Finance minister P.Chidambaram presented interim budget for the year 2014-15 on 17-02-2014. This budget is highly influenced by general elections. In major part of his speech P.Chidambaram was talking about achievements of UPA governments. More or less it was report card of UPA government. I really appreciate "One rank One pension" decision. This decision will directly benefit 47 lakh families.
Highlights of Union Budget 2014-15
- Blood banks are exempted from service tax now
- Income tax rates kept unchanged
- Plan expenditure (2014-15) - Rs 5,55,322 cr
- Non Plan expenditure (2014-15) Rs. 12,07,892 cr
- Fiscal deficit - 4.6%
- GDP growth rate (2013-14expected) 5.2%.
- Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund.
- Defence allocation increased by 10 per cent to Rs 2.24 lakh crore.
Excise duty
- Small cars – 8%
- SUVs – 28%
- Large and mid-segment cars - 20 %
- Capital goods sector – 10%
- Mobile handset – 6%
Subsidy
- National Food Security Act.be Rs 1,15,000 cr
- Railways increased - Rs 29,000 cr
- Food, fertilizer and fuel subsidy - Rs 2,46,397 crore
