Vote on Account 2014 Highlights

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Vote on Account 2014 Highlights: Full coverage

Highlights:
FM tables interim budget in Lok Sabha
FM likely to make his speech from LS studio
Kamal Nath suggests no protocol issue with Chidambaram making the speech outside parliament
Markets trade flat ahead of Vote on Account speech
World economy has witnessed slowdown in last few years
Global economic growth seen at 3% for FY13
Fiscal deficit for 2013-2014 will be contained at 4.6% of GDP
CAD will be contained at $45 billion
Only a handful of countries were able to keep their heads above the water
Food inflation still a worry though it has declined
Added $15 bn forex reserves in FY14
Agricultural GDP growth pegged at 4.6% in the current year
FY15 food grain production at 263 mn tonne
FY14 Current Account Deficit seen at $45 bn
Won't do anything that will affect the foundation of India's economy: FM
No uptick in manufacturing worrisome
$15 bn added to foreign reserves this fiscal
Have added more than 39,000 km or rural roads
CCI cleared 296 projects
Risk to capital flows were accentuated due to global concerns
Govt, RBI acted in tandem to curtail inflation: FM
RBI, SEBI, Govt took measures to stabilise rupee
India not facing a ratings downgrade from agencies: FM
FY14 GDP to be 4.9%
Exports seen growing to $326 bn; up 6.4%
FY14 Q3 & Q4 GDP growth to be atleast 5.2%
Farm credit in FY14 at 7.35 lakh cr vs 7 lakh cr target
Govt pegs food production at 263 million tonne: FM
Reject the argument of policy paralysis
Investment rate estimated at 34.8%; savings rate at 30.1%
Rupee least affected among emerging markets
UPA-I and UPA-II delivered above the trend growth rate
Manufacturing sector is not seeing an uptick
Gradual correction of diesel prices, new banking licenses among steps taken by govt
Added fresh power capacity, rural roads, highways in last 3 months
GDP fell to 4.4% from 7.9% in nine quarters: FM
FDI policy was liberalised to facilitate greater investment in multi-brand retail, pharma etc
GDP growth in Q3, Q4 FY14 seen at 5.2%; FY14: 4.9%
Eased rules governing infra projects' funding
29300 MW of power capacity added in FY14
7 new power projects being built; target to install 10,000 Mw of addl power in 12th Plan
50000 MW of thermal and hydro power plants under construction
National solar mission entered second phase
Rs 200 crore initial capital for a venture capital fund for scheduled castes
To start 4 UMPPs in FY15
Rs 100 cr allocated for community radio stations
Proposes Rs 1,200 cr additional assistance to hill states
After Mars Oribiter Mission, several more missions planned
So far, two proposals will recieve funds from Nirbhaya fund
1200 cr additional funds allocated to North-East states
Totally 54 lakh transactions completed under direct benefit transfer
Govt remains fully committed to Aadhaar
Aadhaar a tool of empowerement
Plan expenditure at 2014-15 at same level at 2013-14
FY15 Plan expenditure kept at Rs 5.55 lakh crore
Panchayati Raj Ministry to get Rs 7,000 cr
Budgetary support to Railways has been increased to Rs 29,000 cr in FY15
GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%
Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hardwork
Coal output grew to 554 mn tonnes against 361 mn tonnes over decade
Merchandise export to grow 6.8% to $326 billion
FY15 subsidies at Rs 2.46 lakh crore
Allocation for defence hiked by 10%
Defence Allocation up 10% to Rs 2.24,000 cr for FY15
FY15 non-plan spend at Rs 12.07 lakh crore
FY15 food subsidy at Rs 1.15 lakh cr
FY15 non-plan expenditure at Rs 12.07 lakh crore
Proposes to transfer Rs 500 cr to defence pension in current financial year itself
Proposes 11,200 cr for capital infusion in PSU banks
Banks to surpass Rs 7 lakh cr towards rural credit in FY14, FM allocated Rs 8 lakh cr for FY15
FY14 net market borrowing revised to Rs 5.63 lakh cr
Direct taxes left untouched
Three more industrial corridors under implementation: FM
FY15 fiscal deficit target at 4.1%
Excise on SUV down to 24% from 30%; auto stocks rally
FY15 revenue deficit pegged at 3%
FY14 revenue deficit at 3.3%
Excise cut to 10% on consumer durables
BE for 2014-15. Fiscal deficit at 4.6% vs red line of 4.8%
Excise duty for large and mid-segment cars cut to 20%
Service tax exemption on loading, unloading, storage of rice
Excise cut from 12% to 10% for capital goods
Excise duty cut for small cars to 8%, SUVs to 24% from 30%
Excise duty cut for auto sector
Excise duty cut from 12% to 8% for small cars, two-wheelers till June 30, 2014
Excise duty cut from 12% to 10% for cap goods and consumer durables
No change in tax laws, but calls for some intervention
No changes in tax laws
To set up public debt management agency
Appeal to all political parties to pass GST
Disappointed that we have not been able to implement GST
Need modern tax laws - disappointed that GST not introduced yet
Food subsidy shoots up to over Rs 1 lakh crore: Chidambaram
FY15 Fuel subsidy at Rs 65,000 cr
FY15 Urban Housing Fund Allocation at Rs 2,000 cr
Rs 2,600 cr for education loan moratorium
RBI must strike balance between price stability and growth: FM
Farm loan interest subvention continues
Eye 2016-17 fiscal deficit at 3% or lower
Rural housing fund get Rs 6,000 cr
FY15 total subsidy seen at Rs 2.46 lakh cr
To liberalise rupee-denominated bond market
To amend FMC act to strengthen commodity & derivatives market
Minority affairs to get Rs 3,711 cr
Fuel subsidy pegged at Rs 65,000 cr
Propose a moratorium period for all education loans taken prior to 2009 upto 2014
Food, Fuel, Fertilizer subsidy pegged at 2.46 lakh cr
FY15 fertiliser subsidy to be Rs 76,000 cr
Ministry of Health and Family Welfare gets Rs 33,725 cr
FY15 capital infusion in PSU banks to be Rs 11,200 cr