Interim Budget 2014-15
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Highlights of P. Chidambaram's
Interim Budget (Vote-on-Account)
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* For the first time the finance minister is not
making Budget speech. This budget is actually an Vote on Account.
* I learned hardwork from Harvarad University
* No downgrade form rating agencies
* 1 million jobs targeted
* Rs. 1200 cr for North Eastern States
* Financial Year 2012-13 were year of turbulence. Only
a handful of countries could keep their heads above water, one of them is India
* Fiscal deficit will be contained to 4.6 per cent of
GDP.
* Agri GDP growth increased to 4% during UPA II; in
the current year it is estimated at 4.6%
* 67% of popualtion covered under NFSB
* Seven nuclear power reactors under construction.
* Four ultra mega solar pojects to come up under
National Solar Mission
* Rs. 100 crore as corpus for solar mission.
* Govt. has approved National agro-forestry policy
* Additional Rs 1000 crore for Nirbhaya Fund.
* National Skill development trust to get additonal
Rs 1000 crores
* Direct Benefit Transfer to be rolled out throughout
the country
* Government fully committed to Aadhaar
* Average growth under NDA rule (1999-2004) was around 4% and while in UPA (2004-2014) it is 6.5%
* Pegs growth rate for 2014-15 at 5%
* Banks are under stress
* Implement One Rank, One Pension for Defence
personnels
* India
needed Young Soldiers
* 10 years ago, minorities had just 14 lakh bank
accounts. Now they have 42 lakh bank accounts.
* Banks will cross the Rs.7 lakh crore of
agricultural credit. Our target is Rs.8 lakh crores.
* Over 25 lakh students have got education loans. We
have disbursed over Rs.57000 crores
* LIC has opened more than 1000 offices. Other PSU
insurance companies have opened more than 1800 offices.
* One financial record for all individuals will be
created.
* Some insurance bills have not been passed by the
Parliament. I regret.
* Food Subsidy shoots over Rs. 1 lakh crore
* Rs. 500 crore for defence
* India's
GDP - 11th largest in world. Soon, it will be the third largest in the world
after USA and China
* Spending on education increased to Rs 79,251 cr
* When our aim is high growth, there will be a
moderate inflation.
* Public Private Partnership will be encouraged. We
must focus more on manufacturing sector.
* Rs 2,46, 397 crore for subsidies
* Rs. 1,16,000 crore allocated for food subsidy
* Ministry of Health and Family Welfare gets Rs. 33,725
cr
* Ministry of HRD gets Rs. 67,398 cr
* ministry of Defence gets Rs. 2.24 lakh cr
* Drinking water and sanitation ministry gets Rs. 15,260
cr
* Social Justice and Empowerment gets Rs. 6730 cr
* For Ministry of Housing and Poverty Alleviation- Rs.
6000 crore
* For Ministry of Women and Child Development - Rs. 21,000 crore
* Budgetary support to railways has been increased to
Rs. 29,000 crore. Railways need to mobilise support through market borrowing
* Eight national manufacturing zones have been
approved along the Delhi-Mumbai corridor
* Launched investigations into black money stashed
away in foreign banks.
* To Stimulate growth excise duty will be reduced
from 12% to 10%.
* 7 new airports tocome
* Changes in Indirect Tax Rates
* Automobile industry will benefit from excise duty
reduction
* Focus on manufacturing and manufacturing exports.
* All taxes for exports should be waived
* Subsidies must go only to the most deserving
* Budget estimates for 2014-15 - Revenue deficits
will be 3%.
* Duty cut on 2 and 4 wheelers (2 and 4 wheelers to
get cheaper)
* 140 miillion people have been lifted from the
poverty.
* No service tax on rice
* Mobile phones, AC, Fridges prices will be reduced
* No change in income tax
* Concluded the speech by quoting from the great
Tamil saint Thiruvalluvar's couplets.