Excise duty on steel & mining sector to remain unchanged in budget 2014. However, automobile sector achieves price reduction and lesser excise duty as per the interim budget of 2014.
India is facing emerging economic challenges at par with the world. Fiscal deficit of the country was recorded at 4.6 percent in FY14 which is targeted to move up to 4.8 percent in FY15 says the Finance Minister. The current account deficit (CAD) will also be contained at USD 45 million which had threatened to reach USD 88 billion last year.
Mr Chidambaram says that the exports have witnessed a sharp recovery in the current fiscal. The exports are estimated to reach up to USD 326 billion in the current fiscal which was at around USD 304.5 billion in FY13. Interim budget for FY15 thus proposes to cut excise duty on exports. In addition there will be no export taxes for the manufacturing sector.
Interim budget adds INR 290 billion in support to the railways budget for FY15. It also adds INR 650 billion for the fuel subsidies. Thus, the freight and logistics sector are likely to gain some profits from the budget for FY15.
Interim Budget for 2014 was presented by Finance Minister P Chidambaram on 17 Feb, 2014 in the Parliament. The full budget of FY15 is to be presented by the new government during June-July, 2014.
Indian government has objectives to uplift Economy of the country through the new budget for FY15. Along with some major changes seen in the budget, it also brings in new hopes and positivity for growth of the country in the next fiscal.