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  • Union Finance Minister P. Chidambaram will present vote on account at 11 a.m. on Monday
  • This year, of course, there will not be a regular budget, but only a vote on account on February 17.
  • The purpose of the advance estimate is to give the Finance Minister some insight into the current state of the economy and, therefore, help in the Union Budget formulation.
  • At a 4.9 per cent rate, the economy would be posting a below 5 per cent growth for the second year in a row.
  • Lok Sabha session begins
  • Parliamentary Affairs Minister Kamal Nath says, "If House is disrupted, Chidambaram can make statement on any TV."
  • Finance Minister presents interim budget; Andhra Pradesh MPs raise slogans.
  • Financial Year 2012-13 were year of turbulence. Only a handful of countries could keep their heads above water, one of them is India: Chidambaram
  • Speaker Meira Kumar appeals to agitating Andhra Pradesh MPs not to disrupt the House. "Please come to my chamber, I will try to sort it out," she says.
  • Fiscal deficit will be contained to 4.6 per cent of GDP.
  • CAD will be contained to USD 48billion.
  • $15 billion expected to be added to our foreign exchange reserves by end of this fiscal year
  • 296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014
  • Business Editor Raghuvir Srinivasan says: FM manages to keep his promise on fiscal deficit, but at what cost?
  • Plan expenditure will be Rs 5,55,322 crore in 2014-15, unchanged from last fiscal.
  • Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy
  • Exports recovery sharp, and imports are down: Chidambaram
  • Manufacturing is India's Achilles heel, says the finance minister
  • Govt took the bold step to step up the CCI and the project monitoring group to hasten projects
  • Agri GDP growth increased to 4% during UPA II; in the current year it is estimated at 4.6%
  • Growth in 2012-13 in Q3, Q4 will be 5.2 per cent
  • Business Editor Raghuvir Srinivasan asks: We have to wait for details on how the FM has managed to keep the fiscal deficit well below his "red-line"?
  • Chidambaram narrates India's growth story in 10 years. Rejects the arguments of policy paralysis.
  • 67 per cent population covered under Nation Food Security Act.
  • Seven nuclear power reactors under construction.
  • Four ultra mega solar pojects to come up under National Solar Mission
  • Rs. 100 crore as corpus for solar mission.
  • Govt. has approved National agro-forestry policy
  • Meanwhile, sensex wipes out inital gains after the budget speech began
  • Rs 1200 crore additional assistance to NE states, Himachal Pradesh and Uttarakhand.
  • Additional Rs 1000 crore for Nirbhaya Fund.
  • National Skill development trust to get additonal Rs 1000 crores
  • Direct Benefit Transfer to be rolled out throughout the country
  • Government fully committed to Aadhaar
  • Eight national manufacturing zones have been approved along the Delhi-Mumbai corridor
  • Sugar is fully decontrolled, gradual decontrol of diesel prices, discoms, mostly sick, are restructured
  • Raghuvir Srinivasan: A further allocation of Rs.1,000 crore to the Nirbhaya Fund. Seems to be political move. How was last year's allocation used? No information. Raghuvir Srinivasan: First hint of how the fiscal deficit was contained Plan expenditure in current fiscal down, says FM though non-plan expenditure overshot target
  • Rs 2,46, 397 crore for subsidies
  • Rs. 1,16,000 crore allocated for food subsidy
  • Defence allocation enhanced by 10 per cent.
  • Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year
  • Government announces one-rank-one-pension scheme for defence personnel from 2015
  • Raghuvir Srinivasan says : Second clue of how fiscal deficit was contained: Rs.35,000 crore of fuel subsidy rolled over the next fiscal year. This is financial engineering.
  • Ministry of Health and Family Welfare gets Rs. 33,725 crore
  • Ministry of HRD gets Rs. 67,398 crore
  • Drinking water and sanitation ministry gets Rs. 15,260 crore; Social Justice and Empowerment gets Rs. 6730 crore
  • For Ministry of Housing and Poverty Alleviation- Rs. 6000 crore; Rs. 21,000 cr to Ministry of Women and Child Development Budgetary support to railways has been increased to Rs. 29,000 crore. Railways need to mobilise support through market borrowing
  • Government to take liability of interest of education loans for the period 2014-15.
  • India to become third largest economy after US and China. Chidambaram created 10 point agenda.
  • We must rebuild our infrastructure. PPP model must be more widely used.
  • Focus on manufacturing and manufacturing exports.
  • All taxes for exports should be waived
  • Subsidies must go only to the most deserving
  • Appeals all parties to pass tax reforms such as GST
  • Bankers assure me that as economy turns they can control Non-Performing Assets: FM
  • No change in tax laws, but changes in indirect taxes.
  • Excise duty reduced to 10 per cent.
  • Excise duty on small cars reduced to 8 per cent
  • Excise duty on SuVs reduced to 28 per cent.
  • Appeals all parties to pass tax reforms such as GST
  • Service tax exempted for storage and warehousing of rice
  • A Rs 100 crore scheme formulated to promote community radio stations
  • 140 million people out of poverty, claims the finance minister
  • Business Editor says: Its an election-eve budget alright. Fiscal deficit target met Excise duty cut on critical sectors, which was a big demand from industry. Fiscal deficit for next year at 4.1 per cent. Revenue deficit at 3 per cent. Sounds very good to be true. It is now the headache of the next Finance Minister Excise duty cut on critical sectors, which was a big demand from industry. And a long list of "achievements" of the UPA I & II. The auto industry has reason to be thrilled though. The duty cuts are not small by any measure. And they should give a leg-up to the industry
Union Finance Minister P. Chidambaram is seen with Ministers of State Namo Narain Meena and J.D. Seelam and his team members on the eve of interim budget presentation in New Delhi on Sunday. Photo: S. Subramanium
The Hindu
Union Finance Minister P. Chidambaram is seen with Ministers of State Namo Narain Meena and J.D. Seelam and his team members on the eve of interim budget presentation in New Delhi on Sunday. Photo: S. Subramanium
Interim Budget 2014

Rating agencies will watch performance on fiscal deficit

P. Chidambaram’s budget speech is expected to focus on the UPA government’s 10-years’ performance and its vision if re-elected. » 1 comment
Never mind that Finance Minister P. Chidambaram and many others in the government were hoping for the growth rate to be higher — in the vicinity of 5.5 per cent or so. Even after the data was released, Mr. Chidambaram has been pinning hopes on revisions to the advance estimate to take the growth rate to above 5 per cent. File Photo: Meeta Ahlawat

The economy waits for better news

The Central Statistics Office (CSO) released the advance estimates of national income for 2013-14. The economy is slated to grow by 4.9 per cent during the current year. » 3 comments

Fiscal deficit in Apr-Dec crosses 95% of annual target

RBI Governor Raghuram Rajan during the announcement of RBI monetary policy at RBI Headquarters, in Mumbai. A file photo. Country’s fiscal deficit touched Rs 5,16,390 crore or 95.2 per cent of the annual target during April-December, the Controller General of Accounts said on Friday. »

FinMin set to claim deficit target

Figures achieved not truly reflective of finances, say sources » 3 comments
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