P. Chidambaram Budget 2014: 7 crucial economic initiatives

Written by FE Online | Updated: Feb 18 2014, 19:43pm hrs
FMFM P. Chidambaram presented the Interim Budget 2014 on Monday.
Finance Minister P. Chidambaram presented the Interim Budget 2014 on Monday. Here are some important excerpts from speech:

1. Centrally Sponsored Schemes were restructured into 66 programmes for greater synergy. Funds under these programmes will be released as Central assistance to State plans, thus giving States greater authority and responsibility. As a result, Central assistance to plans of States and Union Territories will rise substantially from Rs 136,254 crore in BE 2013-14 to Rs 338,562 crore in 2014-15.

2. Public sector enterprises will achieve a new record in capital expenditure of Rs 257,641 crore in 2013-14.

3. About 50,000 MW of thermal and hydel power capacity is under construction after receiving all clearances and approvals. 78,000 MW of power capacity has been assured coal supply.

4. The FDI policy was liberalized to attract larger investments in telecommunication, pharmaceuticals, civil aviation, power trading exchanges and multi-brand retail.

5. Approval was granted to establish two semi-conductor wafer fab units that will be the bedrock of the electronics hardware industry.

6. The IT modernisation project of the Department of Posts, with an outlay of `4,909 crore, will be operational by 2015 in all 155,000 locations.

7. The Kudankulam Nuclear Power Plant Unit I achieved criticality and is generating 180 million units of power. The 500 MW prototype fast breeder reactor at Kalpakkam is nearing completion. Seven nuclear power reactors are under construction with the aim of achieving an installed capacity of 10,080 MW by the end of the Twelfth Plan.