Interim budget 2014: Fiscal deficit to be contained at 4.6% of GDP says Chidambaram

Finance Minister P Chidambaram - attempting to be heard above the sloganeering of lawmakers protesting against the Telangana Bill as he presented his interim budget  for 2014 - today said the government has managed to contain both the fiscal deficit and the current account deficits and has kept them below target.

He called out to all political parties to "pledge that we will do nothing that will affect the stability of the Indian economy."

With general elections only months away, Mr Chidambaram cannot announce big bang reforms or tax changes, but can list the achievements of his government in his report card on the economy over the last year.

Here are the highlights from the speech:

• Fiscal deficit seen at 4.6% in FY14 (against target of 4.8%)
• Agricultural exports seen at $45 billion
• Agriculture credit will cross $45 billion against $41 billion in 2012-13
• FY15 agri credit pegged at Rs 8 lakh crore
• FY14 agri output growth seen at 4.6%
• Excise duty cut to 10% from 12%
• Excise duty on small cars, motorcycles, scooters reduced to 8% from 12% till 30.06.2014
• Excise duty on SUV cut to 24% from 30%
• Excise on large and mid segment cars at 20%
• Excise cut to 10% on capital goods
• Excise duty on consumer durables  cut to 10% from 12% till 30.6.2014
• Reject argument of policy paralysis
• Plan expenditure to remain unchanged at 5.55 lakh crore in 2014-15
• Non planned expenditure at 12.7 lakh crore
• Fuel subsidy worth Rs 35,000 crore to be rolled over in 2014-15
• Food, fertilizer and fuel subsidy for  2014-15 at 2.46 lakh crore, slightly more than 2.45 lakh crore in 2013-14
• Fuel subsidy pegged at Rs 65,000 crore, food subsidy at Rs 1.15 lakh crore in 2014-15
• Propose to transfer 500 crore in defence pension account for current financial year
• Moratorium on interest payment for education loans; 9 lakh students to benefit
• Allocation for education loan moratorium at Rs 26,000 crore
• Defence allocation up 10% at Rs 2.24 lakh crore
• Forex reserves to rise by $15 billion by end of 2013-14
• Export seen at $326 billion showing 6.3% year-on-year growth
• Current account deficit for 2013-14 to be at $45 billion
• Government fully committed to Aadhaar project. Even critics of the project will realise it's a tool of empowerment
• 10-year trend growth rate at 6.2%, UPA I and II delivered above trend rate
• Growth for FY14 estimated at 4.9%; Q3, Q4 growth seen at 5.2%
• FY14 PSU capital expenditure seen at Rs 2.57lakh crore
• Central assistance to states to rise
• Budgetary support to Railways hiked to Rs 29,000 crore in FY15 from Rs 26,000 crore in FY14
• FY15 assistance to states at Rs 3.8 lakh crore
• To provide Rs 1200 crore to north-east states
• Nirbhaya Fund non-lapsable, to get Rs 1,000 crore in FY15
• IFCI to get Rs 200 crore for venture capital fund
• Rating companies no longer hint of downgrade
• India held its head above water
• Challenges we face are common to all emerging economies
• Global cues not to overly hit India
• In a developing economy, we must accept that when our aim is high growth there will be moderate inflation
• Disappointed that we have not been able to implement GST (goods and services tax)
• To place DTC Bill for public comments
• Target fiscal gap at 3% of GDP by FY17