Interim budget: PC dismisses policy paralysis

Lok Sabha opened to absolute pandemonium over Telangana in the morning – the day of the Congress-led UPA’s last Budget.

Finance minister P Chidambaram’s Budget speech was initially drowned out by MPs protesting over Telangana, forcing Speaker Meira Kumar to appeal for calm. “These are the last few days of Parliament. It is the minister’s constitutional right to read out the Budget,” she said.

The interim Budget, is now being presented in Parliament. It will be a challenge for finance minister P Chidambaram to meet fiscal deficit targets given India’s sub-5 per cent growth prospects. High rhetoric is expected given this is the UPA’s last Budget. Fiscal discipline or more sops?

Here are the highlights of Budget 2014:

The excise duty reduced for small cars from 12% to 8%l; for SUVs from 30% top 24%.

Rs 6,000 crore to rural housing fund, Rs 2,000 crore for urban housing fund

"India cannot be unaffected by what is happening in the world."

"Fiscal deficit will be contained to four per cent of the GDP."

"Govt and RBI have acted together to check inflation which saw many ups and downs."

"GDP growth for agriculture 4.6 per cent."

"Govt took bold step to step up CCI and the project monitoring group to hasten projects."

Global economic growth has been seen at 3 per cent for 2013.

Imports are down and this does not augur well for manufacturing and trade.

Three more manufacturing zones are under advanced stages of preparatory work.

Push in infrastructure in last year: 29,350 MW added, 3,928 kms of highways.

Risks to capital flows have been accentuated due to global volatile conditions; the rupee came under pressure.

"My mother and Harvard taught me hard work, it pays."

Risks to capital flows have been accentuated due to global volatile conditions; the rupee came under pressure.

I reject idea of policy paralysis, it is a cycle.

Today we have more than 3.9 lakhs of rural roads; health allocation has also been increased.

Foreign exchange reserves up by USD 15 billion.

Food inflation still a worry even though it has gone down from 13.6 pc to 6.2 pc.

Merchandise export to grow by 6.8 pc to USD 326 billion.

UPA 1 and UPA 2 have delivered above the growth trend.

We took many decisions that are strong and courageous.

Declining fiscal deficit, moderation of CAD, stable exchange rate and increase in project implementation result of hardwork.

The new Land Act was notified to put to rest the oppressive colonial Land Act of 1894

Expenditure on education has risen from Rs 10,145 crore 10 years ago to Rs 79,251 crore this year.

Govt has approved the National Agro Forestry Policy which will enhance employment

We now have capability in cryogenics and are largely self reliant.

Rs 1,200 cr additional assistance to north-east, Himachal and Uttarakhand states.

Chidambaram announces Rs 200 crore Venture Capital fund for scheduled caste entrepreneurs.

296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014.

Will grant Rs 1,000 crore to the Nirbahya fund for next year.

FDI policy was liberalised to attract larger investments; merchandise export to grow by 6.8 pc to USD 326 billion.

Average growth under UPA's ten-year rule was 6.2 per cent against 5.9 during NDA period of 1999-2004.

Rs 6,000 crore for Ministry of Housing and Poverty Alleviation; Rs 21,000 cr to Ministry of WCD.

Budgetary support to Railways increased by Rs 3,000 crore.

3 more industrial corridors: Chennai-Bangalore, Bangalore-Mumbai, Amritsar-Kolkata under various stages of implementation.

Drinking water and sanitation ministry gets Rs. 15,260 cr; Social Justice and Empowerment gets Rs 6,730 cr.

Gender budget has Rs. 97,000 crores and child budget Rs. 87,000 crores.

High allocation for food subsidy to enable roll out of the Food Security Act

Rs 500 crore for defence personnel pension under one-rank, one-pension scheme.