Finance Minister P Chidambaram addressed a press conference after presenting the interim budget for 2014 in Parliament today amid sloganeering of lawmakers protesting against the Telangana Bill. He said the government has managed to contain both the fiscal deficit and the current account deficits and has kept them below target while presenting the budget.
The excise cut proposed in the budget will result in a loss of Rs 300-400 crore but pick up in sales would offset the loss, he said.
Here the highlights from the post- Interim Budget press conference:
- We have put the economy on a more stable foundation
- Economy will be able to withstand shocks if any
- Exchange rate is stable, fiscal deficit and current account deficit have been contained
- Flagship programs given ample funds
- Aiming at taking India's economy to the 3rd rank only after US and China
- Excise duty cut will result in small revenue loss but pick-up in sales will offset the losses
- Loss due to excise cut seen at Rs 300-400 crore
- Didn't change any direct tax rates...that's for the next government to do
- India is one of the few countries that has been able to keep its head above the water
- Q1 of FY14 was a low point of the economy...there is a mild upturn and the effort must be to keep this upturn an upturn
- We hope that the economy will pick up
- Growth sluggish in auto, durables
- Can't afford high gold imports
- Gold import restrictions necessary
- Gold curbs helped control current account deficit
- Can't compare excise cut to stimulus
- Specific sectors facing growth pangs
- We are navigating through a turbulent period
- This budget sends out a clear signal of hope that things will be better
- Tax collections need to pick up
- Need to set high targets for tax department
- PSU banks should raise capital- it's a sector where additional capital is required every year
- Urge banks to raise their own capital
- We have done more in agriculture than any other government
- Agri credit target higher in FY15
- It's possible to raise Rs 36,999 crore through divestment in PSUs as per estimates
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