Interim Budget 2014

GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%

Posted on February 17, 2014 Updated on February 17, 2014

by sagarmedia

Plan expenditure shall remain unchanged at Rs 5,55,322 crore:

FM claims 140 million people out of poverty in two UPA regimes.
Rs 500 crore estimated requirement for implementing one-rank-one-pay scheme for armed forces in 2014-15:
Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund, says FM P Chidambaram.
Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts 10 years ago: FM.The excise duty reduced for small cars from 12% to 8%l; for SUVs from 30% top 24%.

Direct taxes left untouched hence no changes in tax laws in interim budget;

Excise duty cut from 12 to 10 percent in capital goods sector to stimulate growth:
FY15 fiscal deficit pegged at 4.1%, FY15 revenue deficit pegged at 3%
Huge excise duty cuts on mobile handsets.

Three more industrial corridors under implementation: FM

 Budget Estimate 2014-15: Fiscal deficit at 4.6% vs red line of 4.8%Excise cut to 10% on consumer durables

  Excise duty for large and mid-segment cars cut to 20%Service tax exemption on loading, unloading, storage of rice Excise cut from 12% to 10% for capital goods
Excise cut from 12% to 10% for capital goods
Excise duty cut for small cars to 8%, SUVs to 24% from 30%

No change in tax laws, but calls for some intervention

To set up public debt management agency
Appeal to all political parties to pass GST
Excise duty cut for auto sector
Excise duty cut from 12% to 8% small cars, two-wheelers till June 30, 2014
Excise duty cut from 12% to 10% for cap goods and consumer durables

Disappointed that we have not been able to implement GST

Need modern tax laws – disappointed that GST not introduced yet

Food subsidy shoots up to over Rs 1 lakh crore: Chidambaram

FY15 Fuel subsidy at Rs 65,000 cr

FY15 Urban Housing Fund Allocation at Rs 2,000 cr

Rs 2,600 cr for education loan moratorium.
Average growth under UPA-I was 8.4 per cent and UPA-II 6.6 per cent: GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%
PSUs to achieve record capex of Rs 2,57,645 crore in 2013-14. Drinking water and sanitation ministry gets Rs. 15,260 cr; Social Justice and Empowerment gets Rs. 6730 cr: Chidambaram.
19 oil blocks were given out for exploration and 7 new airports are under construction.
I have kept Rs. 5,55,322 cr for plan expenditure.For Ministry of Housing & Poverty Alleviation-Rs. 6000 crore;Rs. 21k cr to Ministry of WCD,said  Chidambaram.
Ministry of HRD gets Rs. 67,398 crore. Non-lapsable Rs 1,000 crore for Nirbhaya fund for safety and dignity of women: Chidambaram.
Panchayati Raj Ministry to get Rs 7,000 cr. High allocation for food subsidy to enable roll out of the Food Security Act.
Railways need to mobilise support through market borrowing: Budgetary support to railways has been increased to Rs 29,000 crore.
Gender budget has Rs. 97,000 crores and child budget Rs. 87,000 crores:
The allocation for the Defence Ministry has been increased to Rs. 2,24,000 crores
Rs.1,200 crore to be released for additional assistance to the north-eastern states this fiscal: Chidambaram
Today we have more than 3.9 lakhs of rural roads. Health allocation has also been increased:
Expenditure on education has increased from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year: Chidambaram.
National Solar Mission to undertake 4 ultra mega solar power projects in 2014-15
Ministry of health and family welfare gets Rs 33,725cr: FM
Non plan expenditures will be over Rs.12 lakh crore
Current fiscal deficit to be contained at $45billion.I can confidently assert that the economy is more stable today than it was two years back: Chidambaram
Further Chidambaram said growth in Q2 stands at 4.8%. FM says he has been vindicated.
I can confidently assert that the FD is declining, the CAD is constrained, inflation is moderated; exchange rate is stable: Chidambaram.
Fall of investment in the manufacturing sector is a cause for worry: P Chidambaram .
Our aim is to create 1 million jobs. Govt, RBI acted in tandem to curtail inflation
Added $15 bn to foreign reserves this fiscal. Growth in Q3-Q4 will be at least 5.2%: FM.
Foodgrain production estimated at 263 million tons in 13-14; Agriculture credit will cross USD 45 bn against USD 41 billion in 2012-13.
Exports have recovered sharply and are expected to grow to $326 billion, up by 6.4%: Chidambaram.
Rating companies no longer hint of downgrade, says Chidambaram
Among emerging economy currencies, the rupee was affected least: Chidambaram.
We have added highways and rural roads under the PMGSY, and railway tracks.