New Delhi: Finance Minister P Chidambaram on Saturday said the Gross Domestic Product (GDP) of the country will grow by a little over 6 per cent in the fiscal year 2013-14 and the revenue targets would be met. He also noted that the revenue growth of the FY 2012-13, which stands at 16.7 per cent, was "commendable".
The Union Minister said the tax target for the last fiscal was at Rs 10,38,037 crore and said additional 50 lakh people have filed their Income Tax returns.
Talking about the government's recent decision of decontrolling sugar sector, the Congress leader said "the Annual Subsidy Bill will go up by Rs 2,500-2,600 crore as a result of sugar sector decontrol". He also added that decontrolling sugar sector was "a major step which will benefit the farmers and industries".
Not forgetting to mention his party's recently introduced Direct Benefit Transfer (DBT) scheme, Chidambaram said its "rollout in the country is likely to be completed by the end of 2013-14". "Want to quickly move LPG subsidy on DBT," he further said.
The Finance Minister also said hoped his government would be able to pass the Insurance Amendment Bill in the current Budget Session of Parliament. The Bill seeks to raise the FDI cap in the private sector insurance companies to 49 per cent from 26 per cent.