Following are some of the key highlights of the Union Budget 2013-14
presented by Finance Minister P Chidambaram in Parliament:
1. In 2013-14, the budget estimate is Rs 16,65,297 crore.
2. The revised expenditure target is Rs 14,30,825 crore
3. Plan expenditure Rs 5,55, 322 crore
4. Rs 14,000 crore capital infusion into public sector banks in 2013—14
5. SIDBI’s re—financing facility to MSMEs to be doubled to Rs 10,000 crore
3. Rs 7 lakh crore targets fixed for agri credit for 2013-14 compared to
Rs 5.75 lakh crore in the current year.
4. Rs 500 crore would be allocated for addressing environmental issues
faced by textile industry
5. No change in income tax slabs
6. Relief of Rs 2,000 for tax payers in tax bracket of Rs. 2-5 lakh
6. 24.3 % hike in expenditure for health care both rural and urban health mission.
7. Headline WPI inflation to 7 per cent and core inflation to 4.2 per cent.
8. Eastern Indian states to get Rs 1,000 crore allocation for improving
agricultural production.
9. Average economic growth rate in 11th Plan period is 8 per cent,
highest ever in any Plan period
10. Rs 500 crore allocated for programme on crop diversification.
11. Food grain production in 2012-13 will be over 250 million tons
12. Rs 14,873 crore for JNNURM for urban transportation in 2013-14
against Rs 7,880 crore in the current fiscal
13. Rs 10,000 crore set aside for incremental cost for
National Food Security Bill
14. Rs 80,194 crore allocated for Rural development schemes in 2013-14.
15. About Rs 33,000 crore for MGNREGA
16. Rs 5,000 crore will be made available to NABARD to finance construction
of godowns and warehouses
17. Rs 17,700 crore to be allocated for
Integrated Child Development Scheme (ICDS)
18. Rs 13,215 crore to be provided for mid-day meal scheme.
19. Rs 5,284 crore to various Ministries for scholarships for SC/ST, OBC and minority students.
20. 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
21. Rs 4,727 crore to be allocated for medical education and research.
22. Current year's economic growth rate will be below India's potential growth rate of 8 per cent
23. Concessional 6% interest on loans to weavers.
Fiscal deficit :
i. Fiscal deficit seen at 5.2 % of GDP in 2012/13
ii. Fiscal deficit seen at 4.8 % of GDP in 2013/14
iii. Fiscal deficit to 3 % by 2016/17
Revenue Deficit
i. Revenue Deficit seen at 3.9 % 2012/13
ii. Revenue Deficit seen at 3.3 % 2013/14
iii. Revenue deficit to 1.9% by 2016-17
Tax benefits in RGESS extended to 3 years
i. The Rajiv Gandhi Equity Savings Scheme (RGESS) will be liberalised to enable
first time retail investors to invest in
mutual funds and listed shares and not in one year alone, but for three successive years,
ii. Under the scheme, an individual with an income of less than Rs 12 lakh would get
tax incentives for investing up to Rs 50,000 in the stock market.
iii. Also, the limit for investors wanting to invest in RGESS has been raised
to Rs 12 lakh from Rs 10 lakh earlier.
