Union Budget(2013-2014) in a Glance



UNION BUDGET 2013 -14: PROJECTED EXPENDITURE RS 16.65 TRILLION

The Union Budget 2013-14 estimated a total expenditure of 16.65 trillion rupees and displayed concerns towards fiscal deficit, slow growth and high inflation.


UNION BUDGET 2013:14: HIGHLIGHTS

• Total budget expenditure was Estimated at 16.65 trillion rupees in 2013-14

• India's 2013-14 plan expenditure seen at 5.55 trillion rupees

• To allocate 801.94 billion rupees to rural development in 2013-14

• Plan to allocate 270.49 billion rupees for agriculture in 2013-14

• RBI expected GDP growth of 5.5% for Financial Year 2013-14

• 80194 crore rupees allocation have been made for rural development schemes including MGNAREGA, PMGSY, and INDIRA AWAS YOYANA. The Jawaharlal Nehru National Urban Renewal Mission will to continue during the 12th plan period.

• 3511 crore allocation to minorities which is 12 per cent hike over budget estimates, 110 crore rupees allotted for welfare of disabled.

• 65867 crore rupees have been allocated to the Ministry of Human resources development which is 17 per cent hike over the revised estimates.

• 500 Crore rupees have been earmarked for high tech crop diversification program.

• Allocations also include 13215 crore rupees for mid day meal programme. 27,049 crore rupees for agricultural ministry and additional 200 crore to women and child Welfare Ministry.

• 14000 crore Rupees will be provided for PSB recapitalization. He will constitute a panel on transaction costs, and financial policies.

• Education gets 65867 crore rupees, an increase of 17 percent over RE for 2012-13.

• ICDS gets 17700 crore rupees. This is 11.7 percent more than the current year.

• Drinking water and sanitation will receive 15260 crore rupees. 1,400 crore was provided for setting up water purification plants to cover arsenic and fluoride affected rural areas.

• Health and Family Welfare Ministry had been allotted 37330 crore rupees.
• Small Industries Development Bank of India (SIDBI) Refinance Fund doubled to an amount of 10000 crore rupees.

• Plans of Government are to encourage PPP projects along with Coal India.

• P Chidambaram announced setting up of a new all-women's bank.

• 1000 crore Rupees initial capital for a new women's bank which will be another public sector bank. The Bank will be set up by October 2013.

• An amount of additional 10000 crore rupees allotted for Food Security Bill in FY14.

• 3000 km of road projects will be awarded in first six months of FY14.

• Finance ministry approved 50000 crore Rupees tax-free bonds in FY14. The government expects to raise 25000 crore rupees via tax-free bonds in FY13.

• Refinancing capacity of SIDBI rose to Rs. 10,000 crore.

• Technology Upgradation Fund Scheme (TUFS) for textile to continue in 12th Plan with an investment target of 151000 crore Rupees.

• 14000 crore Rupees will be provided to public sector banks for capital infusion in 2013-
14.

• A grant of 100 crore each has been made to 4 institutions of excellence including Aligarh Muslim University, Banaras Hindu University, Tata Institute of Social Sciences, Guwahati and Indian National Trust for Art and Cultural.

 Heritage (INTACH).

• New taxes to yield 18000 crore Rupees.

• A surcharge of 10 percent on persons (other than companies) whose taxable income exceeds Rs.1 crore has been levied.

• Tobacco products, SUVs and Mobile Phones to cost more.

• Relief of Rs. 2000 for the tax payers in the first bracket of 2 to 5 lakhs.

• Voluntary Compliance Encouragement Scheme launched for recovering service tax dues.

• 9000 crore Rupees earmarked as the first installment of balance of CST compensations to different States/UTs.



 .......................................................................................................................................................