Budget 2013-14: Highlights

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PTI Union Finance Minister P. Chidambaram presents Budget 2013-14 in the Lok Sabha on Thursday.

TOPICS
Union Budget macro economics budgets and budgeting Tax credit of Rs. 2,000 for income upto Rs. 5 lakh; Surcharge of 10 per cent for taxable incomes above Rs. 1 crore, No review of tax slabs; Commodity transaction tax for non-agri commodity trading; Tax Deducted at Source to be fixed at 1% on land deals over Rs 50 lakh; 30% excise duty hike on SUVs; 6% excise duty hike on mobiles above Rs. 2,000 Tax credit of Rs. 2,000 for income upto Rs. 5 lakh

Surcharge of 10 per cent for taxable incomes above Rs. 1 crore, No review of tax slabs Excise duty on SUVs to be increased to 30 per cent from 27 per cent, SUVs registered as taxis exempted Commodities transaction tax levied on nonagriculture commodities futures contracts at 0.01 per cent Rs 532 crore to make post offices part of core banking Direct Taxes Code (DTC) bill to be introduced in current Parliament session Duty-free limits raised to Rs 50000 for men and Rs 1 lakh for women 18% rise in excise duty on Cigarattes, cigars and cheerots Service tax on all A/C restaurants Royalty tax hiked from 10% to 25% Tax Deducted at Source to be fixed at 1% on land deals over Rs 50 lakh No change in peak custom, excise rates. 5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme. Direct Benefit Transfer (DBT) Scheme to be rolled out throughout the country during the term of UPA Government. Modified GAAR norms to be introduced from April 1, 2016. Administration reform commission proposed Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013 14 "To the women of India - we have a collective responsibility to ensure the dignity and safety of women. Recent incidents have cast a long dark shadow on our credentials. As more women enter public spaces...there are more reports of violence against them. We stand in solidarity with our girl children. We pledge to everything possible to keep them swcure. A number of measures are in the works and they will be taken up Government and Non-government sourcesI will set up a fund of Rs 1000 crore to achieve this end. Minstry of Women will come up with a plan on how to use these funds." Rs. 1,000 crore each for women, youth funds

Rs. 1,000 crore for Nirbhaya fund Promise to women, youth and senior citizens 289 more cities to get private radio FM stations Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH "Rs 6275 crore to Ministry of Technology, Rs 5216 crore to Department of Space, Rs 5280 crore to Department of Energy. These amounts are substantial increases." Rs. 2 trillion for defence sector 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. Insurance companies can now open branches in Tier 2 cities and below without prior approval. All towns of India with a population of 10000 or more will have an LIC branch and one other public sector insurance company. Income limit for the tax-saving Rajiv Gandhi Equity Savings Scheme is raised to Rs. 12 lakh from Rs. 10 lakh All public-sector banks have assured the Finance Minister that they will all have ATMs in their branch areas by 2014 India's first women's bank as a PSU proposed, Rs. 1,000 crore working capital announced India Infrastructure Finance Corporation (IIFC), in partnership with ADB will help infrastructure companies to access bond market to tap long term funds. Regulatory authority to be set up for road sector Four Infrastructure debt funds have been registered Rs 7 lakh crore target fixed for agri credit for 201314 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.

Green revolution in east India significant. Rice output increased in Assam, Odisha, Jharkhand and West Bengal; Rs 500 crore allocated for programme on crop diversification ICDS gets Rs. 17,700 crore. 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 201314 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 14,873 crore for JNNURM for urban transportation in 201314 against Rs 7,880 crore in the current fiscal Foodgrain production in 201213 will be over 250 million tons Rs 15,260 crore to be allocated to Ministry of Drinking Water and Sanitation. Rs 80,194 crore allocation for Ministry of Rural Development in 201314. About Rs 33,000 crore for MGNREGA Rs. 5,000 crore for NABARD for agri storage facilities Godowns to be constructed with help of panchayats. Food grain productions have been raised drastically and only increase with each year. Rs 17,700 crore to be allocated for Integrated Child Development Scheme (ICDS): FM. National Food security bill is a promise of the UPA government. I hope the bill be passed as soon as possible. I have set apart Rs 10,000 crore to the expected cost of the act. An Institute for agricultural biotechnology will be set up in Ranchi, Jharkhand. 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. Medical colleges in six more AIIMSlike institutions to start functioning this year; Rs 1650 crore allocated for the purpose. Rs 37,330 crore allocated for Ministry of Health & Family Welfare.

Rs 110 crore to be allocated to the department of disability affairs, says FM. Additional sum of Rs 200 crore to Women and Child Welfare Ministry to address issues of vulnerable women. Rs 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates. Rs 13215 crore for mid-day meal programme: Chidambaram The idea of setting up a PNGSY-2 causes uproar in the Parliament. The minister is interrupted the round of shouting, who clarifies that states that have completed PNGSY -1 will get the second version, the rest will continue under the first version The Right to Education Act is firmly in place, says Chidambaram, while announcing Rs. 27,250 crore to Sarva Shikhsa Abhiyaan in FY14. The Human Resources Development ministry meanwhile gets Rs. 65,867 crore, a rise of 17% from revised estimates. "Government committed to reconstruction of Nalanda University" - But no specific funds for the project was announced. Chidambaram announces additional fund allocation of Rs 200 crore to the Women and Child Development Ministry. He says women 'belonging to the most vulnerable groups must be able to live with self-esteem and dignity'. 169 crore given for development of Ayurveda, Siddha, Unani (Natural medicine) and homeopathy Rs 41,561 crore for SC plan and Rs 24,598 crore for tribal plan. The move comes with a strong statement 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 year 2012-13. 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. 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). A surcharge of 10 pe rcent on persons (other than companies) whose taxable income exceeds Rs.1 crore have been levied. Generation based incentives to wind energy projects reintroduced, Rs 800 crore provided for the purpose to Ministry of New & Renewable Energy Rs 14,000 crore capital infusion into public sector banks in 201314 Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities Rs 500 crore would be allocated for addressing environmental issues faced by textile industry Concessional six per cent interest on loans to weavers. SEBI will simplify procedures for entry of foreign portfolio investors SIDBIs refinancing facility to MSMEs to be doubled to Rs 10,000 crore 5 million tons Dabhol LNG import terminal to be operated at full capacity in 201314 Coal imports during AprDec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 201617, Government will provide Rs 14000-crore capital infusion in state-run (public-sector) banks in 2013/14

Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed Rs. 9,000 crore earmarked as the first installment of balance of CST compensations to different States/UTs. Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided Rs 2400 crore for textile technology upgradation Two new ports in West Bengal and Andhra Pradesh Many manufacturing projects stalled due to regulatory process 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. Fresh push for Bangalore-Chennai industrial corridor. Minister says the corridor to be developed in co-operation with the Japanese. DIPP and Japans JICA preparing plan for Chennai Bengaluru Industrial corridor Power sector gets a nod - States encouraged to restructure financial systems to improve sector as a whole and sign MoUs for the same effect. Rs 25,000 cr to be raised through tax free bonds: Chidambaram "Doing business in India must be seen as easy, friendly and mutually beneficial" - Second reference to increasing FDI in India. Government seems to betting heavily on a large FDI influx to help with the deficient "We will use innovative and new financial methods to increase investment in infrastructure," says the Minister. New steps have been announced to increase availability and amount of debts available for infrastructure projects. The revised expenditure target is Rs 14,30,825 crore or 96 per cent of Budget estimate for this fiscal. In 201314, the budget estimate is Rs 16,65,297 crore.

Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore: FM. Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying: FM. 24.3 % hike in expenditure for health care both rural and urban health mission. 12.5 % hike in Scheduled caste and Scheduled tribe sub-plans Overarching goal to create opportunities for youth to acquire skills for self-employment All flagship programmes adequately funded. Ministries must take it forward. Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period. Battle against inflation must be fought on all counts. Foreign investment is imperative Current account definict high due to dependence on oil , high gold imports Need $75billion to bridge CAD Present economic space is constrained by economic climate and tight monetary policy Keywords: Budget 2013-14, Union Budget, P. Chidambaram, UPA government

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Ads by Google Tax Payment Online Less paper work, simpler process & instant acknowledgement. Know more! icicibank.com/Tax-Payment-Online Cheap Life Insurance Plan Invest Rs.543/Month & Get Rs. 1 Cr. Life Cover+More Tax Benefit.Buy Now Life.TermInsuranceIndia.co.in Comments(22) Recommended Post a comment I dont understand how this peanuts amount Rs. 2000 as rebate is going to make any difference to lower middle class people. Is it possible for a person earning salary of Rs.250000-400000 p.a., to build his own house? Only increasing deduction for housing loans will not make any difference. Hence, increase to basic slab was mandatory for individuals. Again this government by giving excuse for tax base, tries to make fool of common Indian citizen. How can you justify the monthly saving of Rs. 167 by way of tax rebate will counter balance the inflation effect which is going around 9-11% per year. Instead of focusing on salaried employees, government should focus on unorganized sector to put under tax base. How many of street shops that make money more than of Rs. 40000 even file the tax return? from: Rajendra Pathak Posted on: Mar 1, 2013 at 18:03 IST

This is the last budget before UPA ii goes to the polls.Government is on a tight rope walk, neither to displease the poor nor the rich.At the same time the economy has to move with growth to contain fiscal deficit and inflation. This budget has given lot of support to the women in general which they richly deserves.The direct benefit tax will be a Phillip to help the poor.Enough thrust is not given to pull the farmers while they are hit by drought and flood devastation. Relief like fertilizer subsidies and loan waiver schemes if any will also have to be brought under the ambit of DGT scheme. Over all it is a painless budget from: E.sivasankaran Posted on: Mar 1, 2013 at 16:35 IST The Budget coverage by your newspaper has been excellent and your entire team deserves the praise for a detailed coverage and articles by Industry Experts and CEOs from: K Vinodan Posted on: Mar 1, 2013 at 12:46 IST Neither the TV channels nor this News paper has reported with clarity. What happens if a person gets an income of Rs. 5,02,000/-

If he can not get that 2000 'credit' then it is differential treatment. If my thinking is correct those 'super rich' would have to PAY the 10% surcharge on the entire Tax calculated and not for the amount over and above the 10 crores only! from: Shankar Posted on: Mar 1, 2013 at 05:50 IST Extremely deplorable that market responded to the Budget negatively. It's evident that the worst policy of of Manmohan Singh is deteriorating economic situations very badly. from: Ravi Sankar Iyer

Railway budget 2013-14: Highlights

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Union Railways Minister Pawan Kumar Bansal presenting the Railway Budget in the Lok Sabha in New Delhi on Tuesday. Photo: PTI/TV grab

The Hindu Railway Minister Pawan Kumar Bansal flanked by his Ministers of State arrives at Parliament House to present the Railway Budget on Tuesday. Photo: R.V. Moorthy

PTI Railway Minister Pawan Bansal poses with a copy of the rail budget speech on the eve of its presentation.

SLIDESHOW

Railway budget 2012: A rewind Bansal's safe budget

MEDIA

Railway Budget 2013-14: New Trains Railway Budget 2013-14: The Big Ticket

TOPICS
Union Budget transport railway Railway Minister concludes his budget speech 67 new express trains to be introduced; 27 passenger trains, 8 DEMUs Opposition disrupts Rail Budget speech over new train announcements Operating ratio of 88.8 percent achieved Dividend reduced from 5 to 4 percent Electrification of 1,200 km to be completed this year 72 additional suburban services in Mumbai and 18 in Kolkata An independent Rail Tariff Authority has been formalised Dynamic fuel adjustment component to be introduced on freight rates from April one, that will result in less than five per cent increase in rates Diesel price hike added Rs 3,300 crore to fuel bill of Railways Railway revenues to show a balance of Rs 12,506 crore in 2013-14 Planned investment of Rs 63,363 crore for 2013-14, including Rs 600 crore from PPP route

Operating ratio expected to improve to 87.8 per cent in 2013-14 from 88.8 per cent in the current fiscal 5.2 per cent growth in passenger traffic expected in 2013-14 Railway hopes to end 2013-14 with a balance of Rs 12,506 crore Rs.100 crore for improving stations in New Delhi Railways to set up a Debt Service Fund Freight earning to grow by 9 per cent to Rs 93,554 crore. Freight target fixed at 1,047 MT for 2013-14, 40 MT over the current year Marginal increase in cancellation, reservation charges No fresh hike in passenger fares Modest 5-6% hike in passenger fares will add to corpus, and translate into better amenities Rs 3,000 crore loan from Finance Ministry re-paid with interest by Railways this financial year. Indian Railway Institute for Financial Management to be set up at Secunderabad to train rail officers on a regular basis Railway Energy Management Company to be set up to harness solar and wind energy 47,000 vacancies for weaker sections and physically challenged to be filled up soon New coach manufacturing and maintenance facilities to be set up in various places including Rae Bareli, Bhilwara, Sonepat, Kalahandi, Kolar, Palakkad and Pratapgarh Rs 9000 crore investments expected including Rs 3,800 crore in port connectivity and Rs 800 crore in iron ore mines connectivity Allocation of Rs 1,000 crore each made for railway land development authority and railway station development authority. Railways set to enter 1 billion ton freight club of China, Russia and US Common rail-bus ticket to be introduced for Katra-Vaishnodevi pilgrims New train Azadi Express to places linked with the freedom struggle to be introduced, fares to be concessional

Internet booking to be provided from 0030 hours to 2330 hours Internet booking to be strengthened with next-generation e-ticketing system to eliminate delays Special A/C coaches Anubhuti, to be introduced in select Shatabdi and Rajdhani trains to give excellent ambience with commensurate fare Railways will use Aadhar data base for bookings and validation of passengers SMS alert service being rolled out shortly to intimate passengers about reservation status Free wi-fi facility to be provided in select trains Plan to allow e-ticketing via mobile phones Railway committed to bring marked change in passenger amenities Seventeen bridges identified for repair Smoke and fire detection system envisaged Fire extinguishers to be kept in guard vans Aim to eliminate 31,846 level crossings Identification of 104 stations for upgradation in places with more than one million population and of religious significance Railways to set up six more Rail Neer bottling plants 10% reservation for women in RPF Presence of women in RPF to go up Plan for elephant corridor safety Corporate safety plan proposed Railway safety fund inadequate Fall in accidents per million accidents down from .41 to .13 There has been significant drop in train accidents Rs. 95,000 crore shortfall, meeting this shortfall will mean a paradigm shift

Rs 1 lakh crore to be raised from public-private partnership, Rs 1.05 lakh crore through internal resources in the 12th Plan 12th Plan railway size to be Rs 5.19 lakh crore, with gross budgetary support of Rs 1.94 lakh crore Steep increase in input costs have been met with hike in Freight rates: Bansal Railways powerful vehicle driving the growth of the country: Bansal Railway Minister Pawan Kumar Bansal presents his maiden budget in Parliament Railway Minister Pawan Kumar Bansal arrives in Parliament to present his maiden budget. A day before presenting the budget, Mr. Bansal said that there was a demand for more trains. But he did not disclose whether he would concede it, as his predecessors did. "The government is for the people. You will have to see the budget from that point of view...," he said at an informal chat with reporters, when asked whether the budget would be peoplefriendly. Keywords: Railway budget 2013-14, Pawan Kuman Bansal, rail budget, railway budget

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