Dear Comrades,
The Union Budget
for 2013-14 aims at higher growth rate leading to inclusive and sustainable
development as ‘mool mantra’.
· Finance Minister makes three promises: to women,
youth and the poor.
· Nirbhaya Fund to empower women and to keep them
safe and secure.
· Proposal to set up India’s first Women’s Bank as
a public sector bank.
· Rs. 1,000 crore for skill development of ten
lakh youth to enhance their employability and productivity.
· Direct Benefit Transfer (DBT) Scheme to be
rolled out throughout the country during the term of UPA Government.
· Fiscal Deficit for 2013-14 is pegged at 4.8
percent of GDP. The Revenue Deficit will be 3.3 percent for the same period.
· Plan Expenditure placed at Rs. 5,55,322 crore.
It is 33.3 percent of the total expenditure while Non Plan Expenditure is
estimated at Rs. 11,09,975 crore. The plan expenditure in 2013-14 will be 29.4
percent more than the RE of the current year i.e. 2012-13.
· Substantial rise in allocation to the social
sector. Allocation for Rural Development
Ministry raised by 46 percent to Rs. 80,194 crore.
· The target for farm credit for 2013-14 has been
set at Rs.7,00,000 crore against Rs.5,75,000 crore during the current year.
· Rs.10,000 crore earmarked for National Food
Security towards the incremental cost.
· Education gets Rs.65,867 crore, an increase of
17 percent over RE for 2012-13.
· ICDS gets Rs. 17,700 crore. This is 11.7 percent
more than the current year.
· Drinking water and sanitation will receive Rs.
15,260 crore. Rs. 1,400 crore is being provided for setting up water
purification plants to cover arsenic and fluoride affected rural areas.
· Health and Family Welfare Ministry has been
allotted Rs.37,330 crore. National Health Mission will get Rs.21,239 crore
which represents 24.3 percent over the RE.
· The Jawaharlal Nehru National Urban Renewal
Mission (JNNURM) will receive Rs.14,873
crore as against RE of Rs.7,383 crore in the current year.
· Defence has been allocated Rs.2,03,672 crore.
· Rs.3,511 crore have been earmarked to Minority
Affairs Ministry, 60 percent higher than RE for 2012-13.
· The Government will encourage Infrastructure
Debt Fund (IDF) and allow some institutions to raise tax free bonds upto Rs.
50,000 crore which is 100 percent more than the current year.
· India Infrastructure Finance Corporation (IIFC),
in partnership with ADB will help infrastructure companies to access bond
market to tap long term funds.
· Income limit under Rajiv Gandhi Equity Savings
Scheme (RGESS) will be raised from Rs.10 lakh to Rs.12 lakh.
·
First home loan from a bank or housing finance
corporation upto Rs.25 lakh entitled to additional deduction of interest upto
Rs.1 lakh.
· Proposal to launch Inflation Indexed Bonds or
Inflation Indexed National Security Certificates to protect savings from
inflation.
· On oil and gas exploration policy, the Budget
proposes to move from the present profit sharing mechanism to revenue sharing.
Natural gas pricing policy will be reviewed.
·
On coal, the Budget proposes adoption of a
policy of pooled pricing.
· Benefits or preferences enjoyed by MSME to
continue upto three years after they grow out of this category.
·
Refinancing capacity of SIDBI raised to Rs.10,000 crore.
· Technology Upgradation Fund Scheme (TUFS) for
textile to continue in 12th Plan with an investment target of Rs.1,51,000 crore.
·
Rs.14,000 crore will be provided to public
sector banks for capital infusion in 2013-14.
·
A grant of Rs. 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 Rs.18,000 crore.
· A surcharge of 10 percent on persons (other than
companies) whose taxable income exceeds Rs.1 crore have 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.
·Rs. 9,000 crore earmarked as the first
installment of balance of CST compensations to different States/UTs.
