Interim Budget 2014-2015

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.