Chidambaram set to present interim budget for next fiscal

Finance Minister P. Chidambaram was all set to present the interim budget for 2014-15 in the Lok Sabha at 11 a.m. Monday. He will also present a vote-on-account to seek parliament's approval for government's spending till July.

Traditionally no major policy announcements are made in the interim budget when it is presented in an election year. But Chidambaram may announce some sops to appease voters within the finances available at his disposal, without any alteration in tax rates.

"We cannot propose amendments to the Income Tax Act, Customs Act or the Excise Act. But any proposal short of amending a law can be made," the finance minister had said recently.

This will be India's 83rd budget and the 9th such personal exercise for Chidambaram.

The minister is also likely to highlight the achievements of the Congress party-led United Progressive Alliance (UPA) government and outline the vision for the future, along with some recommendations for his successor in the finance ministry.

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.