Interim Budget 2014: P Chidambaram to present vote on account today

New Delhi –  Presenting the Interim Budget 2014 in Parliament Finance Minister P Chidambaram on Monday said that fiscal deficit will be contained at 4.6%.

This is one annual exercise where Finance Minister P. Chidambaram is just one behind former
Prime Minister Morarji Desai.

Asia`s third-largest economy is facing its worst economic slowdown in nearly a decade, with shrinking manufacturing, slower jobs growth and high inflation limiting the government`s ability to offer sops to voters or companies to boost growth.

Industrial output has fallen 0.1 percent in the first nine months of 2013/14 fiscal year, and annual car sales declined by about 5 percent.

The full Budget for 2014-15 will be presented by the new government in June-July.

Key Highlights

-World economy has witnessed slowdown in last few years

-Chidambaram begins interim budget speech in Lok Sabha

-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

-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