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Cheaper Cars, Mobiles, TVs; No IT Relief In Interim Budget

PUBLISHED BY: SURENDER KUMAR
FEBRUARY 17, 2014

   
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Cheaper Cars, Mobiles, TVs; No IT Relief In Interim Budget

 

 

In his first interim budget, outgoing Finance Minister P. Chidambaram has targeted the youth, women, and minority communities.

 

HIGHLIGHTS --- Vote- On- Account (Interim Budget)

 

1. Fiscal deficit to be kept at 4.6% of GDP in FY 2013-14

2. Current Account Deficit in 2013-14 toi be $ 45 billion (Re. 2, 70, 000 Crore)

3. Foodgrain output estimated at 263 million tons

4. Agricultural credit to cross $45 billion (
Re. 2, 70, 000 Crore)

5. Projects worth Rs 6,60,000 Croree cleared by end-January, 2014

6. Merchandise exports to grow by 6.8% to $ 326 billion (Re. 1956000 Crore)


7. 3 more industrial corridors — Chennai-Bangalore, Bangalore-Mumbai, Amritsar-Kolkata — under various stages of implementation

8. GDP growth rate in Q3 and Q4 of 2013-14 to be, at a minimum, 5.2%

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

10. Expenditure on education rose to Rs 79,251 crore this year

11. Sugar decontrol, gradual correction of diesel prices, application for new bank licenses, sick electricity distribution companies restructured --- all in the pipeline

12. Average growth under UPA's 10-year rule was 6.2 %.
13. (UPA-I was 8.4 % and UPA-II 6.6 %)

13. 500 MW fast breeder nuclear reactor in Kalpakkam to be ready shortly. 7 nuclear power reactors under construction

14. National Solar Mission to undertake 4 ultra mega solar power projects in 2014-15

15. Rs 1,200 crore additional assistance to North Eastern states to be released before year- end

16. Plan expenditure to be Rs 5,55,322 Cr in 2014-15, unchanged since last fiscal year

17. Rs 2,46,397 Cr allocation for for food, fertilizer and fuel subsidies

18. Food subsidy to be Rs 1,15,000 Cr for implementation of National Food Security Act

19. Defence allocation up by 10 % to Rs 2, 24, 000 Crore


20. For defence forces,  'one rank one pension' scheme from the next financial year

21. 14 Crore people lifted out of poverty during UPA I and II

22. Revenue deficit targetted at 3 %

23. Excise duty on small slashed cars from 12% to 8%; for SUVs from 30% to 24%

24.  Moratorium (Temporary stoppage of re-payment) for all education loans taken before 2009. 9 lakh students will benefit to the extent of Rs 2,600 Crore

25. Rs 7, 00, 000 Crore of farm credit this year. Interest subvention scheme for agriculture to continue next year

26. Re. 5,55,322 Cr allocated for Plan Expenditure

27. New Re. 100 Crore plan to promote community radio stations

28. IFCI to set up Venture Cpaital fund for members of Scheduled Castes. Initial capital of Rs 200 crore will be given

29. 50,000 mw of thermal and hydro power projects under contruction

30. FDI policy liberalised in telecom, pharma, civil aviation, power trading exchanges and multi-brand retail

31. National Food Security Act passed assuring cheap food grains to 67 % of population

32. 8 National Manufacturing Zones approved along Delhi-Mumbai corridor

33. Agricultural growth increased to 4% during UPA II; in the current year, it is estimated at 4.6%

34. Foodgrain output estimated at 263 million tonne against 255 million tonne last year.

35. No change in Income Tax rates

 

36. 10 Crore jobs to be created in the next 10 years



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