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Highlights of Union Budget 2013-14

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[Updated:28 Feb 2013, 16:36:19]

New Delhi, Feb 28: Highlights of budget for 2013-14 presented in the Lok Sabha Thursday by Finance Minister P. Chidambaram:


* Duty-free limit for gold raised to Rs 50,000 for men and Rs 1 lakh for women

* No plans to revise direct tax rates

* Surcharge of 10% on Rs 1 crore plus income earners

* 5-10% surcharge on local companies income above Rs 10 crore

* TDS of 1% on land deals over Rs 50 lakh, agricultural land exempted

* Commodity transaction tax introduced

* Coal blending only solution as coal imports to rise 185 million tonnes by 2016-17

* Constraints will not come in the way for providing additional funds for security of the nation

* Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14

* Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH

* National Institute for Sports to train coaches to be set up at Patiala at a cost of Rs 250 crore

* Rs 532 crore to make post offices part of core banking

* Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013-14

* 'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gang-rape incident

* 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme

* No revision in tax slabs

* But for tax payers in the bracket of Rs 2 to 5 lakh, a tax credit of Rs 2500

* Those with taxable income exceeding Rs 1 crore a year will have to pay a surcharge of 10% additional surcharges only for one year — 2013-14

* 42,800 people with annual taxable income higher than Rs 1 crore to be taxed. They will have to pay a surcharge of 10% for 2013-14

* Chidambaram proposes to reduce securities transaction tax (STT) on equity futures to .01% from .017%

* Donations to National Children Fund will get 100% tax exemption

* Big relief to the common man, no change in Income Tax slab

* Finance Minister sets defence spending at Rs 2.03 lakh crore

* Also, ETFs will be eligible for pension, insurance investments. Insurance and pension companies can directly trade in debt segment, FM announces

* FIIs can now participate in currency derivative segment. However, the exposure will be subject to forex exposure

* Finance minister says India will follow international best practices for differentiating between FII and FDI

* The finance minister is keenly looking into the proposal to amend the SEBI Act to give more powers to the market regulator

* Increase in allocation for ministry of science and technology and Department of Atomic Energy

* The finance minister says FY14 fiscal deficit seen at 4.8% versus 5.2% in FY13

* The finance minister pegs FY14 revenue deficit target at 3.3%

* KYC in banks sufficient for acquiring insurance policy

* National Housing Bank (NHB) to set up urban housing bank fund and Rs 2,000 crore will be allocated in this regard

* Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA

* All Regional Rural Banks and cooperative banks to be e-linked by this year-end

* Rs 6,000 crore to be allocated for rural housing fund in 2013-14

* PSU banks to have ATMs at all their branches by March 31, 2014

* SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore

* Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities, says FM

* Rs 500 crore would be allocated for addressing environmental issues faced by textile industry

* Concessional six per cent interest on loans to weavers

* Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month

* Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India

* Rs 14,000 crore capital infusion into public sector banks in 2013-14

* India's capital market is the world's best regulated market
 
* Bank's correspondents allowed to sell micro finance

* SEBI to simplify procedures for the entry of foreign portfolio investors in India

* Clean, green energy is a priority, generation based incentive for wind energy projects

* Natural Gas pricing policy to be reviewed

* Oil Gas policy to move from profit share to revenue share 

* Financial inclusion has made rapid strides

* DIPP and Japan's JICA preparing plan for Chennai-Bengaluru Industrial corridor
 
* Two new major ports to be set up in West Bengal and Andhra Pradesh, says FM
 
* Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM
 
* Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed

* Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17

* 5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14
 
* FM asks state governments to prepare financial restructuring plan for power distribution companies at the earliest

* A first for India! FM announces his plans to set up an all-women's bank via public sector. It will be a women bank, by women, for women.  The FM will provide Rs 1,000 crore initial capital to the proposed all-women's bank

* Will provide Rs 14,000 crore for PSB recapitalization. He will constitute a panel on transaction costs, and financial policies

* The government plans to encourage PPP projects along with Coal India. It will encourage shale gas projects and review the natural gas pricing policy.

* Finance Minister says blocked NELP blocks will be cleared and there will be a policy on shale gas based on revenue sharing

* Finance minister inflation-indexed bonds to be announced On June 1. The government will introduce inflation-indexed instruments, the minister announced. "Will up to Rs 25 lakh 1st home loan to get more tax cuts," he says

* The income limit for RGESS eligibility has been raised to Rs 12 lakh.

* Finance Minister will allocate additional Rs 10,000 crore for Food Security Bill in FY14.

* FM says 3000 km of road projects will be awarded in first six months of FY14. "To constitute regulatory authority for roads sector," he says

* Rs 7 lakh crore target fixed for agri credit for 2013-14 compared to Rs 5.75 lakh crore in the current year

* Eastern Indian states to get Rs 1,000 crore allocation for improving agricultural production

* Rs 500 crore allocated for programme on crop diversification

* 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

* Indian Institute of Biotechnology will be set up at Ranchi

* Rs 10,000 crore set aside for incremental cost for National Food Security Bill over and above food subsidy

* Four Infrastructure debt fund have been registered: FM

* 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

* Government has decided to constitute a regulatory authority for the road sector: FM

* Many manufacturing projects stalled due to regulatory process: FM

* A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015 will be allowed 15 per cent investment deduction allowance apart from depreciation

* To provide appropriate incentives for semiconductors industry including zero customs duty on plants and machineries
 
* Rajiv Gandhi Equity Scheme will be liberalised to allow first time investor to invest in Mutal Fund and equity

* First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14

* Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided in current Budget

* Average annual growth rate of agriculture and allied services estimated at 3.6 per cent in 2012-13 when 250 MT foodgrains was produced

* Rs 27,049 crore allocation to the Agriculture Ministry in 2013-14

* Rs 5,000 crore to #NABARD to build cold storages and godowns

* To constitute regulatory authority for the roads sector

* 500 inland waterways have been declared as National Waterways

* National livestock mission to be launched

* Rs. 307 cr to be allocated for the National Livestock Mission

* Doing business in India must be seen as easy, friendly and beneficial

* Rs 10,000 cr additional funds set aside for Food Security

* Infrastructure Debt Funds will be encouraged

* Rs 15,260 crore to be allocated to Ministry of Drinking Water and Sanitation

* About Rs 33,000 crore for MGNREGA

* Rs 80,194 crore allocated for rural development schemes

* States which have completed Pradhan Mantri Gramin Sadak Yojana will be eligible for PMGSY-II, others will continue with PMGSY-I

* Rs 14,873 crore for JNNURM for urban transportation in 2013-14 against Rs 7,880 crore in the current fiscal

* Foodgrain production in 2012-13 will be over 250 million tons

* Rs 17,700 crore provided for Integrated Child Development Scheme

* Rs 500 cr for choosing crop alternatives in Green revolution states

* To allocate Rs 27,049 crore to Agri Ministry

* Indian Institute of BioTechnology to be set up

* To allocate Rs 13215 crore for mid day meal scheme

* JNNURM being continued in 12th Plan; Rs.14, 873 cr allocated

* Rs 110 crore to be allocated to the department of disability affairs

* Rs 37,330 crore allocated for Ministry of Health & Family Welfare

* Rs 1069 crore allocated to Department of Aryush: FM

* Rs 4,727 crore to be allocated for medical education and research. Rs 1,069 crore to be given to Department of Ayush

* Rs. 65,867 crore allocated to Ministry of HRD in 2013-14: FM

* Medical colleges in six more AIIMS-like institutions to start functioning this year; Rs 1650 crore allocated for the purpose

* To expand medicare facilities for women, differently abled

* The headline inflation will decline to between 6.2 and 6.6 per cent by next month, the Survey said

* Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period: FM

* Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates.

* Additional sum of Rs 200 crore to Women and Child Welfare Ministry to address issues of vulnerable women

* 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

* One overarching goal to provide education and skills to youth for securing jobs in the 2013-14, says FM

* FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan

* Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy: FM

* India does not have choice between welcoming and spurning foreign investment; it is an imperative: Chidambaram

* Battle against inflation must be fought at all fronts: FM

* Faced with huge fiscal deficit, I have no choice but to rationalise expenditure: FM

* We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying: FM

* Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore: FM

* Budget to create opportunities for youth to get skills to get jobs

* Increased allocations to the SC/ST sub plans.

* FM says money has not been an issue for development, and plan monies have been given to the ministries and it is upto the ministries to deliver the results

* We are battling inflation on all fronts. And we have retrived some economic space and had taken bitter medicine in the past.

* We do not have a choice on whether we can welcome foreign investment . It is imperative says FM

* FM says his increase his current account deficit . We need to  look at FDI and commercial borrowing to fill the gap

* The mantra is higher growth and inclusive development, says the finance minister.

* Average growth during UPA-1 was 8 percent; high growth not a novelty

* Current account deficit a worry because of high oil and gold imports

* Will need $75 billion to finance current account deficit

* Need to encourage FDI in consonance with economic priorities

* WPI inflation down to 7 percent; food inflation worrying

highlights of union budget 2013 14- India Tv
highlights of union budget 2013 14