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Thursday, February 28, 2013

HIGHLIGHTS OF UNION BUDGET 2013-14




• Chidambaram underlines Fiscal Consolidation Path. Also talks of Kelkar Committee. Worry is Current Account Deficit
• Efforts of #UPA has brought down WPI by around 7% | Food Inflation is Major Concern
• Battle against inflation must be fought from all fronts says Chidambaram in his #Budget2013 speech
• We have retrieved some Economic Space - That will be used to serve #UPA's Socio Economic Schemes
• Planned Expendiature in 2013-14 will be 29.4% more than last year
• Rs 41560 cr to Schedule Caste Sub Plan and Rs 21590 cr to Tribal Sub Plan .
• Rs 3511 Cr to Ministry of Minority Affairs.
• Additional Rs 200Cr to Ministry of Women and Child Welfare to Protect Women
• Rs 100Cr to Department of Disabilities - First Ever in Modern India
• Rs4727Cr for Medical Education and Research
• Rs 169 Cr to Department of #AYUSH Ayurveda
• Provide Rs 65867 Cr to #Education - HRD Ministry Rs 28250 Cr to SSA | Rs 3983 to RMSA
• Reconstruction of #Nalanda University - Govt Committed to University
• Rs17700 cr to ICDS - Increase of more than 11%
• Multisectoral Programme for #Malnutrition in 100 districts
• Ministry of Rural Development - Rs 80194 Cr , Substantial increase from Rs 55000 Cr Last Year
• Jawaharlal Nehru National Urban Renewal Mission - Rs14873 Cr - 10000more buses to Hill States
• Rs. 33,000 cr to be allocated to MNREGA
• Minimum Support Price of Every Agri Produce Have been increased significantly by UPA Govt
• Rs3415 Cr to Agricultural Research
• Green Revolution in Eastern India - Allocation of Rs1000cr to Eastern States
• Rs500Cr to start Crop Diversification to Original Green Revolution States
• Watershed Management - Increased Allocation of Integrated Wateshed Programme
• Nutrifarms - Rs200Cr for Pilot Projects for Nutrition Based Crops to fight Maluntrition
• Pilot Scheme to Rejuvenate Coconut Gardens - Now in Entire State of Kerala
• Credit Guarantee fund of Rs 1000 cr for Small Farmers
• Rs372 Cr for New National LiveStock Mission
• Rs 10000cr Budgetary Allocation to NATIONAL #FOOD #SECURITY ACT
• 12th Plan has Rs 55 Lakh Crores for #Infrastructure over the next 5 years
• Infra Debt funds will be encouraged. 4 IDF's registered with SEBI
• Allowing Some Instutiions to issue tax free bonds #Infrastructure
• Building Roads to NE States Connect it to Myanmar
• Rs5000Cr to Available to NABARD for Construction of Silos and Warehouses. Construction of Godowns by Panchayats Now
• Regulatory Authority for #Road Sector to be constituted
• Cabinet Commitee on Investment Set Up to remove bottlenecks - 2 meetings held - Oil/Gas Power Projects Taken up
• A Company investing more than Rs 100Cr will be entitled to deduct 15% of Investment Allowance
• ZERO custom duty to plant machinery for Semi Conductor units
• A person taking a loan for first home upto 25 lakhs- will be entitled a deduction of interest upto Rs 1 Lakh 
• Protecting Savings From Inflation- Inflation Instrument Bonds and Certificates Announced
• Delhi-Mumbai Industrial Corridor- 2 Smart Industrial Cities in Gujarat and Maharashtra to start
• Chennai-Bengaluru industrial corridor announced
• Transmission Project from Srinagar to Leh 
• 2 New Ports - Sagar in West Bengal and another at Andhra Pradesh
• 6th National Waterway in Assam
• Oil and Gas Exploration Policy reviewed - NELP Blocks will be cleared.
• Financial Restructing of DISCOMS - Urge State Govts to sign agreement
• Non Tax Benifits for 3 years to MSME's
• Technology Upgradation Fund Scheme in Textile Sector Rs 2400 cr for Modernisation of Powerloom Sector
• Handloom Sector - Working Capital and Term Loans & Concessional Rate of 6% - Additional sum of 96Cr for Interest Subvention
• Rs14000Cr Additional Capital in 13 Public Sector Banks
• Women Bank Announced- Employees Women, Serves Women Bank - INDIA'S FIRST PUBLIC SECTOR BANK FOR WOMEN with Rs1000Cr
• Rashtriya Swasthya Bima Yojna extended to Rickshaw pullers, Auto Rickshaw drivers, Ragpickers and Sanitation workers
• propose to Follow International - Investor who has a stake of more than 10% is FDI, Less than 10% is FII
• KYC of banks will be sufficient to acquire insurance policies, banks to act as brokers
• Start up Committees and SME's - will be allowed to be listed with conditions
• Scheme to Encourage Municipalities - Waste to Energy Projects - Will use different instruments for incentives
• Generation Based Incentive of Rs800Cr to Wind Energy Segments
• Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore
• National Skill Development Corporation- 9Million People to be Skilled in 2013-14
• Rs200Cr to fund Organisations to scale up Innovations in Science and Technology for Common People
• National Institute of Sports Coaching at Patiala to be set up
• Proposed to increase the allocation for the defence to Rs 203,672 cr.
• 173 Central Schemes to be reduced to only 70 Schemes
• Rs 1000Cr fund created for Safety of Women
• Skill Trained Youth- Certificate of Rs 10000 to be given after training - Rs 1000Cr for Skill Development
• "Aapka Paisa, Aapke Haath" #Aadhaar- Direct Benifit Transfer- to be rolled out throughout country during THE TERM OF UPA
• We must redeem our promise by 2016-17 and bring down fiscal deficit to 3% and revenue deficit to 1.5%
• Tax Rates- Personal Income Tax- No Case to Revise Either Slabs or Rates
• Assuming an inflation rate of 10%, propose to provide tax credit of Rs. 2000 to every person who has income above Rs.5 lakh
• Eligibility Conditions for Life Insurance Policies for Disability Relaxed
• Surcharge of 10 pc on those whose taxable income is 1 cr per annum, FM cites Azim Premji
• Donations to National Children's Fund will be eligible for 100% tax deduction
• 42,800 people in the country who admitted to a taxable income exceeding Rs.1 cr per year
• FM proposes TDS on value of immovable property as transaction on immovable properties are usually undervalued
• TDS of 1% on land deals over Rs 50 lakh, Only Non-Agricultural Deals
• Scope of Annual Information Returns, Extend e-pay, e-filing mandatory in Income Tax Department
• Custom Duty- Environment Friendly Vehicles , Hybrid Vehicled - Exempted.
• Increase duty for Luxury Motor Vehicles from 75% to 100%
• Duty Free Limit - Rs 50000 for male passengers and Rs 100000 for female passengers
• Totally Exempt Handmade Carpets and Choir or Jute Products from Excise Duty
• SUVs occupy more road and parking space and ought to bear higher tax: excise duty rate to be increased from 27% to 30%
• Service Tax on All Airconditioned Restaurants
• Voluntaritly Compliance Scheme for Service Tax Returns
• Centre will form consensus with States to compensate | Rs 9000Cr will be provided by centre to state as Compensation



For budget and related documents,please visit the links Budget & Economic Survey provided in the blog.

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