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•  No changes proposed in the tax laws

•  Excise duty on consumer durables and capital goods cut from 12% to 10%

•  Rice transport and process exempted from service tax

•  Reduction in excise duty for auto sector

•  Excise duty reduced for small cars from 12% to 8%

•  Excise duties on mobile handsets restructured to 6% for all categories

•  Excise duty reduced for SUVs from 30% to 24% 

•  Excise duty on medium cars reduced from 24% to 20%

•  Excise duties on bikes/2 wheelers down to 8%

•  Blood banks to be exempt from service tax


•  World economy has witnessed slowdown 

•  Global economic growth seen at 3% 

•  India one of the few countries that kept head above water during turbulent economic times 

•  I shall give you an account of how we navigated the turbulent waters of the Indian economy

•  Objectives to revive growth cycle and enhancing manufacturing 

•  We shall not do anything that will affect the foundation of India's economy 

•  India not facing a ratings downgrade from agencies

•  Agriculture looking up

•  Fiscal consolidation main aim 

•  Fiscal deficit of FY 2013•  14 will be contained at 4.6% 

•  Current Account Deficit will be contained at USD 45 billion 

•  USD 15 billion will be added to forex 

•  Agriculture GDP growth is estimated at 4.6%

•  Even after the slowdown the savings rate was 31% in 2012-13

•  No steep decline in investment except in mining and manufacturing

•  Food inflation worrying but falling 

•  Govt, RBI working in tandem to contain inflation 

•  Slowdown in manufacturing sector a worry area 

•  Exports have recovered sharply 

•  Govt sees investment rate at 34.8%; saving rate at 30.1%

•  Food production estimated at 263 million tonnes

•  Rupee has come under pressure 

•  Govt took several measures to encourage capital inflows 

•  Economy in better shape than 2 years ago 

•  My mother and Harvard taught me value of hard work

•  Agricultural credit in FY14 at 7.35 lakh crore Vs 7 lakh crore aim

•  Exports are pegged to grow to $326 bn; up 6.4%

•  Cabinet panel cleared 296 projects by end of January

•  Aim to create 1 million jobs

•  7 new airports under construction 

•  UPA I and UPA II delivered over trend rates 

•  Eased rules governing infra projects' funding

•  GDP fell to 4.4% from 7.9% in nine quarters

•  GDP growth in Q3, Q4 FY14 seen at 5.2%; FY14: 4.9%

•  Food Security Act ensures food to 67% of population 

•  PSU Capex seen at Rs 2.6 lakh cr in FY 14 

•  FY 15 investment rate target at 34.8% 

•  29350 mw off power capacity added.

•  3343 km on new rail tracks

•  19 oil blocks were given out for exploration and 7 new airports are under construction

•  Cabinet panel cleared 296 projects by end of January

•  Several steps being taken to promote medium and small manufacturing units

Food grain production stands at 263 MT

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

•  All this is because of hard work thanks Harvard and his mother for it

•  FY'14 GDP growth seen at 4.9%

•  FY 15 central assistance to sates at Rs 3.38 lakh crore 

•  FY 15 Agri GDP at 4.6% 

•  Proposal to star mega solar power projects in FY 15

•  FDI norms liberalised in telecom, retail, aviation and pharma 

•  New Land Act notified 

•  Three more industrial corridors

•  Chennai-Bangalore, Bangalore- Mumbai an Amritsar- Kolkata the stalled power capacity has been augmented

•  I reject the argument of policy paralysis. UPA growth record is unparalleled. let history judge the last 10yrs 

•  Sugar sector was fully freed; Diesel was partially freed 

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

•  UPA took courageous and long over due economic reforms

•  We have approved two proposals that have received from the Nirbhaya fund

•  The grant of Rs 1000 crore for the fund is non lapsable, the fund will get another 1000 cr in the coming year

•  Central assistance to states will increase from 1.36 lakh crore in 2013-14 to 3.38 lkah crore

•  100 crore for community radio, rs 1200 cr additional assistance to NE, himchal, uttarakhand

•  Govt fully committed to Aadhar

•  Exports have recovered sharply, Exports are expected to grow to $326 billion, up by 6.4%

Manufacturing is India's Achilles Heel

•  10 crore Jobs will be created in next 10 years through industrial corridors 

•  Among emerging economy currencies, the rupee was affected least: 

•  Growth for the whole year will be at least 5.2%.

•  I reject argument of policy paralysis, just like business cyclone there is also trend growth rate 

•  UPA 1 and UPA2 have delivered above the trend rate, let history judge our performance we are not looking back and are looking forward

•  Power sector to add 50,000 MW 

•  Rs 200 crore Venture Fund with IFCI 

•  Committed to rolling out Aadhar cards 

•  57 crore Aadhar cards given out 

•  Planned expenditure FY 13-14 kept same as proposed earlier of Rs 5.55 lakh crore 

•  Merchandise export to grow by 6.8 pc to $326 billion

•  Coal production grew to 554 million tonnes Vs 361 mn tonnes over the decade

•  Railways to get budgetary support of Rs 29,000 crore 

•  GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2 %

•  Food, fuel subsidy at Rs 2.46 lakh crore 

•  More than 54 lakhs transactions have been put through with DBT scheme

•  FY 15 non-planned expenditure at Rs 12.07 lakh crore 

•  Defence allocation raised by 10% 

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

Budget allocations

•  Minority affairs – Rs 3711 cr 

•  Tribal affairs – 4379 cr

•  Housing and poverty alleviation - 6000 cr

•  Social welfare - 6730 cr

•  Panchayati raj - 7000 cr

•  Drinking water and sanitaion – 15000 cr

•  Women and child development – 21000 cr

•  Human Resource Development – 67398 cr

•  Rural development-  82202 crore

•  Railways- 29000 cr

•  More money for SC/ST subplan

Nonplan expenditure- 127892 cr

•  Fuel subsidy – Rs 65000 cr

•  GDP growth rate in Q3 and Q4 of 2013-14 will be at least 5.2%

•  Food, fuel subsidy at Rs 2.46 lakh crore 

•  More than 54 lakhs transactions have been put through with DBT scheme

•  FY 15 non•  planned expenditure at Rs 12.07 lakh crore 

•  Defence allocation raised by 10% 

•  Urban Housing allocation Fund ay Rs 2000 crore 

•  No of bank accounts of minority community up to 42 lakh from 14 lakh 10 years ago 

•  Interest relief on students loans from PSU banks 

•  Government accepts in principle one rank one pension policy 

•  Govt liberalised Forex, ADR, GDR markets 

•  Defence allocation at Rs 2,24,000 crore

•  Ministry of Health and Family Welfare gets Rs. 33,725 cr

•  North East states to get Rs 1,200 cr this fiscal 

•  Rs 100 crore for community radio

•  Banks to lend Rs 8 lakh crore 

•  FY15 PSU bank recapitalisation at Rs 11200 crore 

•  Rural Housing Fund at Rs 600 crore in FY 15 

•  Govt to strengthen regulatory laws governing commodities 

•  India’s economy at 11th position globally, aims to be third 

•  Aim at fiscal deficit of 3% by 2016-17 

•  Need foreign inflows to fund CAD 

•  PPP model needs to be used mire widely 

•  Regret that some insurance bills have not been passed by Parliament 

•  Govt needs to focus on building infra; building new cities and governance 

•  Skill development should be promoted 

•  FM questions about blocking of GST 

•  Govt should target subsidy on for needy: FM 

•  Disappointed that DTC not implemented 

•  Need for modern tax laws 

•  Time table should be there to pass new legislation 

•  Govt must focus on building up manufacturing capacity 

•  RBI must strike a balance between price stability and growth

•  Proposal to amend the Forwards Contracts Regulation Act

•  Govt liberalised Foreign investment rules in bond market

•  500 MW fast breeder test reactor in Kalpakkam to be ready shortly

•  7 nuclear power reactors under construction

•  Fiscal deficit FY15 at 4.1%

•  Defence allocation increased by 10 percent to Rs 2.24 lakh crore 

•  Rs 2,46,397 crore allocated for food, fertilizer and fuel subsidy

•  Govt announces one rank- one pension scheme for retd defence personnel

•  To be effective from 2014- 2015

•  11009 cr for modernisation of central armed forces

•  5200 bank brnaches have been opened so far against the target of over 8000 banks will exceeded the target of 7 lakh crore target for agriculture loans, new target 8 lakh crore

•  66500 crore have been lending to minorities till march 2013

•  41600 women self groups extended loans

•  PSU banks have 2505500 student loan accounts

•  Govt will pay interest of the education loans till dece 2013 for loans taken before march 2009 

•  National Solar Mission to undertake 4 ultra mega solar power projects in 2014•  15

Warm Regards 

CA.Nitesh Kumar More |  FCA

CAclubindia's WhatsApp Groups Link


Published by

CA Nitesh Kumar More
(Chartered Accountant)
Category Others   Report

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