Highlights: P Chidambaram answers your questions on Union Budget on Google Hangout

• You play according to the pitch , according to the weather
• The world economy is constrained, so is India's economy - so there was only so much economic space
• Given the restricted economic space, we have done all that could be done

On women funds:

• These are ideas which emerged in discussions with the PM and a few others. We have kept aside a separate fund for women. We will work with NGOs to decide on how the fund can be used.
• We have put away a 1000 crores - we'll work with other govt departments and NGOs and we'll try to find out how we can use this money for women's security
• Women's Bank is entirely between the Ministry of Finance and the RBI - and that is more under my control. So we should get that started by November
• We want to finish all preparatory work (on Women's Bank) in March so that we can start execution in April
• There is no country in the world that I know is talking about a big bang
• Please remember the EuroZone is in recession - Germany, UK have contracted in the last quarter
• We are trying to stabilise our economy and get the growth engine started

Answering industrialist Anand Mahindra:

• After I took over, every single disinvestment has been a success. For the next year I have lined up companies which will be disinvested in. We will raise 40,000 crores
• Did not think the budget warranted theatre - if you wish there can be another occasion where we line up these companies
• We did not go wrong anywhere. We did pretty well in 2008 to stem the slide
• We may have over done it with the fiscal stimulus package
  
• In last 8 years, in 6 years we have grown by over 8%
• This year we slipped to 5% but we can climb up again
  
• We have not gone so very wrong that we have to wear sack-cloth and ashes
• How many people spoke of current account deficit till I spoke of it
  
• Exports are the only way to pay for imports
• Did not announce special zones as they are already there
• People are sitting on piles of cash. I had meetings with Public Sector - if they don't meet capex targets, I will tell them to pay special dividends
• If Public Sector Undertakings (PSUs) don't invest, we will hold the Chairmen and Managing Directors (CMDs) to account
• We are doing everything possible to restart the growth engine
• Why should capital gains be not taxed, if salaries can be taxed? What is so sacred about those who make money in the capital markets?
• Every kind of income must be taxed, save some exceptional cases
• When it comes to fiscal deficit, I have drawn red lines, I will not cross them. It will be kept at 4.8% or below
• Current account deficit is more worrying  - we have to attract investors
• I intend to travel to major financial centres and talk to fund managers. We need to keep flow of money into India copious, adequate
  
• Can't sit back and say I have presented the Budget, my work is over
  
• This is a short-term approach. In the long-term we will have to get our exports going
• Export is only way to address the current account deficit . Export more and pay for imports
• It is very difficult for the Centre to partner farmers as they are too far away
• State governments are better placed to partner them to build warehouses or the idea of pilot nutri-farms
• There is scope for Public-Private Partnership (PPP) model in agri-sector, but the 'P' which stands for public should be state governments or cooperatives
• We have to get inflows into India - FDIs (Foreign Direct Investments) as well as FIIs (Foreign Institutional Investments)
• Thanks to remittances made by Indians abroad the current account deficit is at a certain level
• Our problem is that we are dependent on certain crucial import to keep India going
• I can appeal to people - if we don't import goal for one year half our current account deficit would disappear
• I am aware that we can liberalise the debt market by allowing more foreign money - we are examining if the sub-limits can be removed
• RBI will not allow complete opening up of the debt markets  because that has implications on monetary policy
• Our reserves are only 300 billion dollars, it seemed huge at one time but now with the size of our current account deficit it does seem much now
• If you buy a phone priced Rs 6000, you should be ready to pay a small tax of  Rs 300
• If you eat out and you are willing to pay Rs 1000 a dish in an AC restaurant, is it unfair to ask you for service tax?
  
• Urban middle class has reason to complain but those who have little money have to pay a little more. I can't tax the poor
• Internet will impact India's economy. We have to take broadband to the rural areas
• We could have a virtual political party in India with virtual membership through Internet
• Nothing can stop India from becoming the third largest economy of the world. We will be right there with US and China
• But we won't get there if we don't work hard and respect laws of economics. There is no magic
• Use India's savings, invest wisely, monitor closely and stop leakages
• Why should it take six years to put up a power plant in this country? If Mr Shreedharan can deliver the Delhi Metro on time, why can't other people deliver Bengaluru or Chennai Metro?
• We must seize this opportunity and achieve that future 
• If we all work hard keeping in mind value of time and money, deliver the output that is expected, then nothing can stop India from becoming the third largest economy