Highlights of the Budget 2013-14

Finance Minister P Chidambaram on Thursday announced several measures in the Union Budget 2013-14.

Highlights of the Budget

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 ragpickers.

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 urpose.

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.

Need to ratinonalise expenditure.

We are not unaffected by what happens in the global economy

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

Without growth, there will be no inclusiveness and development.

Source: Rediff

Image: Finance Minister P Chidambaram.
Photographs: Reuters.