Interim Budget has been presented in Parliament on Monday by Finance Minister P. Chidambaram. Taxes on cars and mobile phones have been cut down in effort to revivify growth. Announcement made during the budget will not affect common man. India is 11th largest economy in the world. Highlights of Interim Budget 2014-15.
- Gross Tax receipt (GTR) will jump 19 percent which fell 6.3 percent in 2013-14 budget.
- Excise duty on two wheelers, small cars and commercial vehicles will cut down to 8 percent from 12 percent.
- Factory gate duty to be detracted to 10 percent from 12 percent.
- Excise duty reduction on larger vehicle.
- Estimated food subsidy will be 1.15 trillion rupees, Petroleum subsidy is 634.27 billion rupees and fertilizer subsidy is estimated at 679.71 billion rupees.
- Rs. 112 billion is provided by Government for capital infusion in state run banks.
- Merchandise exports and Agriculture exports expected to earn $326 billion and $45 billion respectively.
- 12.08 trillion rupees is estimated non plan spending.
- Privatization target to increase about 569.25 billion Rs.
- Buy back/switch bonds of 500 billion rupees have been planned by Government.
- Gross market borrowing and Net market borrowing seen at 5.97 and 4.57 percent respectively.
- Interest payment raised upto 4.27 trillion rupees.
- Estimated current account deficit is $45 billion.
- Fiscal deficit predicted at 4.1 percent of GDP.
- GDP expansion for whole year estimated at 4.9 percent.