The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the
development of India, partnering industry, Government, and civil society, through advisory and
CII is a non-government, not-for-profit, industry-led and industry-managed organization, playing a
proactive role in India's development process. Founded in 1895, India's premier business association
has over 7200 members, from the private as well as public sectors, including SMEs and MNCs, and an
indirect membership of over 100,000 enterprises from around 242 national and regional sectoral
CII charts change by working closely with Government on policy issues, interfacing with thought
leaders, and enhancing efficiency, competitiveness and business opportunities for industry through a
range of specialized services and strategic global linkages. It also provides a platform for consensus-
building and networking on key issues.
Extending its agenda beyond business, CII assists industry to identify and execute corporate
citizenship programmes. Partnerships with civil society organizations carry forward corporate
initiatives for integrated and inclusive development across diverse domains including affirmative action,
healthcare, education, livelihood, diversity management, skill development, empowerment of women,
and water, to name a few.
The CII theme of ‘Accelerating Growth, Creating Employment’ for 2014-15 aims to strengthen a growth
process that meets the aspirations of today’s India. During the year, CII will specially focus on economic
growth, education, skill development, manufacturing, investments, ease of doing business, export
competitiveness, legal and regulatory architecture, labour law reforms and entrepreneurship as growth
With 64 offices, including 9 Centres of Excellence, in India, and 7 overseas offices in Australia, China,
Egypt, France, Singapore, UK, and USA, as well as institutional partnerships with 312 counterpart
organizations in 106 countries, CII serves as a reference point for Indian industry and the international
Confederation of Indian Industry
The Mantosh Sondhi Centre
23, Institutional Area, Lodi Road, New Delhi – 110 003 (India)
T: 91 11 45771000 / 24629994-7 | F: 91 11 24626149
E: email@example.com | W: www.cii.in
Reach us via our Membership Helpline: 00-91-11-435 46244 / 00-91-99104 46244
CII Helpline Toll free No: 1800-103-1244
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Chapter Title Page No.
1 Key Features of the Union Budget 2014-15 3-11
2 Key Budget Trends 15-21
3 Analysis of the Budgetary Proposals 25-36
4 Analysis of Fiscal Trends 39-44
5 Direct Taxes 47-56
6 Indirect Taxes Sector & Industry Specific Analysis 59-93
7 Annexure-Key Indicators: Economic Survey 2013-14 97
In its first Budget, the new Government has activated a number of directional changes that would
stabilize the economy, boost investments, and encourage savings with a view to reviving GDP growth
to 7-8% in the near term. The Budget lays out a medium term vision for the economy and meets
industry expectations on growth and employment creation. A roadmap for fiscal consolidation and
fiscal prudence has been defined to bring fiscal deficit to 3% by 2016-17, with stress on reviving all
sectors of the economy including agriculture, power and infrastructure, manufacturing, and services.
Tax stability and rationalization is addressed widely, according high importance to restoring investor
confidence and boosting sentiments.
CII is happy to note the encouragement to manufacturing through various measures such as correcting
inverted duty structures, setting up of industrial clusters and promoting entrepreneurship. The
provision of a fund of Rs 10,000 crore the Budget to provide equity to start-ups is most encouraging.
Many CII suggestions such as reducing investment allowance, changing definition of MSME, setting up
a start-up fund, and overhaul of the subsidy regime have found mention in the Budget.
The promise of maintaining a stable and predictable tax regime will be a boost for investors’
confidence which had taken a hit due to issues such as the retrospective changes in tax laws. A key
measure has been to reassure foreign investors that India remains an attractive destination.
Expanding FDI in defense and insurance to 49% and allowing FDI in e-commerce as well as
liberalisation of urban development would bring in vital funds to these sectors. Investment promotion
and boosting business confidence has received high attention and is greatly welcomed by industry.
We believe that the Budget would set the tone for quick recovery of GDP growth and generation of
new jobs and hope that it will be followed up by close monitoring and implementation of
Confederation of Indian Industry
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