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
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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