<p>Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.</p>.<p>12.12: FM ends speech with a long Tamil couplet. </p>.<p>12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year. </p>.<p><span>12.00: </span>No change in direct taxes.</p>.<p><span><span></span> Excise duty cuts on mobile handsets, consumer durables, capital goods.</span></p>.<p><span></span> Excise duty cut for large and mid-segment cars (20% cut), small cars and two wheelers (12% to 8% ), SUVs (24% from 30%).</p>.<p>11.58: Students get major relief. Moratorium on education loan interest taken prior to 2009 till 2014. To cost government Rs 2,600 cr. </p>.<p><span>11.55: U</span>rban Housing Fund at get Rs 2,000 cr</p>.<p> <span></span> Rural housing fund get Rs 6,000 cr</p>.<p><span></span> Minority affairs to get Rs 3,711 cr </p>.<p>11.54: Budgetary support to Railways increased to Rs 29,000 cr </p>.<p>11.53: Panchayati Raj Ministry to get Rs 7,000 cr</p>.<p>11.53: Expenditure kept at Rs 5.55 lakh crore (same as last year)</p>.<p>11.52: 11,200 cr for capital infusion for PSU banks</p>.<p>11.52: Rs 8 lakh cr allocated for rural credit </p>.<p>11.51: Defence Allocation to Rs 2.24,000 cr ore,up 10%. </p>.<p>11.49: Food, Fuel and Fertilizer subsidy at 2.46 lakh crore. Non-plan expenditure at Rs 1.15 lakh crore. </p>.<p>11.48: Ministry of Health and Family Welfare gets Rs. 33,725 cr </p>.<p>11.47: Rs 1,200 cr special assistance to North East states. </p>.<p><span>11.45: </span><span>Fresh power capacity, rural roads, highways added in last 3 months. 50000 MW of thermal and hydro power plants under construction.</span></p>.<p>11.43: (We want United AP) </p>.<p>11.42: Government committed to Aadhaar. Even critics will realise it is a tool of empowerment. 54 lakh transactions completed under direct benefit transfer. </p>.<p>11.40: Now he comes to the key part: allocations to different departments.</p>.<p><span>11.35: Combative FM says Harvard contributed to his success. </span></p>.<p>11.34: No policy paralysis, growh returning. Last two quarters of 2013-14 to grow at atleast 5.2%. Rupee doing better than other emerging market currencies. However, stagnation in manufacturing sector a worry.</p>.<p>11.29: Economy more stable now than two years ago. No threat of ratings downgrade from agencies. Exports to grow to $326 bn; up 6.4%. Investment rate at 34.8%; saving rate at 30.1%. $15 bn added to foreign reserves this fiscal. Cabinet cleared 296 projects. GDP to be 4.9%. </p>.<p>11.26: FM speech continues amid muffled, 'We want united AP.'<br /><br />11.24: Key concerns of last fiscal: fiscal consolidation and inflation. 2013-2014's fiscal deficit managed at 4.6% of GDP. Food inflation has declined but still a worry.</p>.<p>11.22: World economy has slowdown in last few years. India affected by global economy downturn but doing better than other emerging economies. </p>.<p>11.17: FM stops speech. Speaker's clear voice raises above the turmoil. "Don't obstruct, it is the consitutional duty of the FM...' she is saying. Nobody listens, but FM continues.</p>.<p>11.14: FM begins speech amid din. But all we can here is Up, Down, Seemandhra, Telangana, Justice.... </p>.<p>11.10: Budget speech outside the Parliament, if it happens, would be a new record. It sounds like a fish market now. Andhra MPs now shouting, 'We want justice.'</p>.<p><span>11.08:</span>CNN IBN reports that FM would make his interim budget speech outside Parliament.<span> </span></p>.<p>11.05: Telangana din continues. MPs chanting 'We want Seemandhra.' PC lays the budget report on the table. He will not be making a speech today. </p>.<p>11.00: Chidambaram presents interim budget in LS<br /><br />10.55: The most watched number in the speech would be the fiscal deficit. Analysts are expecting PC to report a fiscal deficit of around 4.7 per cent of GDP. The number would have a bearing on the inflation and the growth measures the authorities may take in the coming months. PC may have done better than his target (4.8%), thanks to cuts in expenditure and spectrum auction bounty. More than anything else, this may set the tone for the next government to plan its finances.<br /><br />10.49: This budget speech is more likely to be a look-back than a look ahead. He may opt to highlight the achievements of UPA II in the last 10 years, than make any policy or tax shifts.<br /><br />10.45: FMs like to keep the interim budget speech short and crisp. PC noted recently that Jaswant Singh had made a 12-page speech in 2004 and Pranab Mukherjee had made an 18-page speech in 2009.<br /><br />10.40: Sensex at 20,400 ahead of Interim Budget.</p>
<p>Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.</p>.<p>12.12: FM ends speech with a long Tamil couplet. </p>.<p>12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year. </p>.<p><span>12.00: </span>No change in direct taxes.</p>.<p><span><span></span> Excise duty cuts on mobile handsets, consumer durables, capital goods.</span></p>.<p><span></span> Excise duty cut for large and mid-segment cars (20% cut), small cars and two wheelers (12% to 8% ), SUVs (24% from 30%).</p>.<p>11.58: Students get major relief. Moratorium on education loan interest taken prior to 2009 till 2014. To cost government Rs 2,600 cr. </p>.<p><span>11.55: U</span>rban Housing Fund at get Rs 2,000 cr</p>.<p> <span></span> Rural housing fund get Rs 6,000 cr</p>.<p><span></span> Minority affairs to get Rs 3,711 cr </p>.<p>11.54: Budgetary support to Railways increased to Rs 29,000 cr </p>.<p>11.53: Panchayati Raj Ministry to get Rs 7,000 cr</p>.<p>11.53: Expenditure kept at Rs 5.55 lakh crore (same as last year)</p>.<p>11.52: 11,200 cr for capital infusion for PSU banks</p>.<p>11.52: Rs 8 lakh cr allocated for rural credit </p>.<p>11.51: Defence Allocation to Rs 2.24,000 cr ore,up 10%. </p>.<p>11.49: Food, Fuel and Fertilizer subsidy at 2.46 lakh crore. Non-plan expenditure at Rs 1.15 lakh crore. </p>.<p>11.48: Ministry of Health and Family Welfare gets Rs. 33,725 cr </p>.<p>11.47: Rs 1,200 cr special assistance to North East states. </p>.<p><span>11.45: </span><span>Fresh power capacity, rural roads, highways added in last 3 months. 50000 MW of thermal and hydro power plants under construction.</span></p>.<p>11.43: (We want United AP) </p>.<p>11.42: Government committed to Aadhaar. Even critics will realise it is a tool of empowerment. 54 lakh transactions completed under direct benefit transfer. </p>.<p>11.40: Now he comes to the key part: allocations to different departments.</p>.<p><span>11.35: Combative FM says Harvard contributed to his success. </span></p>.<p>11.34: No policy paralysis, growh returning. Last two quarters of 2013-14 to grow at atleast 5.2%. Rupee doing better than other emerging market currencies. However, stagnation in manufacturing sector a worry.</p>.<p>11.29: Economy more stable now than two years ago. No threat of ratings downgrade from agencies. Exports to grow to $326 bn; up 6.4%. Investment rate at 34.8%; saving rate at 30.1%. $15 bn added to foreign reserves this fiscal. Cabinet cleared 296 projects. GDP to be 4.9%. </p>.<p>11.26: FM speech continues amid muffled, 'We want united AP.'<br /><br />11.24: Key concerns of last fiscal: fiscal consolidation and inflation. 2013-2014's fiscal deficit managed at 4.6% of GDP. Food inflation has declined but still a worry.</p>.<p>11.22: World economy has slowdown in last few years. India affected by global economy downturn but doing better than other emerging economies. </p>.<p>11.17: FM stops speech. Speaker's clear voice raises above the turmoil. "Don't obstruct, it is the consitutional duty of the FM...' she is saying. Nobody listens, but FM continues.</p>.<p>11.14: FM begins speech amid din. But all we can here is Up, Down, Seemandhra, Telangana, Justice.... </p>.<p>11.10: Budget speech outside the Parliament, if it happens, would be a new record. It sounds like a fish market now. Andhra MPs now shouting, 'We want justice.'</p>.<p><span>11.08:</span>CNN IBN reports that FM would make his interim budget speech outside Parliament.<span> </span></p>.<p>11.05: Telangana din continues. MPs chanting 'We want Seemandhra.' PC lays the budget report on the table. He will not be making a speech today. </p>.<p>11.00: Chidambaram presents interim budget in LS<br /><br />10.55: The most watched number in the speech would be the fiscal deficit. Analysts are expecting PC to report a fiscal deficit of around 4.7 per cent of GDP. The number would have a bearing on the inflation and the growth measures the authorities may take in the coming months. PC may have done better than his target (4.8%), thanks to cuts in expenditure and spectrum auction bounty. More than anything else, this may set the tone for the next government to plan its finances.<br /><br />10.49: This budget speech is more likely to be a look-back than a look ahead. He may opt to highlight the achievements of UPA II in the last 10 years, than make any policy or tax shifts.<br /><br />10.45: FMs like to keep the interim budget speech short and crisp. PC noted recently that Jaswant Singh had made a 12-page speech in 2004 and Pranab Mukherjee had made an 18-page speech in 2009.<br /><br />10.40: Sensex at 20,400 ahead of Interim Budget.</p>
