Interim budget highlights: Chidambaram makes no change in tax laws, excise duty on small cars reduced

The government has accepted the principle of 'one rank of pay' for the defence forces: Chidambaram

New Delhi | Updated: February 17, 2014 1:26 pm
Finance Minister P Chidambaram on Monday presented the interim Budget amid chaos. (PTI Photo) Finance Minister P Chidambaram on Monday presented the interim Budget amid chaos. (PTI Photo)

Finance Minister P Chidambaram on Monday presented the interim Budget amid chaos in the Parliament.

Here are the highlights of the Interim Budget 2014-15:

# RBI must strike a balance between growth and moderating inflation: Chidambaram

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

# Blood banks to be exempt from service tax: Chidambaram

# Revenue deficit estimated at 3 pc for current fiscal.

# Service tax relief storage for warehousing for rice.

# Excise duty on small cars, motorcycles and SUVs reduced.

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

# No changes in tax laws in interim budget.

# 140 million moved out of poverty during the Government of UPA I and II

# Government has obtained information in 67 cases of illegal offshore accounts of Indians.

# Finance Minister says neither populism, nor majoritism is a way for governance

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

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

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

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

# We must focus on manufacturing, specially manufacturing for exports: Chidambaram

# The excise duty reduced for small cars from 12% to 8%l; for SUVs from 30% top 24%.


# Social Justice Ministry gets Rs 6730 crore; Panchayati Raj Ministry Rs 7000 crore: Chidambaram

# I wonder how many have noted the fact the Indian economy is 11th largest in the world: Chidambaram

# Focus should be on PPPs in infra sector; for the flagship programmes, the states should come forward and contribute: FM

# 1,200 crore rupees additional assistance to N-E states to be released before end of the year: FM

# Chidambaram proposes to set up research funding organisation for funding research in science; contribution to this shall be exempt from tax.

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

# We must focus on manufacturing, and manufacturing for export; with minimum tariff protection: Chidambaram


# Top areas of priority: fiscal consolidation; CAD; high growth with moderate level of inflation; time table for passing legislation.

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

# Nearly 9 lakh student borrowers will benefit through the moratorium on repayment of student loans:  Chidambaram

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

# Budgetary support to Railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15: Chidambaram

# Aadhaar is tool for empowerment: 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: Chidambaram

# 41,16,000 women have been provided credit through SHGs: Chidambaram

# Bank accounts for the minorities have increased during ten years of UPA I and II. Banks have rendered yeoman service in reaching government programmes to various sections: Chidambaram

# The allocation for the Defence Ministry has been increased to Rs. 2,24,000 crores: Chidambaram

# Happy to announce that the Govt has accepted the principle of ‘one rank of pay’ for the defence forces. Rs 500 crore will be transferred for 2014-15 for implementing the ‘one rank one pay’ decision: Chidambaram

# Budgetary support to railways has been increased to Rs. 29,000 crore: Chidambaram

# Chidambaram for Ministry of Housing and Poverty Alleviation- Rs 6000 crore; Rs. 21,000 cr to Ministry of WCD; Ministry of HRD gets Rs 67,398 crore; Drinking water and sanitation ministry gets Rs 15,260 crore; Social Justice and Empowerment gets Rs 6730 crore

# Railways need to mobilise support through market borrowing: Chidambaram

# Rs 1,000 crore grant for Nirbhaya Fund will be non-lapsable; another Rs 1,000 crore to be given next fiscal:  Chidambaram

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

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

# 500 MW fast breeder nuclear reaction in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction: Chidambaram

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

# Average growth under UPA’s ten year rule was 6.2 per cent against 5.9 during NDA period of 1999-2004

# Average growth under UPA-I was 8.4 per cent and UPA-II 6.6 per cent.

# The IT modernisation project of the Dept of Posts will be operational soon: Chidambaram

# More than 54 lakhs transactions have been put through, through the DBT scheme: Chidambaram

# The govt remains fully committed to the Aadhar for financial inclusion: Chidambaram

# Chidambaram promises to grant Rs 1000 crore to the Nirbahya Fund for next year

# The NE states, HP and Uttarakhand deserve special attention: Chidambaram

# I reject the argument of policy paralysis: Chidambaram.

# Govt has approved the National Agro Forestry Policy which will enhance employment: Chidambaram

# The Kalpakkam nuclear reactor is nearing completion: Chidambaram

# Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year: Chidambaram

# Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hardwork: Chidambaram

# Power capacity rises to 234,600 MW in 10 years: Chidambaram

# GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2 pc: Chidambaram

# Three more industrial corridors – Chennai-Bangalore, Bangalore-Mumbai, Amritsar-Kolkata –  under various stages of implementation: Chidambaram

# Merchandise export to grow by 6.8 pc to USD 326 billion: Chidambaram

# 296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014: Chidambaram

# 8 national manufacturing zones have been approved along the Delhi-Mumbai corridor: Chidambaram

# CAD will be USD 45 billion in 2013-14: Chidambaram

# Agriculture credit will cross USD 45 billion against USD 41 billion in 2012-13: Chidambaram

# Foodgrain production estimated at 263 million tons in 2013-14: Chidambaram

# We acted with the RBI to fight inflation: Chidambaram

# Fiscal deficit to be contained at 4.6 pct of GDP in 2013-14: Chidambaram

# We will add forex exchange of USD 15 billion: Chidambaram

#  Imports are down and this does not augur well for manufacturing and trade: Chidambaram

# We shall not do anything that will affect the foundation of India’s economy: Chidambaram

# Chidambaram’s speech disrupted by ministers over Telangana issue. Lok Sabha speaker Meira Kumar asks members not to shout. “Last few days left, don’t obstruct.”

(With PTI inputs)