The Union Budget 2014-15 proposed measures to revitalize savings, especially of the households that, inter alia, included; raising the investment limit under Section 80C of the Income Tax Act from ₹ 1 lakh to ₹ 1.5 lakh and raising the income tax exemption limit by ₹ 50000 for individual taxpayers. Kisan Vikar Patra has been re-launched to mobilize small savings. The launch of “Pradhan Mantri Jan Dhan Yojana” would contribute to greater financial inclusion and better mobilization of household financial savings. Greater public saving is sought to be achieved, inter alia, through efforts at fiscal consolidation.
This was stated by Shri Arun Jaitley, Finance Minister in written reply to a question in the Lok Sabha today.
Last updated: December 5, 2014