- P. Chidambaram's Budget 2014 indicates fiscal deficit to be contained at 4.6 pct of GDPP. Chidambaram makes pointed Budget 2014 remark over Indian rupeeIn P. Chidambaram's Budget 2014, agriculture credit to cross Rs 7 lakh cr; exports to surge over $45 bn,P. Chidambaram, in Budget 2014, says food inflation still remains a worry
Finance Minister P. Chidambaram presented the interim budget for the fiscal year 2014/15 on Monday to cover expenditure until the government's term ends in May.
His speech was repeatedly disrupted by protests over the proposed division of a southern state.
* GDP expansion in 2013/14 third and fourth quarters will be at least 5.2 percent
Fiscal deficit seen at 4.6 percent of GDP in 2013/14 * Says need to bring down fiscal deficit to 3 percent of GDP by 2016/17
CURRENT ACCOUNT DEFICIT
* Current account deficit for 2013/14 projected at $45 billion
* Forex reserves to rise by $15 billion by end of 2013/14
* Merchandise exports seen at $326 billion in 2013/14, up 6.3 percent year on year.
Agriculture exports xxpected to touch $45 billion in 2013/14, up from $41 billion in 2012/13
* Plan expenditure for 2014/15 seen at same level as previous year
* Non plan spending estimated at about 12.08 trillion rupees in 2014/15
* Total spending on food, fertilisers and fuel at 2.5 trillion rupees in 2014/15
Spending raised to 2.24 trillion rupees in 2014/15, up 10 percent year on year
Govt to provide 112 billion rupees capital infusion in state run banks in 2014/15
FINANCE MINISTER COMMENTS
Our objectives were fiscal consolidation, reviving growth cycle, and enhancing manufacturing, said Chidambaram.
I can confidently assert that the fiscal deficit is declining, the current account deficit is constrained, inflation is moderated; exchange rate is stable, he said.
I wonder how many have noted the fact the Indian economy is 11th largest in the world, he said.
The fortunes of India will have significant impact on world economy in the future.