Introduction
The new government presented its first union budget for 2014-15
in the parliament on 10th July' 2014.
The economic survey highlight that the Indian economy is likely
to grow in the range of 5.4 to 5.9 per cent in 2014-15 overcoming
the lower than 5 per cent GDP growth in last two consecutive years
i.e., 2012-13 and 2013-14. The steps announced in the budget are
the beginning towards a sustained growth of 7 to 8 per cent with
macro-economic stabilization.
Increase in the basic tax exemption limit in case of individuals
is expected to increase disposable incomes and thereby provide some
relief against inflation.
The Finance Minister has announced that the sovereign right of
the government to undertake retrospective legislation has to be
exercised with extreme caution and will not ordinarily bring about
any change retrospectively which creates a fresh liability.
