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FM completes his interim Budget speech.
FM - Budget estimates for 2014-15 - Revenue deficits will be 3%.
CHANGE IN INDIRECT TAXES
SERVICE TAX
1. Loading, unloading, storage and warehousing of RICE has been exempted.
2. Cord Blood banks exempted from Service Tax
EXCISE DUTY.
1. Capital Goods falling under chapter 84 & 85 reduced from 12 to 10% upto 30.06.2014
2. Excise duty reduced on small cars, motor cycles & scooters from 12 to 8 % upto 30.06.2014
3. All domestic Mobile excise reduced to 6% (with Cenvat) or 1% without Cenvat.
FM - to Stimulate growth excise duty will be reduced from 12% to 10%. Automobile industry will benefit from excise duty reduction.
FM: No changes proposed in the tax laws
FM - launched investigations into black money stashed away in foreign banks.
FM - Disappointed why GST & DTC has not been passed. Revenues are our paramount importance. GST has not been implemented. I appeal to all political parties to pass the GST & DTC laws.
FM - India's economy is the 11th largest in the World. We will go up in the economy ranking.
FM - Over 25 lakh students have got education loans. We have disbursed over Rs.57000 crores. Propose a moratorium period for some education loans.
FM - 5207 branches of PSU banks have been opened. Target is over 8000 branches. Will recapitalise the PSU banks. Banks are under stress. Banks will cross the Rs.7 lakh crore of agricultural credit. Our target is Rs.8 lakh crores. Rs 11200 crore capital infusion into Public Sector Banks announced.
FM - One rank, one pension for defence personnel is a very sensitive issue. Government is committed to it. We need young soldiers. We will implement One rank, one pension for defence services personnel from next FY.
FM - Gender budget has Rs.97000 crores and Child budget Rs.87000 crores. Non plan expenditures will be over Rs.12 lakhs Crore. Fuel subsidy will be Rs.57,000 crore. More than Rs.1 lakh crore for food subsidy. Defence budget up by 10%. Now Rs.2.24 lakh crores.
FM - Govt is committed fully to Aadhar. People at the bottom of the pyramid need Aadhar.
Election sop? Chidambaram announces Rs 200 crore as initial capital for a venture capital fund for Scheduled Castes.
FM - Direct Benefit Scheme. Money is being transferred. Total of 54 lakh transaction has taken place.
FM- Nirbhaya fund has Rs.1000 crore. It will be a permanent fund & Rs.1000 Cr. Additional in Next Year.
FM says that 296 projects worth Rs 6.6 lakh crore was cleared by the Cabinet Committee on Investment by the end of January 2014.
Rs 3.36 lakh crore set aside for assistance to states in the upcoming financial year.
FM - Small scale and cottages industries have been encouraged. 100 Crore for community radio station.
FM - About 50000 MW of Thermal power projects will completed.
Spending on health seen at Rs 36000 crore, the finance minister says
FM - The companies act has replaced the vintage law of 1956.
FM - New bank licenses given. Several major decisions have been taken.
Rhetoric on how food, power and coal production has dramatically increased under the UPA government follows. "I could multiply examples, but what I have given will suffice," the finance minister says.
FM - After 10 years we have more than 3 lakh KM of rural roads under PMGSY.
FM - This year we are spending over Rs.36000 crore on health.
FM - Economy is stable. All this is a result of hard work. My mother and Harvard taught me the value of hard work.
FM - Growth for the whole year will be at least 5.2%.
Chidambaram underlines that India has not been significantly hit by the global economic upheaval and is under no threat of a ratings downgrade by any of the major rating agencies.
The Current account deficit is pegged at $45 billion for fiscal 2014, Chidambaram says.
FM - Some projects are facing problems. Govt 296 projects worth Rs.6.6 lakh crore have been cleared.
FM: Govt pegs investment rate at 34.8%; saving rate @ 30.1%
The Finance Minister says that $15 billion has been added in foreign exchange reserves in Financial Year 2014.
FM - Agriculture exports stood at US Dollar 41 Billion.
FM - Just 3% global economic growth in the year.
FM - 4.6% GDP fiscal deficit for the year.
Come to my chamber, she says. Chidambaram resumes his bid to be heard after this intervention by the speaker.
The Speaker Meira Kumar is trying her best to restore the order in the House. Requests MPs to allow FM to present the Budget.
FM's budget speech disrupted by pro and anti-Telangana MPs.
FM - Only a few countries, managed to keep their head above the water. India is one of them.
Chidambaram has begun and is making a game effort of getting through his speech.
FM may not present the VoA speech: TV reports.
The 'We want justice' cries by Andhra's Seemandhra MPs have begun.
The session is underway. Speaker Meira Kumar arrives and begins proceedings with the laying of "papers" by ministers.
If the Parliament is disrupted, the Finance Minister P Chidamabaram is likely to make a statement on TV channels.
Finance Minister Chidambaram will present the Interim Budget 2014 in a short while.
Metro stations, Central Secretariat and Udyog Bhawan will remain closed from 9 AM to 5 PM:
Finance Minister P Chidambaram will present the interim budget for 2014-15 in Parliament today.
Along with the budget, the Finance Minister will present a vote-on-account to seek Parliament's sanction for spending till July.
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