Finance Minister P Chidambaram will present the last interim budget of the UPA-II in Parliament.
Chidambaram will present the vote on account, giving an estimate of funds required to meet expenditure until a new government is in place.
Finance Minister P Chidambaram will present the vote on account, giving an estimate of funds required to meet expenditure until a new government is in place. Live updates.
4:27 pm: FM on Rahul stamp on budget -" It was written several days ago. If he has cannily anticipated it, I congratulate him".
4:25 pm: FM - No cooperation virtually from a country like Switzerland on money deposited or invested there. There are too many difficulties.
4:23 pm: FM advocates process of consultation on contentious issues. Says some will be solved.
4:21 pm: FM blames mindless gold imports on current account deficit. Urges the concerned to strike a balance.
4:19 pm: FM defends agriculture incentives.Says UPA government has given maximum support to agriculture and even Sharad Pawar will back the claims
4:13 pm: FM - In banking if you want to grow, you need additional capital every year. Urge banks to raise their own capital.
4:10 pm: FM - Large number of people are honest and pay their taxes. Some won't pay.
4:07 pm: FM - These are turbulent years. We are navigating through turbulent times. Budget has sent out a clear signal that future would be better.
4:06 pm: FM - A developing country like India must try to strike a balance between price stability and growth.
4:01 pm: FM - One rank, one pension decision is not a political decision. There is no shortage of money. It will be implemented.
3:59 pm: FM - Every finance minister must be ambitious. Set the target high. It is a pragmatic approach.
3:56 pm: FM - India can't afford to import gold worth US Dollar 50 billion. We are a developing country. Every ounce of gold is imported.
3:53 pm: FM - Growth is not even across all sectors. It is good in export sector.
3:49 pm: FM on more money to additional assistance to NE states, Uttarakhand and Himachal Pradesh. Rs.1200 crore will be divided among 7 NE, 2 states
3:44 pm: FM - India is one of the handful countries, which managed to keep its head over water.
3:42 pm: FM - I am aiming at taking India's economy to third rank only after US and China.
3:41 pm: FM - Every key ministry has got adequate money. None got less.
3:40 pm: FM - Between 1999-2004 the NDA delivered 5.9%. UPA delivered over 8% and now we managed 6% growth.
3:38 pm: FM - Recent trends indicate that the economy is more stable.
3:37 pm: FM - We have put the economy on a more stable foundation.
3:36 pm: FM - Interim budget is limited by time and space. Also limited by conventions.
3:35 pm: All top officials of the finance ministry are seated next to FM.
3:34 pm: FM P Chidambaram is addressing a press conference.
3:34 pm: Rahul Gandhi welcomes the FM move to implement it. Makes a short statement. Refuses to take questions. Says soldiers fight for the nation everyday.
3:33 pm: Rahul Gandhi is addressing the media on Budget. Takes credit for 'one rank, one pension'.
1:53 pm: Union Law and Telecom minister Kapil Sibal on Budget - Our economy has improved. Our statistics way better than NDA
1:39 pm: Finance Minister P Chidambaram is unlikely to give any interviews on the Budget. He will be addressing a press meet at 3-30 PM.
1:33 pm: Prakash Javadekar of BJP on the Budget - This budget is practically a no budget. This is farewell budget of a minister who has lost on all counts. Chidambaram gave the speech of his farewell. He was making us count his failures. There is no comparison between there 3% of Foreign country and ours. There is no direction in this budget. Food Security thing was not said and they decreased the subsidy of that. There is nothing for poor, women etc.
1:32 pm: N K Singh - Ex- MP & former finance secretary - The GDP numbers are far too optimistic.
1:31 pm: Dr. Rangarajan on subsidies - Subsidy as proportion to GDP has to be come down. Some room to cut subsidies.
1:30 pm: Dr. Rangarajan, Chairman PMEAC-4.1% fiscal deficit is a difficult task. Cannot rule out additional tax measures to boost revenues
1:30 pm: RAMESH DAMANI ON BUDGET – BSE MemberMy sense is that the markets can live with this vote on account. There is nothing that would scare the markets. Infact he hit all the right numbers in the fiscal deficit and the current account. My sense is markets will be enthused for the next three months ratgher than be disappointed. We can live with it
1:29 pm: Union Minister Dr. Farooq Abdullah on Budget - This is the best he could do. I think he has done very well. We have to get our certain industries going again like automobile industry. India has done very well.
1:22 pm: Adi Godrej on budget - It is a very welcoming budget. Automobile sector has been suffering badly, so it is good for them. I have just heard the budget, haven’t discussed it yet. The new budget should try to promote growth. To control fiscal deficit you have to cut expenditure.
1:17 pm: Some analysts say Chidambaram was trying to absolve himself.
1:17 pm: FM P Chidambaram's budget speech has led to a debate over Pranab Mukherjee's legacy as FM.
1:08 pm: Chidambaram braved Telangana heat and stood his ground. Parliamentary Affairs minister says the Telangana Bill will come up in the Lok Sabha tomorrow.
1:04 pm: CPI MP D Raja on Budget - It is an interim budget and we should not read too much on this. This budget is placed before elections which will blow up some thing. Chidambaram tried this. It was UPA-1 which was backed by left parties other than this it was Congress. This Government has brought the economy so a very bad shape. It is going to be challenging for any Government which will be formed. He has left the economy in deep crisis. People are wise enough to understand the economy of the country. He is leaving very bad legacy and an economy which is in deep crisis.
1:03 pm: MoS Defence Jitender Singh gives the 'one rank, one pension' credit to Rahul Gandhi. Say he would like to give credit to Rahul Gandhi for this and to the PM. But this has been an ongoing process not a sop.
1:01 pm: Defence Expert Bharat Verma on one rank, one pension - One rank one pension has come out because of competitive politics. This happened because Rahul Gandhi intervened in this issue, which is the first good thing he has done so far. I don’t see the one rank one pension thing shifting ex-servicemen’s votes towards Congress. We have to see the 10% hike. This army should have ammunition for 40 days, but it only have ammunition for 15 days. Army cannot fight for more than 1.5 days. Air force today does not have fighter planes. Army is without ammunition today.
1:00 pm: PMOIndia: I congratulate the FM for presenting a well balanced vote on account portraying a realistic picture of the economic situation in the country.
1:00 pm: PMOIndia: The issue of One Rank One Pension has been addressed comprehensively and I'm confident that our Forces,Officers & Jawans will welcome this.
12:59 pm: There are too many people claiming credit for 'one rank, one pension'. Raj Kadyan to MP Rajeev Chandrashekhar. All claim that they go it.
12:55 pm: CPM MP Sitaram Yechury - Necessary correctives will have to come in next budget. This is populist in nature. In the long run this will hurt the economy. employment will go down and prices will rise- one rank one.pension is good but 500 cr is far less