Current Affairs-Indian Government's General Budget 2014-15-Budget Estimates for 2014-15 Project Fiscal Deficit of 4.1% and Revenue Deficit of 2.9% of GDP

Budget Estimates for 2014-15 Project Fiscal Deficit of 4.1% and Revenue Deficit of 2.9% of GDP

Gross Tax Receipts of Rs. 13, 64,524 Crore Estimated 

Rs. 5, 75,000 Crore Plan Expenditure – An Increase of 26.9 Per cent Over Actuals of 2013-14

The Finance Minister Shri Arun Jaitley said that the Modi Government has mandate to fulfil for the people provision for the essential items without compromising fiscal consolidation. Making his maiden Budget Speech in Lok Sabha today, the Finance Minister Shri Jaitley announced the Budget estimates with Non-plan Expenditure for the financial year estimated at Rs. 12,19,892 crore with additional provision for fertilizer subsidy and capital expenditure for Armed forces. 

Rs.5,75,000 crore have been allocated towards Plan expenditure, marking an increase of 26.9 per cent over actuals of 2013-14 (Rs. 4,53,085 crore). Plan increase is targeted towards agriculture, capacity creation in health and education, rural roads and National Highways Infrastructure, railways network expansion, clean energy initiatives, development of water resources and river conservation plans, the Finance Minister added. 

Total expenditure estimates thus stands at Rs.17,94,892 crore. To finance this expenditure, Gross Tax receipts of Rs. 13,64,524 crore have been estimated. In his maiden Budget Speech Shri Jaitley said that the net share of centre will be Rs. 9,77,258 crore. Non Tax Revenue for the current financial year will be Rs. 2,12,505 crore and capital receipts other than borrowings will be Rs. 73,952 crore. 

Thus, Fiscal deficit will be 4.1 per cent of Gross Domestic Product (GDP) and Revenue deficit will be 2.9 per cent of GDP, Shri Jaitley added. 

The Finance Minister recalled in his Budget Speech that the previous NDA Government under Shri Atal Bihari Vajpayee, had initiated a compulsory non-lapsable 10 per cent allocation of plan funds for North Eastern Region. Shri Arun Jaitley said that from the current Budget a New Statement will separately show plan allocation made for North Eastern Region. In the current financial year, an allocation of Rs. 53,706 crore has been made for North Eastern Region. 

He announced an allocation of Rs. 98,030 crore for women and of Rs. 81,075 crore for children welfare in General Budget 2014-15 presented in Lok Sabha.