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140 mn people lifted out of poverty in last 10 years: FM

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February 17, 2014


12:22  Chidambaram told parliament that the country needs to contain the fiscal deficit at 3 per cent of GDP by 2016-17.

FM said he would propose setting up a non-statuary public debt management office that could start from fiscal 2014-15.

Blood banks to be exempt from service tax.

Service tax relief storage for warehousing for rice.

Excise duty on mobile handset to be 6 pc on CENVAT credit to encourage domestic production.

Revenue deficit estimated at 3 pc for current fiscal.
12:11  Govt has obtained information in 67 cases of illegal offshore accounts of Indians: FM.
12:09  Direct taxes left untouched

Huge excise duty cuts on mobile handsets

Three more industrial corridors under implementation: FM
12:08  Budget Estimate 2014-15: Fiscal deficit at 4.6% vs red line of 4.8%

Excise cut to 10% on consumer durables
12:03  Excise duty for large and mid-segment cars cut to 20%

Service tax exemption on loading, unloading, storage of rice

Excise cut from 12% to 10% for capital goods

Excise cut from 12% to 10% for capital goods

Excise duty cut for small cars to 8%, SUVs to 24% from 30%
12:02  No change in tax laws, but calls for some intervention

To set up public debt management agency

Appeal to all political parties to pass GST

Excise duty cut for auto sector

Excise duty cut from 12% to 8% small cars, two-wheelers till June 30, 2014

Excise duty cut from 12% to 10% for cap goods and consumer durables
12:00  Disappointed that we have not been able to implement GST

Need modern tax laws - disappointed that GST not introduced yet

Food subsidy shoots up to over Rs 1 lakh crore: Chidambaram

FY15 Fuel subsidy at Rs 65,000 cr

FY15 Urban Housing Fund Allocation at Rs 2,000 cr

Rs 2,600 cr for education loan moratorium
11:54  Average growth under UPA-I was 8.4 per cent and UPA-II 6.6 per cent.

Average growth under UPA's ten year rule was 6.2 per cent against 5.9 during NDA period of 1999-2004.

Propose a moratorium period for all education loans taken prior to 2009 upto 2014

Food, Fuel, Fertilizer subsidy pegged at 2.46 lakh cr

FY15 fertlisier subsidy to be Rs 76,000 cr

500 MW fast breeder nuclear reaction in Kalpakkam to be ready shortly; 7 nuclear power reactors under construction.
11:52  Defence Allocation up 10% to Rs 2,24,000 cr for FY15

Propose a moratorium period for all education loans taken prior to 2009 upto 2014

To grant Rs 1,000 cr to the Nirbahya Fund for next year

Food, Fuel, Fertilizer subsidy pegged at 2.46 lakh cr

FY15 fertlisier subsidy to be Rs 76,000 cr

Ministry of Health and Family Welfare gets Rs 33,725 cr

FY15 capital infusion in PSU banks to be Rs 11,200 cr

Banks to surpass Rs 7 lakh cr towards rural credit in FY14, FM allocated Rs 8 lakh cr for FY15

Proposes 11,200 cr for capital infusion in PSU banks
11:51  FY15 subsidies at Rs 2.46 lakh crore

Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hardwork

Coal output grew to 554 mn tonnes against 361 mn tonnes over decade
11:42  Budgetary support to Railways has been increased to Rs 29,000 cr in FY15

Panchayati Raj Ministry to get Rs 7,000 cr

FY15 Plan expenditure kept at Rs 5.55 lakh crore

No change in plan expenditure for FY15, sets aside 5,22,000 cr

Plan expenditure at 2014-15 at same level at 2013-14
11:41  No change in plan expenditure for FY15, sets aside 5,22,000 cr

Plan expenditure at 2014-15 at same level at 2013-14

Aadhaar a tool of empowerement

Govt remains fully committed to Aadhaar

Totally 54 lakh transactions completed under direct benefit transfer

1200 cr additional funds allocated to North-East states
11:40  So far, two proposals will recieve funds from Nirbhaya fund

After Mars Oribiter Mission, several more missions planned

Proposes Rs 1,200 cr additional assistance to hill states

Rs 100 cr allocated for community radio stations

To start 4 UMPPs in FY15

Rs 200 crore initial capital for a venture capital fund for scheduled castes

I reject the argument of policy paralysis: Chidambaram.

Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of
hardwork: FM.

Power capacity rises to 234,600 MW in 10 years: FM.

Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year.
11:33  GDP fell to 4.4% from 7.9% in nine quarters

India added fresh power capacity, rural roads, highways in last 3 months

Vote on Account 2014: India not facing a ratings downgrade from agencies

FM: Govt, RBI, SEBI stabilised forex mkts via many steps
11:31  Cabinet panel cleared 296 projects by end of January

Let history be the judge of the last 10 years: FM

Merchandise export to grow by 6.8% to $326 billion.

296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014: FM.

Exports are pegged to grow to $326 bn; up 6.4%

Agricultural Credit in FY14 at 7.35 lk cr vs 7 lk cr aim

Govt estimates food pdtn at 263 mn Tn

Govt pegs investment rate at 34.8%; saving rate @ 30.1%

3 more industrial corridors - Chennai-Bangalore, Bangalore-Mumbai, Amritsar-Kolkata -  under various stages of
implementation.
11:25  Food inflation remains a worry; food prices have come down

Foreign exchange reserves up by USD 15 billion: FM.

Foodgrain production estimated at 263 million tons in 2013-14

Agriculture credit will cross $45 billion against $41 billion in 2012-13. 
11:23  Govt, RBI acted in tandem to curtail inflation

Added $15 bn to foreign reserves this fiscal

FY14 Current Account Deficit seen at $45 bn

India not facing a ratings downgrade from agencies

We shall not do anything that will affect the foundation of India's economy
11:22  
CAD will be USD 45 billion in 2013-14: FM.
11:21  FM: Our objectives were fiscal consolidation, reviving growth cycle, and enhancing manufacturing

FM: India's challenges are common to all emerging economies

Chidambaram's speech disrupted in Parliament
11:19  Fiscal deficit is at 4.6% of GDP

FM: Our objectives were fiscal consolidation, price stability

FM: I shall give you an account of how we navigated the turbulent waters of the Indian economy
11:14  Investors need to have stock-specific approach: Atul Suri.
11:07  He is likely to make the speech outside Parliament. Vote on account speech may move to the Lok Sabha TV studio.
11:02  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.

It would be interesting to see if Chidambaram continues with the super-rich tax in 2014-15 as well, but indications are he may choose not to since it would need amendment of the law.

In the last Budget, the government imposed a 10 per cent surcharge for a year (2013-14 fiscal) on people earning income above Rs 1 crore. It covered 42,800 individuals and entities.
10:57  Market expects FY14 CAD at $ 40.5-42 bn versus $ 50.5 bn projection.
10:56  Market expects FY14 fiscal deficit at Rs 5-5.5 lakh crore, budget estimate at Rs 5.4 lakh crore.
10:53  Besides, global cues, movement of rupee and investment pattern of foreign institutional investors will also be important for the domestic indices.

Experts said on the macro front, market participants will closely watch the FY'15 fiscal deficit target, which will determine the size of market borrowing for the next fiscal.

Overall, the near-term trend is showing sell on rallies, and till Nifty closes decisively above 6,100, investors may book profit in rallies.
10:28  Finance Minister Palaniappan Chidambaram will present an unremarkable vote on-account to the Lok Sabha on Monday, deliberately bereft of populist measures or tax concessions, despite the imminence of a general election.

Since Congress is headed for its worst defeat in the coming election, Chidambaram's budget speech will be a swansong, says Swaminathan S Anklesaria Aiyar of Economic Times, adding he will present a stirring account of the great feats of UPA over the past decade while airbrushing the steep fall in growth and rise in inflation in the past three years.

Voters will not be impressed, as he well knows.

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