Indian Union Budget 2013

Discussion in 'Economy & Infrastructure' started by sob, Feb 28, 2013.

  1. sob

    sob Moderator Moderator

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    Okay this is te time of the year when the annual Jumboree starts with the Union Budget.

    The Pink papers have been printing reams of paper analysing in fine details and trying to predict the budget. the Industry captains have had their 5 minutes with the FM and the TV crews are camping outside the FMs residence since morning, as if his early morning ablutions will give them a key to the budget 2013.

    Lot is riding on the Budget today. Realistically 90% of the expenses are already accounted for but it is the big ticket and not so big ticket announcement that gives a signal to the world and the to the Domestic audience about the direction the Economy is headed and how the Govt. of the day is going to steer it for the next 12 months.

    Request all the Budget related news and views be posted here so that there is no confusion of multiple threads on the same topic.
     
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  3. sob

    sob Moderator Moderator

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    Re: Union Budget 2013

    Leading to the Union Budget was the Economic Survey which painted a grim picture and held out hopes for the economy, with signs of the economy bottoming out and inflation easing up.
    Economic Survey: Raghuram Rajan reads the riot act to UPA | Firstpost

     
  4. sob

    sob Moderator Moderator

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    Re: Union Budget 2013

    The First signs of the Fudging in the budget are already out in the open

    http://www.firstpost.com/budget2013...nd-chidus-smile-rs-100000-cr-cash-642721.html

    So the signal is very clear the Budget will be designed to please the Rating Agencies as well as there will be a balancing effect keeping in view the forthcoming elections.
     
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  5. sob

    sob Moderator Moderator

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  6. cloud_9

    cloud_9 Regular Member

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    Re: Union Budget 2013

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  7. Singh

    Singh Phat Cat Administrator

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    Re: Union Budget 2013

    Expect Excise Raise, and Estate Tax.

    They want to spur investment by diverting them away from real estate holdings.
     
  8. Iamanidiot

    Iamanidiot Elite Member Elite Member

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    @sob any idea about excise duty on steel and steel prices
     
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  9. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    Re: Union Budget 2013

    Sonia may listen or not but Chidambaram & MMS got it right that any more tomfoolery and we will be at junk rating. You can't go to elections with those ratings, its like suicide. Further he will be using incoming forex (maybe also reserves) to plug the holes in deficit, classic trick MMS pulled in '90s. Sonia remained absent for the meeting yesterday, clear sign of her displeasure but inability to do anything otherwise so giving autonomy to Chidambaram for what he is famous.
     
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  10. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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  11. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    Defence allocation increased !

    :why: :why:
     
  12. sob

    sob Moderator Moderator

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    The amount of money being thrown about looks like it wil be a populist budget.

    Wait for the taxes to come. The sting will be in the tail as somebody mentioned.

    What a retrograde step, An all woman's bank, that too in an age when women are controlling major banks in India, eg ICICI , Axis, HSBC. Is it a sop to the females as a fall out of the Delhi rape case...WTF
     
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  13. Singh

    Singh Phat Cat Administrator

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    Highlights of Union Budget 2013-14:

    For housing loans limit till Rs 25 lakh – additional Rs 1 lakh exemption for 2013-14 for first time loan takers
    Rs 50,000 cr tax free bonds to be allowed by select institutes
    Inflation indexed Bonds and NSCs to be issued
    SMEs to enjoy benefits for 3 years after they outgrow category
    Seek same support of everybody to navigate the Indian economy through crisis
    Global economy has slowed from 3.9% to 3.2%
    Not unaffected what happens in the world
    Current year CSO has estimated growth at 5% and RBI at 5.5% - below India's potential growth rate of 8%
    No reason for gloom or pessimism
    Only China and Indonesia are growing faster than India
    In 2013-14 only China will grow faster than India
    Indian economy growing below potential of 8%
    Goal of higher growth leading to inclusive and sustainable growth
    Plurality and diversity lead to inequitable distribution which needs to be addressed
    Women, SCs/STs and other backwards need to be included
    Need to create economic space and achieve socio-economic objective
    New Fiscal Consolidation measures undertaken to achieve 5.3%
    Current Account Deficit major worry
    CAD due to higher coal, oil and gold imports
    We have to find 75 bn dollar to finance current account deficit
    No solution but FDI, FII, ECB to bridge CAD
    Achieving high growth is not a novelty and beyond our capacity
    Without growth there will be no development and inclusiveness
    UPA govt believes in inclusive development with emphasis on improving human development index
    At present economic space is constrained
    India doesn’t have the choice between welcoming and spurning foreign investment
    Development must be sustainable and must have democratic legitimacy
    The battle against inflation must be fought on all fronts
    Our battle has brought down headline inflation to 7% and core inflation to 4%
    Wisdom lies in finding current level of govt expenditure
    Faced with huge fiscal deficit no choice but rationalise expenditure
    We have retrieved some economic space
    Sufficient funds to each ministry and departments
    One overarching goal of the budget is to create opportunities for youth
    Estimated expenditure Rs 1490925 lakh cr; Revised Rs 1430825 lakh cr
    Planned expenditure will be 29.4% more than previous; all projects to be fully funded
    Onus on ministries to completely projects in timely manner
    Rs 41561 cr for SC sub plan
    Rs 24500 cr to ST sub plan
    The funds for sub plan cannot be diverted
    Rs 77236 cr for child budget
    Rs 200 cr for gender equality
    Maulana Azad education foundation corpus gets Rs 160 cr more
    Rs 110 cr for dept of disable welfare
    Rs 37330 cr to ministry of health and family welfare out of which new national health mission to get Rs 21239 cr
    Rs 4727 cr for medical education, training
    Rs 1069 cr to department of ayush
    Rs 1650 cr to AIIMS like institutions
    Rs 65867 cr to HRD ministry
    Rs 27258 cr for Sarva Siksha Abhiyan
    Rs 3983 cr for Rashtriya Madhyamik Shiksha Abhiyan
    Rs 13215 cr for mid-day meal scheme
    Rs 17700 cr for children care and education
    Rs 15260 cr for clean drinking water
    Rs 1400 cr for water purification/ clean arsenic
    Rs 80195 cr for MNREGA, Indira Awas Yojna, NREGS
    PMGSY II to benefit states like Haryana, Punjab, Andhra Pradesh, Karnataka
    Rs 14800 cr for JNNURM
    Foodgrains production will be 250 mn tonne
    Earned Rs 138403 cr due to agri exports
    Rs 27049 cr for agri ministry
    New scheme for rural road development
    Rs 500 cr for crop diversification
    The avg growth of agri was 3.6%
    Agriculture to get over Rs 3000 cr
    Green Revolution in eastern India has been a remarkable success – Rs 1000 cr to these states
    Original Green Revolution states to get Rs 500 cr for crop diversification
    Watershed management to get Rs 5387 cr
    Rs 7 lakh agri credit target
    National Institute for Biotech in Raipur, Chhattisgarh
    National Livestock Mission to be launched in 2014 for which Rs 307 cr allocated
    National biotech centre at Ranchi
    National food security bill gets Rs 10000 cr towards incremental cost
    Rs 50 cr for FPOs
    Equity grants of Rs 10 lak per FPO
    Rs 1000 cr for eastern Indian states
    Rs 55 lakh cr needed for infra including private funds
    Infra Debt Funds will be encouraged; 4 already floated
    Rs 25,000 cr raised by institutions as tax free bonds in 2012-13
    WB help to be taken for NE states to be connected with Myanmar
    Godowns to be constructed with help of panchayats
    USD 1 trillion investment in infrastructure
    47% of the cost will be shared by private sector
    Infrastructure debt funds will be encouraged
    4 IDFs have been registered with SEBI
    To allow some institutions to raise money through tax free bonds to the total of Rs 50000 cr
    Rs 5000 cr for construction of warehouses
    Regulatory Authority to oversee road projects
    Zero CD for semi conductors/ electronics
    First time Rs 12 lakh income limit increased from Rs 10 lakh for MF s
    Rajiv Gandhi Equity scheme raised Rs 2 lakh cr
    Rs 5000 cr to NABARD to finance construction of warehouses, silos, cold storages
    New regulatory authority for road sector
    3000 km of road projects in some states will be awarded in first 6 months of 2013-14
    Cabinet committee on investment to take up more projects
    FM to approve Rs 50,000 cr tax-free bonds in FY14; moving on to infra, he says CCI is the answer to all policy hurdles
    New instrument to save savings from inflation called as Inflation Index Bonds details of which will announced in due course
    Seven new cities on Delhi-Mumbai corridor
    New corridor is Bangalore-Mumbai industrial corridor
    Two new ports - in Sagar in WB and one in AP
    New outer harbour at Tuticorin through PPP
    5 inland waterways have been declared as national waterways, one more announced in Assam
    Natural gas pricing policy would be reviewed
    5 MMTPA terminals will be fully operational
    Non-tax benefits to be made available to MSMEs after they graduate to higher units
    Textile tech upgradation to get Rs 2400 cr
    Handloom workers to get working capital at concessional rates
    SIDBI gets Rs 500 cr
    Standing council of experts in ministry finance to analyse competitiveness of Indian financial sector
    13 PSU banks to get Rs 14000 cr in 2013-14 as capital infusion
    All cooperative banks to be brought under CBS
    All PSU banks to have ATMS at their premises
    India’s first women bank as a PSU bank with Rs 100 cr as initial capital

    Union Budget 2013 Live Highlights: Rs 1 lakh additional exemption for upto Rs 25 lakh new home loans
     
  14. sob

    sob Moderator Moderator

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    What is the logic behind a new regulator for Raods.Is the Govt going to scrap NHAI.

    The problem does not lie with NHAI but with the Govt. Under Gen. Khanduri NHAI was doing a sterling job, it is only in the last 8-9 years that it has gone to the dogs.
     
  15. Singh

    Singh Phat Cat Administrator

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    200,000 Crores Defence Budget !
     
  16. Iamanidiot

    Iamanidiot Elite Member Elite Member

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    They have to do something about service tax.That thing is destroying business more than anything
     
  17. sob

    sob Moderator Moderator

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    The market is nervous of the numbers crunching out. From a positive start in the morning the sensex has shifted into negative territory.
     
  18. sob

    sob Moderator Moderator

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    @Iamanidiot, it will cover more services and there could be a cess on top of it.
    this is the easiest source of money.
     
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  19. Iamanidiot

    Iamanidiot Elite Member Elite Member

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    Except that they will not be able to collect it
     
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  20. Singh

    Singh Phat Cat Administrator

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    parijataka likes this.
  21. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    Fiscal deficit

    2012 - 5.2%

    2013 - 4.8%
     

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