Highlights of FM's press conference today

Chidambaram claims fiscal deficit will be lower than 5.2% of GDP, is optimistic about current acount deficit too

• Indirect tax collections exceed target, shortfall in direct taxes, but overall target to be met
• Some savings expected in expenditure; so fiscal deficit to be better than 5.2% of GDP
• Subsidy Bill to go up by Rs 2,500 crore due to sugar decontrol, Centre to bear it for two years
• Sugar production will increase, prices will remain stable, there will be abundant availability
• Teething problem in Direct Benefits Transfer were expected, confident system will get better
• Want to quickly move LPG subsidy on DBT; by FY14-end DBT rollout will be near complete
• CAD for Q4 to be much smaller and number for the whole year much tolerable and acceptable
• Will have to increase exports and contain inflation, govt addressing these issues to contain CAD
• However, unless other economies with trade links with India improve exports won't improve
• Have taken note of the names in ICIJ investigation, enquiries put in motion on names exposed
• Vodafone tax issue will go to Cabinet once comments on the Cabinet note are received
• After finding a possible solution to Vodafone amendment to IT Act will be moved in Parliament
• FDI caps must be looked into again; RBI paper on the issue expected in two weeks
• Fourth meeting of CCI in April to consider 31 oil and gas projects for clearance
• Visit to Dubai and Japan to project India as an investment destination were quite successful
• Hope Insurance Bill can be passed in current session; in touch with Leader of Opposition
• GDP will grow at 6% or little over 6% in FY14; tax targets for next year are achievable
• Early elections not expected; polls will take place on time in May 2014
• Additional 50 lakh people have filed Income Tax returns, our approach is yielding results