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Union Budget
UPA's youth focused general budget: Education loan, cars, mobiles made cheaper
Finance Minister P. Chidambaram to day presented the interim budget for the fiscal year 2014-15. This budget will cover expenditure until the government's term ends in May 2014. This was India's 83rd national budget and Chidambaram was doing it for the ninth time.

In his budget speech Chidambaram announced allocation of Rs 500 crores to fulfill defence personnel's demand of One Rank, One Pension. The minister also announced the provisions that will make Mobile, small cars, education loan cheaper.

While giving the budget estimates, Chidambaram said the current financial year will end on a satisfactory note with the fiscal deficit at 4.6%, below the redline of 4.8%, and the revenue deficit at 3.3%.

Few important announcements with respect the interim budget 2014 are:

  • Expenditure plan for 2014-15 is similar to that of 2013-14.

  • The total spending on food, fertilizers and fuel will be 2.5 trillion rupees.

  • The budget for defence services was raised to 2.24 trillions.

  • Growth was seen in Merchandise exports by 6.3 percent per year.

  • Government will provide 112 billion rupees capital infusion in state run banks.

  • A proposal, to set up public debt management office.

  • Factory gate tax reduced to 10 percent from 12 percent. And also restructured the factory gate tax rates for manufacturing of mobile handsets.

  • Excise duty on cars, two wheeler, commercial vehicles is reduced by 4 percent. And has also recommended to reduce the excise duty on larger vehicles.

  • Petroleum subsidy seen at 634.27 billion rupees versus revised figure of 854.8 billion rupees for 2013-14.

  • No change in income tax rates

  • service tax exemption for storage and warehousing of rice like it was done in case of paddy last year. Also, blood banks have been exempted from its purview.

The main budget for the financial year 2014-15 will be presented by the new government, that will come to power after the general elections in May 2014.

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