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