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Budget at glance : FM presents Interim Budget for 2014-15 (Highlights)


New Delhi: The Finance Minister P Chindambaram presented Interim Budget today, ahead of the general elections. The Interim Budget contains budgetary provisions till July 2014 and the full Budget for 2014-15 will be presented by the new government in June-July.

As indicated earlier by the Finance Minister, the Interim budget has not seen any major announcements during presentation. Still, some important provisions has been made. There has not been made any changes in tax structure.

The Finance minister P Chidambaram said both the government and the RBI have acted in tandem to bring down price rise, even as food inflation at 8.8% still remains a worry.
Meanwhile, Lok Sabha is adjourned for the day.

Some major announcements and highlights of the Budget presented by the Finance Minister:-

  • Fiscal deficit to be contained at 4.6 pc of GDP in 2013-14
  • CAD will be USD 45 billion in 2013-14
  • Agriculture credit will cross USD 45 billion against USD 41 billion in 2012-13
  • Foodgrain production estimated at 263 million tons in 2013-14
  • Foreign exchange reserves up by USD 15 billion
  • Merchandise export to grow by 6.8 pc to USD 326 billion
  • GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2 pc
  • PSUs to achieve record capex of Rs 2, 57,645 crore in 2013-14
  • Rs 1,000 crore grant for Nirbhaya Fund will be non-lapsable; another Rs 1,000 crore to be given next fiscal
  • Rs 1,200 crore additional assistance to N-E states to be released before end of the year
  • Rs 3,370 crore to transferred to 2.1 crore Aadhar Card LPG users, but scheme on hold for while
  • Non-plan expenditure to exceed by a small amount in 2013-14
  • Plan expenditure will be Rs 5,55,322 crore in 2014-15, unchanged from last fiscal
  • Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy
  • Budgetary support to Railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15
  • Defense allocation increased by 10 per cent to Rs 2.24 lakh crore
  • Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act
  • 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 and Rs 2000 crore for urban housing fund
  • Rs 6730 crore to Social Justice Ministry and Rs 7000 crore to Panchayati Raj Ministry
  • Rs 3711 crore for Minority Affairs
  • Rs 6000 crore to Housing and Urban Poverty Alleviation
  • Fiscal deficit target of 3 pc to be achieved by 2017
  • Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth
  • No changes in tax laws in interim budget
  • Service tax relief for storage of warehousing for rice
  • Excise duty on mobile handset to be 6 pc on CENVAT credit to encourage domestic production
  • Blood banks to be exempt from service tax
  • Revenue deficit estimated at 3 pc for current fiscal
  • Excise duty on SUVs cut from 30 to 24 pc, in large and mid segment cars from 27-24 pc to 24-20 pc
  • Excise duty on small cars, motorcycles and commercial vehicles cut from 12 to 8 pc; appropriate cut to be done on chassis, trailers
  • Rs 100 crore scheme formulated to promote community radio stations
  • Government lowers disinvestment target to Rs 16,027 cr from Rs 40,000 cr for 2013-14; eyeing Rs 36,925 cr next fiscal

Finance Minister leaves taxes unchanged

New Delhi: Finance Minister P Chidambaram giving final touches to the interim budget before its presentation in the Lok Sabha, in New Delhi on Sunday.

the Interim Budget today slashed excise duty on cars and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth


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