The Union Budget of 2014-15 that was presented by Finance Minister Arun Jaitley was "growth-oriented" and addressed almost every concerns, Finance Secretary Arvind Mayaram said.
The Union Budget of 2014-15 that was presented by Finance Minister Arun Jaitley was "growth-oriented" and addressed almost every concerns, Finance Secretary Arvind Mayaram said.
Speaking at an event held by the Confederation of Indian Industry (CII), Mayaram said the Budget laid a special thrust on manufacturing, and pointed to various steps the FM had undertaken to boost the sector, such as addressing the inverted duty structure.
Under the inverted duty structure, several finished goods used to be charged lower input duty than the raw materials required to produce them, and the FM addressed it by lowering duties on several manufacturing inputs such as coal tar pitch, battery scrap, steel grade limestone, crude glycerin, etc.
Also read: Budget 2014 has brought clarity in tax policies: FinMin
"The Budget is clear on current account deficit, fiscal gap, inflation and growth," Mayaram said, adding that he was confident the government would contain the FY15 fiscal deficit at the 4.1 percent target outlined by the FM, a "daunting task" by his own admission.
The Budget also provided well for subsidies, Mayaram said, adding that he expects fuel subsidy to get lowered on account of the revisions in diesel price. The secretary further said that the full amount of food subsidy, outlined in the Budget at Rs 1.15 lakh crore, may not be required in FY15.
"Several measures were also taken for capital markets," he said. "Banks can raise long-term bonds without [restrictions on] SLR, CRR. Several contentious areas on FDI in some sectors were addressed."
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