The current financial year growth is projected to be 4.9%, while the GDP growth in Q3 and Q4 is put at 5.2%. Agriculture GDP growth is at 4.6%. Food production estimated to touch 263 million tons. The exports are expected to touch 326 billion dollars, up by 6.4%. The fiscal deficit is contained at 4.6%, the FM said. The oil subsidies would be about 65,000 crores. Non plan expenditure would be at about 12 lakh crores, plan expenditure around five lakh crores.
Chidambaram mentioned several achievements of the UPA II in his budget speech. He said that the UPA’s Food Security act ensures food for 67% of population. During UPA’s two terma, 29,350 MW of power production added to the existing capacity, including Kudankulam Nuclear Project. Solar power generation would be new focus. 3,343 KM of new rail track is added. 7 new airports are under construction. 19 new oil blocks being explored. 3.38 lakh crores would be given to states during FY 15. 10 crore new jobs will be created in next ten years.
Excise duty reduced on almost all sections of automobile industry, on small cars etc reduced to 8%. Custom duty reduced on non edible oils.
As it is a Vote on Account budget, there were no changes to direct taxes like IT, Excise or customs taxes, except some adjustment to certain sectors as expected.