NEW DELHI |
NEW DELHI Feb 28 (Reuters) – Finance Minister P. Chidambaram presented one of the most highly anticipated Indian budgets of recent years on Thursday, as the government looks to rein in a bloated fiscal deficit and restore confidence in Asia’s third-largest economy.
Reuters India special budget page online
TAKE A LOOK-India budget coverage
Following are highlights of the budget:
FISCAL DEFICIT
* Faced with huge fiscal deficit, India had no choice but to rationalise expenditure
GROWTH
* India faces challenge of getting back to its potential growth rate of 8 pct
* India must unhesitatingly embrace growth as highest goal
SPENDING
* India’s 2013/14 plan expenditure seen at 5.55 trillion Indian rupees ($ 103 billion)
* Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 pct of budget estimate
CURRENT ACCOUNT DEFICIT
* India’s greater worry is the current account deficit – will need more than $ 75 billion this year and next year to fund deficit
INFLATION
* Food inflation is worrying, will take all steps to augment supply side
AGRICULTURE
* To allocate 801.94 bln rupees to rural development in 2013/14
FINANCE MINISTER COMMENTS
* “Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working.”
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HIGHLIGHTS-India"s 2013/14 budget
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