Indian Budget 2013-14

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Indian Budget 2013-14:

Indian Budget 2013-14

Introduction:

Introduction Finance Minister P. Chidambaram presented Union Budget 2013-14 in Parliament The Union Budget for 2013-14 aims at 'higher growth leading to inclusive and sustainable development’ Presenting the Union Budget in Parliament, the Finance Minister expressed the hope that the India would achieve high economic growth despite slowdown in the global economic growth.

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increase allocation to key areas and provide incentives for investments and savings while containing the fiscal deficit to 4.8% of GDP The Finance Minister said that the other areas of concern addressed by his Government are inflation and government expenditure. "Our efforts in the past few months have brought down headline WPI inflation to about 7.0 percent and core inflation to about 4.2 percent. It is food inflation that is worrying, and we shall take all possible steps to augment the supply side to meet the growing demand for food items," he said.

THREE PROMISES: TO WOMEN, YOUTH AND THE POOR :

THREE PROMISES: TO WOMEN, YOUTH AND THE POOR Finance Minister announced the setting up of a fund - Nirbhaya Fund - with the Government contributing Rs. 1000 crore. The Minister also announced a Rs. 1,000 crore scheme for training youth to boost their employability and productivity For the benefit of the poor, the Minister assured that Direct Benefit Transfer (DBT) schemes will be rolled out throughout the country during the term of the UPA Government.

RURAL DEVELOPMENT, AGRICULTURE AND FOOD SECURITY:

RURAL DEVELOPMENT, AGRICULTURE AND FOOD SECURITY The allocation for Rural Development Ministry has been raised by 46 percent to Rs 80,194 crore in 2013-14. Ministry of Agriculture gets a rise of 22 per cent over the revised estimates (RE) for 2012-13, at Rs 27,049 crore. Rs 500 crore is being allocated to start a programme on crop diversification

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The target of agricultural credit for 2012-13 (Rs. 5,75,000 crore) is likely to be exceeded, and a target of Rs 7,00,000 crore farm credit has been fixed for the next year. Rs.307 crore have been provided for setting up of the National Livestock Mission. Expressing the hope that the National Food Security Bill will be passed by Parliament as early as possible, the Finance Minister has set apart Rs. 10,000 crore towards the incremental cost that is likely under the Act.

OTHER MAJOR ALLOCATIONS :

OTHER MAJOR ALLOCATIONS Education has been allocated Rs. 65,867 crore, an increase of 17 per cent over the RE for 2012-13. ICDS gets Rs. 17,700 crore representing an increase of 11.7 per cent. A multi- sectoral programme to tackle maternal and child malnutrition that was announced last year will be implemented in 100 districts during 2013-14. It will be further scaled up to cover 200  districts the year after.

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Ministry of Health and Family Welfare has been allocated Rs. 37,330 crore The Backward Regions Grant Fund (BRGF) has been allocated Rs. 11,500 crore . A National Institute of Sports Coaching is proposed to be set up at Patiala at a cost of Rs. 250 crore over a period of three years.  Drinking water and sanitation will receive Rs. 15,260 crore. Rs. 1,400 crore is being provided for setting up water purification plants to cover arsenic and fluoride effected rural habitations.

INVESTMENT AND INFRASTRUCTURE :

INVESTMENT AND INFRASTRUCTURE  A number of steps to mobilize investment have been announced in the Budget keeping in view that as per 12th Plan the private sector will share 47 percent of Rs 55,00,000 crore investment in infrastructure. Infrastructure Debt Funds (IDF) will be encouraged. Some institutions will be allowed to issue tax - free bonds up a total sum of Rs 50,000 crore (as against Rs 25,000 crore in 2012-13).

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A sum of Rs 5,000 crore will be made available to NABARD to finance construction of warehouses, godowns , silos and cold storage units designed to store agricultural produce. A company investing Rs. 100 crore or more in plant and machinery during the period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance of 15 percent of the investment (in addition to depreciation).

Budget Estimates:

Budget Estimates The total expenditure in the Union Budget 2013-14 is pegged at Rs. 16,65,297 crore. Out of it Rs.5,55,322 crore (33%) is Plan expenditure.  The non-Plan expenditure is estimated at Rs 11,09,975 crore. The Plan expenditure in 2013-14 will be 29.4 per cent more than the revised estimates of the current year. All flagship programmes have been fully and adequately funded

Taxes:

Taxes Direct Taxes, a relief of Rs. 2000 for the Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs have been proposed. A surcharge of 10 percent on persons (other than companies) whose taxable income exceeds Rs.1 crore have been levied Surcharge has been increased from 5 to 10 percent on domestic companies whose taxable income exceed Rs. 10 crore. In case of foreign companies, surcharge will increase from 2 to 5 percent, if the taxable income exceeds Rs. 10 crore

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Agricultural land to be exempted from TDS. Finance Minister proposed no change in the normal rates of 12 percent for excise duty and service tax. no change has been made in the peak rate of custom duty of 10 percent for non-agricultural products. Custom duty on free gold limit increased to Rs. 50,000 in case of male passenger and Rs. 1,00,000 in case of a female passenger subject to conditions. The Budget proposes to mobilize Rs. 18,000 crore in which new proposals in indirect taxes will yield Rs. 4,700 crore and direct taxes of Rs. 13,300 crore.

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