Budget Highlights | CAD to be contained at $45 bn: FM

Finance Minister says GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%

The following are the highlights from the speech of Finance Minister P. Chidambaram who presented the interim budget for 2014-15 in the Lok Sabha Monday:

Plan expenditure:

- Plan expenditure at 2014-15 at same level at 2013-14

- FY15 Plan expenditure kept at Rs 5.55 lakh crore

 

Main report card:

 

- FY14 Current Account Deficit seen at $45 bn

- Fiscal deficit for 2013-2014 will be contained at 4.6% of GDP

- FY14 Q3 & Q4 GDP growth to be atleast 5.2%

- No policy paralysis

 

Infrastructure & Manufacturing: 

 

- Eased rules governing infra projects' funding

- Deceletration in manufacturing worrying

- 7 new airports under construction

- 9 projects apporved by DMIC

 

Agriculture: 

- Agricultural GDP growth pegged at 4.6% in the current year

- Govt pegs food production at 263 million tonne

 

 

FM on Rupee:

- Govt, RBI taking adequate measures

- Let rupee  fall the least in emmerging countries

 

Power: 

- To start 4 UMPPs in FY15

- 50000 MW of thermal and hydro power plants under construction

- 7 new power projects being built; taget: to instal 10,000 Mw of addl power in 12th Plan

 

Acomplishments / Report Card:

- Gradual correction of diesel prices, new banking licenses among steps taken by govt

- 29300 MW of power capacity added in FY14

- National solar mission entered second phase

 

Etc:

- Support to Railways has been increased to Rs 29,000 cr in FY15

- After Mars Oribiter Mission, several more missions planned

- Proposes Rs 1,200 cr additional assistance to hill states

- Fully commited to aadhar 

- 1200 cr additional funds allocated to North-East states

 

Social: 

- Nirbhaya fund - Grant of 1000 cr will be non lapsable and added another 1000 cr

 

The FM moments:

- Mother & Harvard taught me the value of hard work