UNION FINANCE BUDGET OF INDIA 2013-14
- Rs 14,000 crore capital infusion into public sector banks in 2013-14
- Rs 5,80,000 crore to states and Union Territories
- Rashtriya Swasthya Bima Yojana (RSBY) scheme to include rickshaw pullers, taxi drivers and rag-pickers.
- National Institute of Sports Coaching to be set up in Patiala at a cost of Rs 253 crore.
- Rs 6,000 Crore to be allocated for rural housing fund in 2013-14.
- Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India
- Financial Sector Legislative Reforms Commission (FSLRC) to submit its report in a month.
- Rs 5400 crore to department of space and Rs 5600 crore to department of atomic energy.
- Defence to get Rs 2,20,000 crore, 86721 crore for capital expenditure.
- National Skill Development Corporation to train 5 crore people in current plan period.
- Rs 11500 crore for backward areas
- All towns of India with a population of over 10000 to have an LIC office.
DEVELOPMENTS - 17 per cent hike in education, 22 per cent in agriculture, 46 per cent for rural development.
- All public sector bank branches will have an ATM
- Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up by 185 million tonnes in 2016-17
- Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed.
- Govt to set up India's first women's bank as a public sector bank by October.
- Rs 80194 crore for rural development projects
- Green revolution in east India significant. Rice output increased in Assam, Odisha, Jharkhand and West Bengal; Rs 1,000 crore allocated for eastern states.
- Rs 5,387 crore to be allocated for integrated water-shed programme for farmers in 2013-14, an increase from Rs 3,050 crore in the current fiscal.
Planning
- Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the market.
- Rs 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses.
- PPP project with Coal India in the pipeline to stem the outflow of forex.
- Rs 500 crore allocated for programme on crop diversification.
- Eastern Indian states to get Rs 1,000 crore allocation for improving agricultural production.
- Rs 7 lakh crore target fixed for agri credit for 2013-14 compared to Rs 5.75 lakh crore in the current year.
- Coal imports to rise to 185 million tonnes from 100 million in four years.
- Inflation indexed bonds and NSCs to be introduced
- Zero custom duty for electrical machinery
- Income level for Rajiv Gandhi Equity Scheme raised by Rs 2 lakh
- First home loan up to Rs 25 lakh will get an additional Rs 1 lakh interest deduction
- Battle against inflation must be fought at all fronts.
- Faced with huge fiscal deficit, I have no choice but to rationalise expenditure: FM
- Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure
- Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore.
- The revised expenditure target is Rs 14,30,825 crore or 96 per cent of Budget estimate for this fiscal. In 2013-14, the budget estimate is Rs 16,65,297 crore
Allocations
- Allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan
- Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates.
- Rs 110 crore to be allocated to the department of disability affairs.
- Rs 1069 crore allocated to Department of Aryush
- Rs 13,215 crore to be provided for mid-day meal scheme
- Rs 5,284 crore to various Ministries for scholarships for SC/ST, OBC and minority students
- Medical colleges in six more AIIMS-like institutions to start functioning this year; Rs 1650 crore allocated for the purpose.
- Need $75 bn to bridge current account deficit
- Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period: FM.
- Current account deficit is a bigger worry; fuel and gold imports responsible
- Foreign investments must be encouraged.
- Accelerating growth is the main goal.
- Core inflation is down to 4.2 percent, Food inflation remains a worry.
- Global economic growth slowed from 3.9% in 2011 to 3.2% in 2012
- Only China and Malayasia are the major countries that grew faster than India last year.
TAXES - No revision in tax slabs
- Surcharge of 10% for taxable incomes above Rs.1 crore
- Tax credits of Rs.2000 to every person who has total income up to Rs.5 lakh
- Education cess continues at 3%
- Duty for Imported SUV cars and Imported Bikes hiked
