Finance Minister P. Chidambaram has placed Union Budget-2014-15 on Monday in Parliament and rejected the charge of policy paralysis as he presented. Chidambaram will present the vote on account on Monday, giving an estimate of funds required to meet expenditure until a new government is in place.
The interim budget 2014-15 is very fiscal and "very balanced", the industry on Monday said that it was 'absolutely' up to the expectations.
Towards the end of his speech, Chidambaram says, "140 million moved out of poverty during UPA-I and UPA-II regime and we are legitimately proud of it.
What to expect from the interim Budget ?
The interim budget 2014-15 is very fiscal and "very balanced", the industry on Monday said that it was 'absolutely' up to the expectations.
Towards the end of his speech, Chidambaram says, "140 million moved out of poverty during UPA-I and UPA-II regime and we are legitimately proud of it.
What to expect from the interim Budget ?
- The interim Budget essentially an economic report card of UPA-II
- Chidambaram will set the fiscal deficit target for FY15 and a roadmap for fiscal discipline
- A possible cut in indirect taxes for troubled sectors is indicated.
- An excise duty cut to revive manufacturing, specially the auto sector is also expected.
- In an election year, there could be more sops for health, food and rural jobs.
- Interest subsidy on bank loans to farmers and exporters could also be extended
- Tax concessions could be offered for some of the poorer regions in the country.
- The government could also defer oil, fertiliser and other subsidies to next year
- Revenues could include proceeds from the recently concluded spectrum auction.
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