Following are some of the key highlights of the Union Budget 2013-14 presented by Finance Minister P Chidambaram in Parliament.
*No change in income tax slabs
*Relief of Rs 2,000 for tax payers in tax bracket of Rs 2-5 lakh
*10 pc surcharge on persons with taxable income of over Rs 1 crore
*Tobacco products, SUVs and mobile phones to cost more
*Income limit under Rajiv Gandhi Equity Savings Scheme raised to 12 lakh from Rs 10 lakh
*First home loan of up to Rs 25 lakh to get extra interest deduction of up to Rs 1 lakh
*Duty free limit of gold import increased to Rs 50,000 for male passengers and Rs 1 lakh for female passengers
*India's first women's bank to be set up by October
*Concessional six per cent interest on loans to weavers
*Rashtriya Swasthya Bima Yojana benefit extended to rickshaw pullers, auto and taxi drivers, among others
*'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of Delhi gang-rape incident
*Fiscal deficit for 2013-14 pegged at 4.8 pc of GDP and 5.2 per cent in 2012-13
*Market borrowings pegged at Rs 6.29 lakh crore, higher
than Rs 5.59 lakh crore in FY13
than Rs 5.59 lakh crore in FY13
*Disinvestment target more than doubled to Rs 55,814 cr
*Plan expenditure pegged at Rs 5,55,322 crore and non-Plan at Rs 11,09,975 crore
*New taxes to collect Rs 18,000 crore for government
*Voluntary Compliance Encouragement Scheme launched for recovering service tax dues
*Rs 14,000 crore earmarked for capital infusion in public sector banks in 2013-14
He
also allocated 22 percent more funds to Agriculture Ministry at Rs
27,049 crore for the 2013-14 fiscal, of which Rs 3,415 crore has been
earmarked for farm research.
Chidambaram announced extension of interest-subvention on crop loans to private sector banks and commercial banks.
"Agricultural
credit is a driver of agricultural production. We will exceed the
target of Rs 5,75,000 crore fixed for 2012-13. For 2013-14, I propose to
increase the target to Rs 7,00,000 crore," Chidambaram said while
presenting the Budget for the 2013-14 fiscal in the Lok Sabha on
Thursday.
The
interest-subvention for short-term crop loan will be continued and
farmers who repay loan on time will be able to get credit at 4 percent
interest per annum, he added.
"So
far, the scheme has been applied to loans extended by public sector
banks, Regional Rural Banks and cooperative banks, I propose to extend
the scheme to crop loans borrowed from private sector banks and
scheduled commercial banks in respect to loans given within the service
area of the branch concern," the Minister said.
Looking at the success of the scheme -- Bringing Green Revolution in the Eastern India, Chidambaram allocated Rs 1,000 crore for the next fiscal.
Another Rs 500 crore was allocated for crop diversification in states covered during the Green Revolution such as Punjab and Haryana, which are facing stagnation in farm yields.
On
proposed Food law, the Minister said: "I sincerely hope Parliament will
pass the Bill as early as possible. Over and above the normal provision
for food subsidy, I have set apart Rs 10,000 crore towards the
incremental costs that is likely under the Act."
Fiscal deficit for 2012-13 estimated at 5.2%: Chidambaram
The
fiscal deficit for the current financial year has been contained at 5.2
percent of GDP, lower than 5.3 percent as was targeted, Finance
Minister P Chidambaram said.
"The
fiscal deficit for 2012-13 has been contained at 5.2 per cent. I
propose to bring it down to 4.8 per cent by 2013-14," Chidambaram said
while unveiling Budget 2013-14 proposals in the Lok Sabha.
Further,
the Revenue Deficit has been contained at 3.9 percent in the current
fiscal and would be brought down to 3.3 percent in 2013-14.
As per the fiscal consolidation roadmap, the government plans to reduce fiscal deficit to 3 percent by 2016-17.
"We
must redeem our promise and bring down the fiscal deficit to 3 per cent
and revenue deficit to 1.9 per cent by 2016-17," Chidambaram said.
Tax benefits in RGESS extended to 3 years: Chidambaram
While
presenting the Budget 2013-14 in the Lok Sabha Finance Minister P
Chidambaram on Thursday proposed liberalising the Rajiv Gandhi Equity
Savings Scheme (RGESS) to enable first time investors to park funds in
MFs and listed shares and extended tax benefits to three successive
years.
Also, the limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from Rs 10 lakh earlier.
The
RGESS will be liberalised to enable first time retail investors to
invest in mutual funds and listed shares and not in one year alone, but
for three successive years, Chidambaram said.
The
RGESS, which was originally announced in the Budget for 2012-13, seeks
to provide tax benefits to first-time investors in stock markets. Under
the scheme, an individual with an income of less than Rs 12 lakh would
get tax incentives for investing up to Rs 50,000 in the stock market.
Highlights of Budget for 2013 – 14:
Rs 7 lakh crore target fixed for agri credit for 2013-14 compared to Rs 5.75 lakh crore in the current year.
Average
annual growth rate of agriculture and allied services estimated at 3.6
per cent in 2012-13 when 250 MT foodgrains was produced: FM
Eastern Indian states to get Rs 1,000 crore allocation for improving agricultural production.
Rs 27,049 crore allocation to the Agriculture Ministry in 2013-14, says FM
Rs 500 crore allocated for programme on crop diversification.
Foodgrain production in 2012-13 will be over 250 million tons: FM
Rs 14,873 crore for JNNURM for urban transportation in 2013-14 against Rs 7,880 crore in the current fiscal: FM
States which have completed Pradhan Mantri Gramin Sadak Yojana will be eligible for PMGSY-II, others will continue with PMGSY-I.
Rs 80,194 crore allocated for rural development schemes.
Rs 80,194 crore allocation for Ministry of Rural Development in 2013-14. About Rs 33,000 crore for MGNREGA, says FM.
Rs 15,260 crore to be allocated to Ministry of Drinking Water and Sanitation.
Rs 17,700 crore to be allocated for Integrated Child Development Scheme (ICDS): FM
Rs 17,700 crore provided for Integrated Child Development Scheme.
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.
Rs. 65,867 crore allocated to Ministry of HRD in 2013-14: FM
Rs 4,727 crore to be allocated for medical education and research. Rs 1,069 crore to be given to Department of Ayush.
Rs 1069 crore allocated to Department of Aryush: FM
Rs 37,330 crore allocated for Ministry of Health & Family Welfare.
Rs 110 crore to be allocated to the department of disability affairs, says FM
Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates.
Additional sum of Rs 200 crore to Women and Child Welfare Ministry to address issues of vulnerable women.
FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan.
One overarching goal to provide education and skills to youth for securing jobs in the 2013-14, says FM.
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.
Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore: FM.
Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure.
We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying: FM
Faced with huge fiscal deficit, I have no choice but to rationalise expenditure: FM
Battle against inflation must be fought at all fronts: FM
India does not have choice between welcoming and spurning foreign investment; it is an imperative: Chidambaram
Current account deficit continues to be high due to excessive dependence on oil, coal and gold imports and slowdown in exports.
Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy: FM
Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period: FM
Current year's economic growth rate will be below India's potential growth rate of 8 per cent: Finance Minister P Chidambaram
Four Infrastructure debt fund have been registered: FM
Rs 10,000 crore set aside for incremental cost for National Food Security Bill over and above food subsidy.
Indian Institute of Biotechnology will be set up at Ranchi.
Rs
5,387 crore to be allocated for integrated watershed programme for
farmers in 2013-14, an increase from Rs 3,050 crore in the current
fiscal.
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 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses: FM
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: FM
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