New Delhi, 17 February-2014(PTI): News agency Press Trust of India reports the Live Telecast of Union Interim Budget 2014 with P Chidambaram. Finance Minister P Chidambaram giving the Intermin Budget speech in the Parliament.
Image credit: File photo AFP
11.40 am: 50,000 MW of thermal power under construction.
11.38 am: Rs 1000 crore will be allocated for the Nirbhaya Fund.
11.35 am: I promise at least one million new jobs.
11.32 am: FDI policy has been liberalised to attract larger investment.
Foreign exchange reserves up by USD 15 billion.
Foodgrain production estimated at 263 million tons in 2013-14.
Agriculture credit will cross USD 45 billion against USD 41 billion in 2012-13.
296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014.
11.28 am: I reject the arguement of policy paralysis.
11.26 am: Steps being taken to promote small and medium enterprises.
11.25 am: Among emerging economies, rupee affected least. Growth in Q3 and Q4 FY14 will be at least 5.2 per cent.
11.24 am: Analysts no longer speak of a downgrade. UPA put FD at top of the agenda. We shall do nothing that will threaten the stability of India. The govt and RBI ha acted in tandem but there is some distance to go.
Finance Minister P Chidambaram arrives at the Lok Sabha to present the Interim Budget 2014.
The year will end with a merchandise export of $326 billion.
11.20 am: Decline in rate of manufacturing is the major concern.
11.19 am: No steep decline in investment except in mining and manufacturing. 2012 and 2013 were years of economic turbulence and we managed to navigate them successfully. Our aim is robust growth in both exports and imports.
Current account deficit to be contained at 45 billion USD.
11.18 am: Food inflation is still the main worry, although it has declined sharply. Proud of the figures of agricultural production. Agricultural credit is expected to exceed targets. Agricultural growth estimated at 4.6 per cent.
11. 16 am: Uproar in Parliament over Telangana as Chidambaram reads out vote on account speech.
11.15 am: Lok Sabha Speaker Meira Kumar appeals to members to allow Chidambaram to present the Budget without disruption.
10.55 am: In an unprecedented step, the Finance Minister P Chidambaram will not make the Budget speech in the praliament, but from the Lok Sabha TV studio. The move is ostensibly to avoid expected disruptions by the Opposition and pro and anti-Telangana protesters.
By tradition, the interim budget does not contain proposals seeking to tinker with direct taxes, nor are there any policy announcements, although there may be some sops for the common man and sectors that need help. (PTI)
Updated at 12:35 PM (IST)
Major highlights of the last union budgets of the UPA government -2014 . Take a look –
* “I reject the argument of policy paralysis; economy looking much better than 2 years ago” FM P. Chidambaram hits back at critics.
* 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
* No changes in tax laws in interim budget
* Excise duty on mobile phone handset to be 6 pc on CENVAT credit to encourage domestic production
* Excise duty on small cars, motorcycles and SUVs reduced
* Govt has obtained information in 67 cases of illegal offshore accounts of Indians
* Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth
* Fiscal deficit target of 3 pc to be achieved by 2017, RBI must strike a balance between growth and moderating inflation
* We must focus on manufacturing, specially manufacturing for exports
* I am disappointed that we could not introduce GST
* Social Justice Ministry gets Rs 6730 crore; Panchayati Raj Ministry Rs 7000 crore
* Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers
* Public Debt Management Bill ready
* Rs 3711 crore for Minority Affairs; Housing and Urban Poverty Alleviation gets Rs 6000 crore
* Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund
* Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts 10 years ago
* Defence allocation increased by 10 per cent to Rs 2.24
Special reports from Uday Pratap