Indian Interim Union Budget 2014-15 - Vote on Account - Presented by Mr P. Chidambaram on 17th March 2014 - Highlights
TAX PROPOSALS
# No major change in tax rates
# Factory gate tax to be reduced to 10 percent from 12 percent on some capital goods, consumer durables
# Cut excise duty on small cars, two wheelers, commercial vehicles to 8 percent from 12 percent
# Recommends excise duty reductions on larger vehicles
# Restructure of factory gate tax rates for manufacturing of mobile handsets
BANKS RESTRUCTURING
# Govt to provide 112 billion rupees capital infusion in state run banks in 2014/15
# Propose to set up public debt management office to start5 work from 2014/15
PRIVATISATION
# Target from stake sale in state run firms for 2013/14 revised to 258.41 billion rupees
# Target for 2014/15 at 569.25 billion rupees
GROWTH
#GDP expansion in 2013/14 third and fourth quarters will be at least 5.2%
Fiscal Deficit
#Fiscal deficit seen at 4.6 percent of GDP in 2013/14
# Fiscal deficit projected at 4.1 percent of GDP in 2014/15
#Need to bring down fiscal deficit to 3% of GDP by 2016/17
CURRENT ACCOUNT DEFICIT
#Current account deficit for 2013/14 projected at $45 billion
#Forex reserves to rise by $15 billion by end of 2013/14
EXPORTS
#Merchandise exports seen at $326 billion in 2013/14, up 6.3 percent year on year.
#Agriculture exports expected to touch $45 billion in 2013/14, up from $41 billion in 2012/13
BORROWING
# Gross market borrowing seen at 5.97 trillion rupees in 2014/15
# Net market borrowing at 4.07 trillion rupees
# Debt repayment in 2014/15 seen at 1.897 trillion rupees
# Ways and Means advances for 2014/15 estimated at 100 billion rupees
SPENDING
#Plan expenditure for 2014/15 seen at same level as previous year
#Non plan spending estimated at about 12.08 trillion rupees in 2014/15
SUBSIDIES
#Total spending on food, fertilisers and fuel at 2.5 trillion rupees in 2014/15
# Food subsidy estimated at 1.15 trillion rupees, fertiliser subsidy at 679.71 billion rupees. Petroleum subsidy seen at 634.27 billion rupees versus revised figure of 854.8 billion rupees for 2013/14.
DEFENCE
Spending raised to 2.24 trillion rupees in 2014/15, up 10 percent year on year
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