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LATEST NEWS UPDATES | Interim Budget 2014-15: Highlights

Interim Budget 2014-15: Highlights

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published Published on Feb 17, 2014   modified Modified on Feb 17, 2014
-Outlook


Following are the highlights of interim budget 2014-15:

Income tax rates kept unchanged
10 pc surcharge on 'super-rich' having annual income above Rs 1 crore to continue
10 pc surcharge on domestic corporates with income of Rs 10 crore
Foodgrain production estimated at 263 million tonnes in 2013-14
Fiscal deficit at 4.6 pc in 2013-14 and 4.1 pc next year, revenue deficit at 3 pc in 2013-14
Current Account Deficit to be USD 45 bn as against USD 88 bn in 2012-13
Excise duty on small cars, motorcycles and commercial vehicles cut from 12 to 8 pc
Excise duty on SUVs cut from 30 to 24 pc
Large and mid-segment cars from 27-24 pc to 24-20 pc
Excise duty on mobile handset to be 6 pc on CENVAT credit to encourage domestic production
Excise duty cut on capital goods, non consumer durables cut from 12 to 10 per cent
Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers
USD 15 bn addition to forex exchange in 2013-14
Disinvestment target for FY14 cut to Rs 16,027 cr versus Rs 40,000 cr; next year govt eyeing Rs 36,925 cr
Lowers residual stake sale target to Rs 3,000 cr from Rs 14,000 cr for this fiscal
Govt obtains information in 67 cases of illegal offshore accounts of Indians
Govt's net borrowing in next fiscal to be Rs 4.57 lakh cr
Plan expenditure cut by Rs 79,790 cr for current fiscal
Allocates Rs 1,000 cr more to Nirbhaya Fund
CCI cleared 296 projects worth Rs 6.6 lakh cr by end Jan
GDP to grow by at least 5.2 pc in Q3 and Q4 in 2013-14
Plan expenditure for 2014-15 at Rs 5.55 lakh cr and non-plan at Rs 12.08 lakh cr
Govt to infuse Rs 11,200 cr in PSU banks next fiscal
Government gets Rs 88,188 cr as dividend from PSUs, Rs 14,000 crore more than budgeted
PSUs to achieve record capex of Rs 2.57 lakh crore in 2013-14
500 MW fast breeder test reactor in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction
National Solar Mission to undertake 4 ultra mega solar power projects in 2014-15
Rs 1,200 crore additional assistance to N-E states to be released before end of the year
Rs 3,370 crore transferred to 2.1 crore LPG users this fiscal
Govt committed to Aadhaar-based LPG transfer but scheme on hold temporarily
Rs 2,46,397 crore allocated for food, fertiliser and fuel subsidy
Defence allocation increased by 10 per cent to Rs 2.24 lakh crore
Rs 500 crore estimated requirement for implementing one-rank-one-pay scheme for armed forces in 2014-15
Exports target at USD 326 bn in FY14; up 6.3 pc
Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts in 10 years
Govt proposes to set up debt management office; to be operational next fiscal


Outlook, 17 February, 2014, http://news.outlookindia.com/items.aspx?artid=829238


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