Budget 2014: Excise cuts, tight fisc with some poll sops

Feb 18 2014, 13:46 IST
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P. Chidambaram, center, shows a briefcase containing interim budget for the fiscal year 2014-15, with state ministers of finance Namo Narain Meena, left, and J.D. Seelam. (PTI) P. Chidambaram, center, shows a briefcase containing interim budget for the fiscal year 2014-15, with state ministers of finance Namo Narain Meena, left, and J.D. Seelam. (PTI)
SummaryFM gets 4.6% fiscal deficit despite Rs 1,06,938-cr shortfall on taxes & PSU share sales; excise rates on autos cut a third to revive demand

auctions either.

Assuming that firms pay just the minimum amount of the amount they bid, the budget should have ended up with around Rs 5,000 crore extra inflows.

Possibly when the revised numbers for the deficit come in, they could end up being lower than the 4.6% shown in the revised estimates.

Surprisingly, despite the economy being sluggish, as well as the sharp cuts in excise duties, the budget has targeted a tax growth of 19% in FY15. That a similar growth was targeted for FY14 didn’t dent the taxman’s ambition though, when asked about this at the press conference later, the finance minister said a person’s reach had to be greater than his grasp.

As in FY14, the budget also appears to have under-provided on critical areas of subsidies. Given that Rs 35,000 crore of petroleum subsidies due in FY14 have been

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