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Budget 2013-14 – Highlights

Budget 2013-14 – Highlights of Budget presented by Shri.P.Chidambaram, Finance Minister in parliament today

  • Rs 14,000 crore capital infusion into public sector banks in 2013-14, says FM.
  • Rs 5,80,000 crore to states and Union Territories
  • Rashtriya Swasthya Bima Yojana 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 next month, says FM.
  • Rs 5400 crore to department of space and Rs 5600 crore to department of atomic energy.
  • Defence gets 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
  • 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 to 185 million tonnes in 2016-17, says FM.
  • Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed: FM.
  • Govt to set up India’s first women’s bank as a public sector bank by October, says FM.
  • 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 watershed programme for farmers in 2013-14, an increase from Rs 3,050 crore in the current fiscal.
  • 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, says FM
  • Rs 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses: FM
  • 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: FM.
  • 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: 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
  • FM 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, says FM.
  • Rs 1069 crore allocated to Department of Aryush: FM.
  • 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.
  • Growth rate under UPA was highest
  • India can retain its high growth track
  • Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy: FM.
  • 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 per cent, says the minister. Food inflation remains a worry.

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