PM congratulates Chidambaram for presenting a well-balanced budget

Prime Minister Manmohan Singh on Monday congratulated Finance Minister P Chidambaram for presenting a well balanced vote on account 2014.

New Delhi: Prime Minister Manmohan Singh congratulated Finance Minister P. Chidambaram for presenting a well balanced budget adding that the government is proud of him for his efficiency.

The Prime Minister, on Monday, after the presentation of the budget, tweeted, "I congratulate the FM for presenting a well balanced vote on account portraying a realistic picture of the economic situation in the country. The Finance Minister has aptly summarised the economic and social achievements of the last ten years, which our government is proud of."

He also added that, "the issue of One Rank One Pension has been addressed comprehensively, and I'm confident that our forces, officers and jawans will welcome this. The measures announced about student loans and skill development are aimed at India realising its demographic dividend and help our young."

Chidambaram presented the interim budget for the fiscal year 2014-15 on Monday in Lok Sabha.

While presenting the budget Chidambaram said that the fiscal deficit for the current financial year would be contained at 4.6 percent of GDP well below the red line of 4.8 percent. The fiscal deficit, which is the gap between expenditure and revenue, was 4.9 percent of GDP in the previous financial year.

He said that the government's objectives included fiscal consolidation, reviving the growth cycle and enhancing manufacturing.

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