Business Today

Vote on account a disappointment, says former ONGC Chairman R.S. Sharma

In his vote on account, Finance Minister P. Chidambaram laid emphasis on curtailing subsidies. He estimated subsidies at Rs 246,000 crore, up from his last estimate of Rs 231,000 crore.

Anilesh S. Mahajan        Last Updated: February 18, 2014  | 12:31 IST
Finance Minister P. Chidambaram
Chidambaram in his interim budget estimated subsidies at Rs 246,000 crore, up from his last estimate of Rs 231,000 crore.

In his vote on account, Finance Minister P. Chidambaram laid emphasis on curtailing subsidies. He estimated subsidies at Rs 246,000 crore, up from his last estimate of Rs 231,000 crore.

INTERIM BUDGET 2014-15:Key highlights
The finance minister increased the allocation for fertiliser subsidies to Rs 75,000 crore from last year's Rs 65,900 crore. The fuel subsidy is been at the same level as last year's Rs 65,000 crore. However, he announced last year the fuel subsidy of Rs 35,000 crore would be rolled over to the next year. This means this money will only be released in the next financial year.

Former ONGC Chairman and Managing Director R.S. Sharma said he was disappointed. As per estimates, underrecoveries of OMCs are at Rs 140,000 crore. "Overall the vote on account came as a disappointment," he said.
FULL COVERAGE:The Great Indian Budget

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close