Finance Minister presents interim budget

Finance Minister P. Chidambaram presented  his 9^th   and  India's 83rd budget  for 2014-15 in the Lok Sabha on 18-Feb-2014. 

The main budget for the financial year 2014-15 will be presented by the new government that will come into power after the general elections, the schedule for which are likely to be announced by the Election Commission soon.

 HIGHLIGHTS :

GROWTH

* GDP expansion in 2013/14 third and fourth quarters will be at least 5.2 percent

FISCAL DEFICIT

* Fiscal deficit seen at 4.6 percent of GDP in 2013/14

* Says need to bring down fiscal deficit to 3 percent 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 xxpected to touch $45 billion in 2013/14, up from $41 billion in 2012/13

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

DEFENCE

Spending raised to 2.24 trillion rupees in 2014/15, up 10 percent year on year

BANKS RESTRUCTURING

Govt to provide 112 billion rupees capital infusion in state run banks in 2014/15

Other Points to remember

Defence Ministry gets Rs 2,24,000 cr; 10 pc more than last time

Nirbhaya Fund gets additional Rs 1,000 crore in budget