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Vote on Account

  1. 1. Vote on Account 2014 1
  2. 2. Presentation Agenda • Introduction • The Twin Deficits • Agriculture • Investment • Manufacturing • Gross Domestic Product • Financial Sector • Changes in Tax Rates • Economic & Social Initiatives • Other Initiatives Vote on Account 2014 2
  3. 3. Introduction A vote-on-account /interim budget was presented instead of a full budget because general elections will be conducted in May. Vote-on-account deals only with the expenditure side of the government's budget. The government gives an estimate of funds it requires to meet the expenditure that it incurs during the first three to four months of an election financial year until a new government is in place. A vote-on-account cannot alter direct taxes since they need to be passed through a finance bill. The common feature is that both include the previous year's financial performance of the government. Vote on Account 2014 3
  4. 4. The Twin Deficits • Meaning • Fiscal Deficit - When a government's total expenditures exceed the revenue that it generates (excluding money from borrowings). It is usually communicated as a percentage of its gross domestic product (GDP). • CAD - A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services it exports. • The current account also includes net income, such as interest and dividends, as well as transfers, such as foreign aid. Vote on Account 2014 4
  5. 5. The Twin Deficits - Figures Fiscal deficit for 2013-14 is at 4.6% of the GDP, well below the target of 4.9%. It is estimated to be 4.1% for FY15. Current Account Deficit stood at $45 billion dollars as against $88 billion dollars in FY14. $15 billion dollars is expected to be added to the foreign exchange reserves by the end of this FY. Vote on Account 2014 5
  6. 6. Vote on Account 2014 6
  7. 7. Vote on Account 2014 7
  8. 8. Agriculture The Foodgrain production stood at 263 million tonnes current year as against 255.36 million tonnes last year. Agriculture exports in FY14 is likely to cross USD 45 billion mark versus USD 41 billion last year. Agriculture GDP growth is estimated at 4.6% this year as against 4% in the last four years. Vote on Account 2014 8
  9. 9. Investment Due to high interest cost and stalled projects investments contracted in 1Q14 whereas improved in 2Q14. The savings rate was 31.3% in FY12 and 30.1% in FY13. Vote on Account 2014 9
  10. 10. Manufacturing The National Manufacturing Policy has set the goal of increasing the share of manufacturing in GDP to 25% and create 100 million jobs over a decade. 8 National Investment and Manufacturing Zones along the Delhi- Mumbai Industrial Corridor and 5 outside it have been given approval. Vote on Account 2014 10
  11. 11. Gross Domestic Product The monetary value of all the finished goods and services produced within a country's borders in a specific time period. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP = C + G + I + NX "C" is equal to all private consumption, or consumer spending, in a nation's economy "G" is the sum of government spending "I" is the sum of all the country's businesses spending on capital "NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports) Vote on Account 2014 11
  12. 12. Gross Domestic Product - Figures Growth in Q2 of FY4 has been placed at 4.8% and growth for the whole year has been estimated at 4.9%. Some policy announcements pertaining to the curb on gold imports, quick clearance of investment proposals, relaxed ECB norms and relaxation in the FDI limit for asset reconstruction companies may have yielded some positive results. India’s slow growth, however, is in sync with the pace of growth in other BRICS countries. Vote on Account 2014 12
  13. 13. Vote on Account 2014 13
  14. 14. Financial Sector • Propose to provide Rs.14,000 crore for capital infusion in public sector banks. • The Bharatiya Mahila Bank was inaugurated on 19.11.2013. • Rs.6,000 & Rs.2,000 crores have been provided to Rural & Urban Housing Funds. • LIC & 4 public sector general insurance companies have opened around 3000 offices in towns with a population of 10,000 or more to serve urban & rural areas. Vote on Account 2014 14
  15. 15. Changes in Tax Rates There are no changes in personal and corporate income tax rates. Excise duty rate structure on mobile handsets, including cellular phones has been restructured. General excise duty rate on all machinery, equipment, appliances etc has been reduced from 12 per cent to 10 per cent. Excise duty rates on motor vehicles (motor cars, motor cycles, scooters, commercial vehicles, trailers etc) have been reduced by 3 per cent to 6 per cent, depending upon the nature and configuration of the motor vehicles.Vote on Account 2014 15
  16. 16. Vote on Account 2014 16
  17. 17. Other Initiatives One Rank One Pension for our soldiers. The expenditure on Education has reached Rs.79,451 crores from Rs.10,145 10 years ago. Expenditure on Health & Family Welfare has reached Rs.36,322 crores from Rs.7,248 10 years ago. Gender Budget & Child Budget has Rs.97,533 crores & Rs.81,024 crores. Rs.48,638 crore & Rs.30,726 crore are allocated to SC Sub-Plan & Tribal Sub-Plan. Railways support budget increased from Rs.26,000 crores in 13-14 to Rs.29,000 crores in 14-15. Vote on Account 2014 17
  18. 18. Thank You Vote on Account 2014 18

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