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Union Budget 2014: Highlights of P Chidambaram's Vote-on-Account
Key Takeaways:
- No change in tax laws, but changes in indirect tax
- Excise duty on small cars reduced to 8 per cent
- Excise duty on SUVs reduced to 28 per cent. Excise duty for large and mid-segment cars cut to 20 per cent
- Excise cut on capital goods cut from 12 to 10 per cent
- Rs 2,600 crore for education loan moratorium, to benefit 9 lakh borrowers for loans taken before March 31, 2009
- Fiscal deficit for FY14 to be contained at 4.6 per cent of GDP; FY15 target at 4.1 per cent
- FY14 Current Account Deficit seen at $45 bn
- FY14 Q3 & Q4 GDP growth to be at least 5.2 per cent
Other highlights of Union Budget 2014:
- RBI must strike a balance between growth and moderating inflation, Chidambaram says
- We must focus on manufacturing, specially manufacturing for exports: Chidambaram
- Blood banks to be exempt from service tax
- 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
- Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts 10 years ago
- Rs 3711 crore for minority affairs; housing and urban poverty alleviation gets Rs 6000 crore
- Social justice ministry gets Rs 6730 crore; panchayati raj ministry Rs 7000 crore
- Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers
- Public Debt Management Bill ready
- Fiscal deficit target of 3% to be achieved by 2017
- Fiscal deficit to be contained at 4.6% of GDP in 2013-14.
- CAD will be $45 billion in 2013-14
- Foreign exchange reserves up by $15 billion
- Foodgrain production estimated at 263 million tons in 2013-14
- Agriculture credit will cross $45 billion against $41 billion in 2012-13
- 296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014
- Merchandise export to grow by 6.8% to $326 billion
- 3 more industrial corridors - Chennai-Bangalore, Bangalore-Mumbai, Amritsar-Kolkata - under various stages of implementation
- GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2 per cent
- Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hardwork
- Power capacity rises to 234,600 MW in 10 years
- Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year
- Sugar decontrol, gradual correction of diesel prices, application for new bank licenses, sick electricity distribution companies restructured
- Average growth under UPA's ten year rule was 6.2 per cent against 5.9 during NDA period of 1999-2004
- Average growth under UPA-I was 8.4 per cent and UPA-II 6.6 per cent
- PSUs to achieve record capex of Rs 2,57,645 crore in 2013-14
- 500 MW fast breeder nuclear reaction in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction
- National Solar Mission to undertake 4 ultra mega solar power projects in 2014-15
- Rs 1,200 crore additional assistance to N-E states to be released before end of the year
- Rs 1,000 crore grant for Nirbhaya Fund will be non-lapsable; another Rs 1,000 crore to be given next fiscal
- Rs 3,370 crore to transferred to 2.1 crore LPG users
- Govt committed to Aadhaar-based LPG transfer but scheme on hold temporarily
- Aadhaar is tool for empowerment
- Non-plan expenditure to exceed by a small amount in 2013-14
- 500 MW fast breeder test reactor in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction
- Plan expenditure will be Rs 5,55,322 crore in 2014-15, unchanged from last fiscal
- Budgetary support to railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15
- Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy
- Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act
- Defence allocation increased by 10 per cent to Rs 2.24 lakh crore
OneIndia
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