FM Chidambaram presents vote on account Budget

February 17, 2014 12:41
FM Chidambaram presents vote on account Budget

Finance Minister P Chidambaram has presented the Interim budget in Lok Sabha today at 11: 15 AM. He started with UPA's statistics in the ten year tenure in the government and said Indian Economy in much better shape now than it was two years ago. The 10-year trend growth rate is at 6.2 per cent, Fiscal deficit for 2013-14 will be contained at 4.6% , Growth for FY14 estimated at 4.9%; Q3, Q4 growth seen at 5.2%,  said Chidambaram.

The total estimated planning expenditure is at 5,55, 322 Lakh crore Rupees and Non planned expenditure is at 12.7 lakh crore. The Defence ministry was allocated 10 percent of the budget at 2.24 Lakh crore Rupees. Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act and Fuel subsidy will be Rs 65,000 crore.

Chidambaram has surprised everyone by granting 1200 crore for North East states development and Nirbhaya Act to get 1000 crores. He also added that there are two projects in Nirbhaya Act and might add another 1000 crore if needed.  

Here are the highlights and allotments to various categories:

  • Power capacity rose to 234,600 MW in 10 years.

  • Duty for small cars cut to 8 percent (from 12 percent), cut to 20 percent for large and mid segment cars and 24 percent (from 30 percent) for SUVs.

  • Excise duty for capital goods and consumer durables has been cut from 12 percent to 10 percent.

  • No Changes in direct Tax.

  • Expenditure on Education: Rs 79, 251 crore

  • Expenditure on Health:  Rs 36,300 crore

  • 29,300 MW of power capacity was added in FY13-14.

  • Rs 3,370 crore to be transferred to 2.1 crore LPG users.

  • Railways to get Rs 29,000 crore

  • Development for Human Resources 67,000 crore

  • Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund

  • Merchandise export to grow by 6.8%

  • Rs 3711 crore for Minorities

  • Rs 21,000 crore for Woman and Child

  • Panchayati Department to Rs 7,000 crore

  • Drinking water schemes Rs 15,600 crore

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