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Given that it is a vote-on-account, will the budget attempt any major reforms or path-breaking initiatives? Or, will this be what I call the “keep in cruise mode” effort?
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As the term itself signifies, an interim budget is a temporary budget that is passed to sustain the expenditures for a couple of months, till a new government is elected.
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While some reliefs that no political party can dare to roll back (like raising exemption limit for individuals under Income Tax Act) some relief measures for rural population etc can be expected.
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The move to advance the Budget date was decided by the government almost six months ago and the reasons for advancement are well known, a government official told CNBC-TV18.
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The Budget Session of Parliament, which began as a new session on April 25, ends early with Lok Sabha being adjourned sine die on May 11 and Rajya Sabha on May 12.
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The West Bengal government today
presented its vote-on-account in the Assembly and proposed a
17 per cent rise in plan outlay at Rs 57,905 crore for FY
2017, even as it proposed no new tax.
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Jaitley said he would prefer to lower fiscal deficit by boosting revenues rather than cutting down on expenditure.
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The interim budget envisages revenue receipts of Rs 1,69,907.55 crore and expenditure of Rs 1,75,324.83 crore for the next financial year.
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JPMorgan's Sajjid Chinoy says if growth doesn't pick up then the buffer available for next year is not enough. This year planned expenditure was expected to grow at 29%, hence there was enough buffer to cut back, but in FY15 it is expected to grow only at 16%. There is not much room to cut back on expenditure.
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Leif Eskesen, Chief Economist -India & ASEAN at HSBC says even the government's own underlying assumptions for nominal gross domestic product (GDP) growth is quite low - around 11-12 percent, while the nominal tax revenue growth expectations are buoyant, which will make it difficult to achieve some of the revenue targets.
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"There is a bit of curiosity (among investors) as to what will happen in the elections. But by and large, people are optimistic that the outcome of elections will be positive," he told CNBC-TV18‘s Latha Venkatesh and Sonia Shenoy.
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The government owns 29.5 percent in Hindustan Zinc and 49 percent in Balco while London-listed Vedanta Resources hold majority in both the companies.
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In a panel discussion with CNBC-TV18's Shereen Bhan, Sumant Sinha, Chairman & CEO ReNew Power Ventures, Arun Maira, Member, Planning Commission, Mukesh Butani Managing Partner, BMR Legal and Sunil Kant Munjal, Joint MD, Hero MotoCorp gave their reactions to Vote on Account speech.
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Upsides appear limited for now, given, 1) this rate cut is effective only for one month in FY14 and 1QFY15, given it was an interim budget and 2) further continuation of the new low rates will depend on the policy of the next government, says Citi
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The Indian rupee opened marginally lower by 11 paise at 61.95 per dollar versus 61.84 Monday.
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The resultant rally in stocks extended to currencies as well with the dollar-rupee pair breaching 62/USD, says Ashutosh Raina, HDFC Bank.
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The approval by the government comes two days after the Congress Vice President Rahul Gandhi met retired soldiers on the issue and four days before he addresses an ex-servicemen rally in Uttarakhand.
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FM has chalked out a divestment target of Rs 51,900 crore for FY15. This includes Rs 15,000 crores from a stake sale in Hindustan Zinc and Balco. The government, however, has said that it will complete the Axis Bank stake sale before March 31, 2014.
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"We have had a very successful auction; ultimately of Rs 62,000 crore in the 900 MHz and 1800 MHz band. We have taken some very hard policy decisions. We have opened up the sector,†he told CNBC-TV18‘s Shereen Bhan.
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Looking ahead, optimistic projections on revenue are the key to continued consolidation in FY15. The question is whether the 4.1% fiscal deficit number is credible.
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Experts Sidharth Birla, President – FICCI, Mohandas Pai, Chairman Manipal Global Education Svcs, Arvind Virmani Former Chief Economic Advisor & Sanjay Thakkar Partner, KPMG decode Finance Minister Chidambaram's Interim Budget speech in an panel discussion with Shereen Bhan on CNBC-TV18.
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In a panel discussion with CNBC-TV18's Shereen Bhan Piyush Goyal Treasurer, BJP, Jay Panda MP, Lok Sabha Leader, BJD, Bhalchandra Mungekar MP, Congress Former Member, Planning Commission, Mahua Moitra Gen Secy, Trinamool Congress, share their views on the Interim Budget.
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Don't see anything specific for manufacturing space: CII
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John Woods, head- fixed income, Citi Investment, says the FM needed to communicate fiscal prudence inorder to stabilise and infact accelerate flows in the coming quarters.
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P Chidambaram made all the right noises in the Vote on Account held today, but many say the finance minister's projections for revenue and expenditure next year are unattainable.
