Indian Finance Minister P. Chidambaram presented the interim budget for the fiscal year 2014/15 on Monday to cover expenditure until the government's term ends in May.
• GDP expansion in 2013/14 third and fourth quarters will be at least 5.2 percent
• Fiscal deficit seen at 4.6 percent of GDP in 2013/14
• Fiscal deficit seen at 4.1 pct of GDP in 2014/15
• Need to bring down fiscal deficit to 3 percent of GDP by 2016/17
• Current account deficit for 2013/14 projected at $45 billion
• Forex reserves to rise by $15 billion by end of 2013/14
• 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
• 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
• Total spending on food, fertilisers and fuel at 2.5 trillion rupees in 2014/15
• Spending raised to 2.24 trillion rupees in 2014/15, up 10 percent year on year
• Govt to provide 112 billion rupees capital infusion in state run banks in 2014/15
• No major changes in tax rates.
• To cut excise duty on small cars, two wheelers, commercial vehicles to 8 pct from 12 pct
• To reduce factory gate tax rate to 10 pct from 12 pct on some capital goods, consumer durables in 2014/15
• Proposes to restructure factory gate tax for manufacturing of mobile handsets
• Customs duty on non-edible grade industrial oil cut to 7.5%
• Customs duty on fatty acids, fatty alcohol cut to 7.5%
• Excise duty on goods under Chapter 84-85 cut to 10% vs 12%
• To rationalize excise duty on soaps to up local production
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