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Highlights of Union Budget 2014-15
- Income tax rates kept unchanged
- Plan expenditure for the year 2014-15 will Rs 5,55,322 crore
- Non Plan expenditure is estimated at Rs. 12,07,892 crore
- Fiscal deficit for current fiscal to be 4.6%
- Growth in the third and fourth quarter of the current year is expected to be 5.2 percent.
- Foreign exchange reserves up by $15 billion.
- The Growth rate for the whole year has been estimated at 4.9 percent.
- Plan expenditure will be Rs 5,55,322 crore in 2014-15, unchanged from last fiscal.
- Fiscal deficit target of 3% to be achieved by 2017.
- Fiscal deficit for the financial year 2014 to be contained at 4.6 per cent of GDP.
- GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%.
- Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund.
- Defence allocation increased by 10 per cent to Rs 2.24 lakh crore.
- Excise duty on small cars reduced to 8 per cent.
- Excise duty on SUVs reduced to 28 per cent. Excise duty for large and mid-segment cars cut to 20 per cent.
- Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth.
- Excise duty on mobile handset to be 6% on CENVAT credit to encourage domestic production
- Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year.
- Foodgrain production estimated at 263 million tons in 2013-14.
- Food subsidy will be Rs 1,15,000 crore for implementation of National Food Security Act.
- Blood banks to be exempt from service tax.
- Budgetary support to railways increased from Rs 26,000 crore to Rs 29,000 crore 2014-15.
- Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy.
Interim Budget 2014-15 at a Glance :
Figures in Rs.’000
Crore
|
2012-13
Actuals
|
2013-14 Budget
Estimates
|
2013-14
Revised Estimates
|
2014-15 Budget
Estimates
|
Revenue
Receipts
|
877.6
|
1,056.3
|
1,029.3
|
1,167.1
|
Capital
Receipts
|
532.8
|
609.0
|
561.2
|
596.1
|
Total
Receipts
|
1,410.4
|
1.665.3
|
1,590.4
|
1,763.2
|
Non-Plan
Expenditure
|
996.7
|
1,110.0
|
1,114.9
|
1.207.9
|
Plan
Expenditure
|
413.6
|
555.3
|
475.5
|
555.3
|
Total
Expenditure
|
1.410.4
|
1,665.3
|
1,590.4
|
1,763.2
|
Revenue
Deficit
|
365.9
|
379.8
|
370.3
|
382.9
|
Fiscal
Deficit
|
490.6
|
542.5
|
524.5
|
528.6
|
Primary
Deficit
|
177.4
|
171.8
|
144.5
|
101.6
|
Chidambaram Budgets :
- P. Chidambaram Presented the Union Budget for the 9th Time on 17th February 2014
- His earlier Budgets are
- 1996-97
- 1997-98
- 2004-05
- 2006-07
- 2007-08
- 2008-09
- 2013-14
- 2014-15 (Interim Budget)
Note : The record of Maximum Presentations of Budget (8 budgets and 2 interims) was held by Mr. Morarji Desai.
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