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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

BS Reporter New Delhi
  • 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

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First Published: Apr 06 2013 | 4:51 PM IST

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