Budget 2014: Highlights

Finance Minister P. Chidambaram today presented the Interim Budget for 2014-15 in Lok Sabha. Here are the Budget 2014 highlights:

* Fiscal deficit to be contained at 4.6 pc of GDP in 2013-14.

* CAD will be USD 45 billion in 2013-14, says FM

* GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2 per cent

* Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hard work, says FM

* Fiscal deficit target of 3 pc to be achieved by 2017, says P. Chidambaram

* Revenue deficit estimated at 3 pc for current fiscal

* No changes in tax laws in interim budget: FM

* Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth

* Excise duty on mobile handset to be 6 pc on CENVAT credit to encourage domestic production

* Excise duty on small cars, motorcycles and SUVs reduced

* Excise duty on SUVs cut from 30 to 24 pc, in large and mid-segment cars from 27-24 pc to 24-20 pc

* Foreign exchange reserves up by USD 15 billion: FM

* Foodgrain production estimated at 263 million tons in 2013-14: FM

* Agriculture credit will cross USD 45 billion against USD 41 billion in 2012-13

* 296 projects worth Rs 6,60,000 cr cleared by Cabinet Committee on Investment by end January 2014

* Merchandise export to grow by 6.8 pc to USD 326 billion

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

* Power capacity rises to 234,600 MW in 10 years: FM

* Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year.

* I reject the argument of policy paralysis, says Chidambaram

* Sugar decontrol, gradual correction of diesel prices, application for new bank licenses, sick electricity distribution companies restructured, says FM

* Average growth under UPA's ten year rule was 6.2 per cent against 5.9 during NDA period of 1999-2004, says FM

* Average growth under UPA-I was 8.4 per cent and UPA-II 6.6 per cent, says FM

* PSUs to achieve record capex of Rs 2,57,645 crore in 2013-14

* National Solar Mission to undertake 4 ultra mega solar power projects in 2014-15: FM

* Rs 1,000 crore grant for Nirbhaya Fund will be non-lapsable; another Rs 1,000 crore to be given next fiscal, says FM.

* Rs 3,370 crore to transferred to 2.1 crore LPG users; Govt committed to Aadhaar-based LPG transfer but scheme on hold temporarily

* Aadhaar is tool for empowerment, says FM

* Rs 1,200 crore additional assistance to N-E states to be released before end of the year

* Non-plan expenditure to exceed by a small amount in 2013-14

* 500 MW fast breeder test reactor in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction

* Plan expenditure will be Rs 5,55,322 crore in 2014-15, unchanged from last fiscal.

* Budgetary support to Railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15

* Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy

* Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act.

* Defence allocation increased by 10 per cent to Rs 2.24 lakh crore

* Rs 500 crore estimated requirement for implementing one-rank-one-pay scheme for armed forces in 2014-15.

* Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund, says FM

* Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts 10 years ago

* Social Justice Ministry gets Rs 6730 crore; Panchayati Raj Ministry Rs 7000 crore, says FM

* Rs 3711 crore for Minority Affairs; Housing and Urban Poverty Alleviation gets Rs 6000 crore

* Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers.

* Public Debt Management Bill ready: FM

* RBI must strike a balance between growth and moderating inflation, say FM

* We must focus on manufacturing, specially manufacturing for exports: FM

* I am disappointed that we could not introduce GST: FM

* Govt has obtained information in 67 cases of illegal offshore accounts of Indians

* 140 mn people lifted out of poverty in last 10 years: FM