Finance Minister Mr. Chidambaram has presented vote on account or interim budget 2014 in lok sabha. Here are some highlights of the speech:
1) Government pegs investment rate at 34.8% and savings at 30.1%
2) India not facing a downgrade from rating agencies
3) CAD or Current account deficit will be contained at $45 billion. Fiscal deficit will be contained at 4.6% of GDP.
4) 54 lakh transactions took place through direct benefit scheme. It will be rolled out throughout the country.
5) Average growth under UPA-I was 8.4% and UPA-II 6.6%.
6) Rupee has been the least affected among emerging economies.
7) Moratorium to be announced on interest payment for education loans with PSU banks. 9 lakh students are expected to reap this benefit.
8) There will be no changes in tax laws.
9) Two wheeler and 4 wheeler prices set to fall. Excise duty on SUV’s cut to 24% from 30%. It will be 8% for two wheelers and 20% for mid segment cars. Excise duty on consumer durables cut from 12% to 10%.
10) Warehouses for rice and blood banks will be exempt from service tax.