Highlights of Union Budget 2013-14
Following are highlights of the Budget:
FISCAL DEFICIT
* Faced with huge fiscal deficit, India had no choice but to rationalise expenditure
GROWTH
* India faces challenge of getting back to its potential growth rate of 8 pct
* India must unhesitatingly embrace growth as highest goal
SPENDING
* Total budget expenditure seen at 16.65 trillion rupees in 2013/14
* India's 2013/14 plan expenditure seen at 5.55 trillion Indian rupees ($103 billion)
* Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 pct of budget estimate
* Set aside 100 billion rupees towards spending on food subsidies in 2013/14
CURRENT ACCOUNT DEFICIT
* India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit
INFLATION
* Food inflation is worrying, will take all steps to augment supply side
AGRICULTURE
* To allocate 801.94 bln rupees to rural development in 2013/14
* Plan to allocate 270.49 billion rupees for agriculture in 2013/14
FINANCE MINISTER COMMENTS
* "Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working."
Union Finance Minister P Chidambaram on Thursday presented the Union Budget for fiscal 2013-14 in Parliament today.
The highlights are as follows
1) Financial Year 2014 plan expenditure at Rs.5.53 lakh crore
2) Financial Year 2014 Gender budget has Rs. 97134 cror
3) Average growth during UPA-1 was 8 percent; high growth not a novelt
4) Current account deficit a worry because of high oil and gold import
5) Will need $75 billion to finance current account deficit
6) Need to encourage FDI in consonance with economic priorities
7) WPI inflation down to 7 percent; food inflation worrying
8) Rs 65000 crore to Ministry of Education, Rs 27257 crore to Sarva Shiksha Avija
9) Rs 33000 crore for MNREGA
10) Rs 700000 crore for agricultural credit scheme
11) Rs 1000 crore to support increased rice production in Eastern Indian states
12) Rs 9954 crore and Rs 2250 crore for crop diversification under different schemes
13) National Livestock Mission launched with Rs 307 crore
14) To allot Rs24598 crore to the tribal sub-plan
15) Rs 10000 crore set apart for National Food Security Bill (if passed).
16) Rs 1000 crore initial capital for a new women's bank which will be another public sector bank
17) Income level for Rajiv Gandhi Equity Scheme raised by Rs 2 lak
18) First home loan up to Rs 25 lakh will get an additional Rs 1 lakh interest deduction
19) Rs 100 crore in machinery investment can avail an extra 15 per cent exemption over and above existing relaxations
20) Rs 25000 crore to be raised from four infrastructure bonds
21) Rs 5000 crore to NABARD to build cold storages and godown
22) Inflation indexed bonds and NSCs to be introduce
23) Infrastructure Development Funds will be encourage
24) Coal imports to rise to 185 million tonnes from 100 million in four year
25) New regulatory authority for road secto
26) Rs. 7 lakh crore target fixed for agriculture credit for 2013-14 compared to Rs. 5.75 lakh crore in the current yea
27) Eastern Indian states to get Rs. 1,000 crore allocation for improving agricultural productio
28) Rs 1650 crore for new AIIMS-like medical institute
29) Technology upgrade scheme for textile sector to get Rs 2400 cror
30) Handloom sector to get an additional Rs 96 cror
31) Watershed management to get Rs 5387 cror
32) Original Green Revolution states to get Rs 500 crore for crop diversificatio
33) Re-financing capacity of SIDBI increased to Rs. 10,000 crore from Rs. 5,000 crore for Ministry of Small and Medium Enterprise
34) Five inland waterways have been declared as national waterways, one more announced in Assam
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