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Exports, Tax proposals, Banking capital infusion, health and education expenditure - Interim budget 2014-15

Exports, Tax proposals, Banking capital infusion, health and education expenditure - Interim budget 2014-15


Exports

Merchandise exports seen at $326 billion in 2013-14, up 6.3% Year-on-Year

Agriculture exports expected to touch $45 billion in 2013-14, up from $41 billion in 2012-13


TAX Proposals

No major change in tax rates


Factory gate tax to be reduced to 10% from 12% on some capital goods and consumer durables


Cut excise duty on small cars, two wheelers, commercial vehicles to 8% from 12%


Excise duty reductions on larger vehicles cut from 30% to 24%


Excise duty on mobile handsets to be 6% on CENVAT credit to encourage domestic production


Banking

Government to provide Rs.112 billion capital infusion in state run banks in 2014-15


Propose to set up public debt management office to start work from 2014-15


Health and Education expenditure

The expenditure on Health and Family Welfare has reached Rs.36,322 crore from Rs.7,248 ten years ago


The expenditure on Education has reached Rs.79,451 crore from Rs.10,145 ten years ago

Privatisation, Subsidies, Defence spending 2014-15 highlights of Interim budget 2014-15

Privatisation, Subsidies, Defence spending 2014-15 highlights of Interim budget 2014-15


Privatisation

Target from stake sale in state run firms for 2013-14 revised to Rs.258.41 billion

 

Target for 2014-15 increased to Rs.569.25 billion


Plan expenditure for 2014-15 seen at Rs.5.55 trillion


Non plan spending estimated at about Rs.12.08 trillion in 2014-15


Subsidies


Total spending on food, fertilisers and fuel at Rs.2.5 trillion in 2014-15
 

Food subsidy estimated at Rs.1.15 trillion

Fertiliser subsidy at Rs.679.71 billion

Petroleum subsidy seen at Rs.634.27 billion v/s revised figure of Rs.854.8 billion for 2013-14


Defence

Spending raised to Rs.2.24 trillion in 2014-15, up 10% year on year

Highlights of Interim budget 2014-15

Highlights of Interim budget 2014-15

GDP expansion in 3rd and 4th quarters of 2013-14 estimated at 5.2%. Growth for the whole year expected at 4.9%.


Fiscal deficit seen at 4.6% of GDP in 2013-14, below target of 4.8%


Projected Fiscal deficit at 4.1% of GDP in 2014-15


Current account deficit for 2013-14 estimated at $45 billion from last fiscal year's $88 billion

Forex reserves to rise by $15 billion by end of 2013-14


Gross market borrowing for 2014-15 seen at Rs.5.97 trillion and net market borrowing at Rs.4.57 trillion


Government plans to buy back/switch bonds of Rs.500 billion in 2014-15


Ways and Means advances for 2014-15 estimated at Rs.100 billion


Debt repayment for 2014-15 seen at Rs.1.397 trillion


Interest payments seen rising to Rs.4.27 trillion in 2014-15 from a revised estimate of Rs.3.8 trillion for the current fiscal year