boost in job creation.The FDI in defence sector has been raised to 49%, FDI is an additional support", says FM — CII (@FollowCII) July 10, 2014

11:20 am e-visas introduced - automatic permissions in nine airports 11:18 am FDI in manufacturing will be made easier for investors 11: 17 am Government to encourage FDI in building of smart cities 11.10 am Tax regime should be investment friendly: Finance Minister 11:10 am Debate on GST must end