Highlights of Union Budget 2013-14
Following are highlights of the Union Budget 2013-14 Presented by Finance Minister P Chidambaram on Thurday 28th February 2013 :
FISCAL DEFICIT
* Fiscal deficit seen at 5.2 point of GDP in 2012/13
* Fiscal deficit seen at 4.8 point of GDP in 2013/14
* Faced with huge fiscal deficit, India had no choice but to rationalize expenditure
BORROWING
* Gross market borrowing seen at 6.29 trillion rupees in 2013/14
* Net market borrowing seen at 4.84 trillion rupees in 2013/14
* Short-term borrowing seen at 198.44 billion rupees in 2013/14
* To buy back 500 billion rupees worth of bonds in 2013/14
SUBSIDIES
* 2013/14 major subsidies bill estimated at 2.48 trillion rupees from 1.82 trillion rupees
* Petroleum subsidy seen at 650 billion rupees in 2013/14
* Revised petroleum subsidy for 2012/13 at 968.8 billion rupees
* Estimated 900 billion rupees spending on food subsidies in 2013/14
* Revised food subsidies at 850 billion rupees in 2012/13
* Revised 2012/13 fertiliser subsidy at 659.7 billion rupees
GROWTH
* India faces challenge of getting back to its potential growth rate of 8 point
* India must unhesitatingly embrace growth as highest goal
SPENDING
* Total budget expenditure seen at 16.65 trillion rupees in 2013/14
* Non-plan expenditure estimated at about 11.1 trillion rupees in 2013/14
* India's 2013/14 plan expenditure seen at 5.55 trillion rupees
* Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 point of budget estimate
* Set aside 100 billion rupees towards spending on food subsidies in 2013/14
REVENUE
* Expect 133 billion rupees through direct tax proposals in 2013/14
* Expect 47 billion rupees through indirect tax proposals in 2013/14
* Target 558.14 billion rupees from stake sales in state-run firms in 2013/14
* Expect revenue of 408.5 bln rupees from airwave surcharges, auction of telecom spectrum, licence fees in 2013/14
CURRENT ACCOUNT DEFICIT
* India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit
INFLATION
* Food inflation is worrying, will take all steps to augment supply side
TAX
* Proposes surcharge of 10 point on rich taxpayers with annual income of more than 10 million rupees a year
* To increase surcharge to 10 point on domestic companies with annual income of more than 100 million rupees
* For foreign companies, who pay the higher rate of corporate tax, the surcharge will increase from 2 pct to 5 per cent.
* To continue 15 point tax concession on dividend received by India companies from foreign units for one more year
* Propose to impose withholding tax of 20 point on profit distribution to shareholders
* Amnesty on service tax non-compliance from 2007
* 10 billion rupees for first installment of balance of GST (Goods and Services Tax) payment
* Propose to reduce securities transaction tax on equity futures to 0.01 point from 0.017 point
* Time to introduce commodities transaction tax (CTT)
* CTT on non-agriculture futures contracts at 0.01 point
CORPORATE SECTOR AND MARKETS
* To issue inflation-indexed bonds
* Proposes capital allowance of 15 point to companies on investments of more than 1 billion rupees
* Foreign institutional investors (FIIs) can use investments in corporate, government bonds as collateral to meet margin requirements
* Insurance, provident funds can trade directly in debt segments of stock exchanges
* FIIs can hedge forex exposure through exchange-traded derivatives
* Investor with less than 10 point stake in a company will be regarded as FII, more than 10 point stake as FDI (foreign direct investment)
* Stock exchange regulator will simplify know-your-customer norms for foreign portfolio investors
* To implement quickly recommendations of financial sector legislative reforms commission
* To cut factory gate duty on trucks to 13 pct from 14 pct
POWER AND ENERGY SECTOR
* Zero customs duty for electrical plants and machinery
* Move to revenue-sharing from profit-sharing policy in oil and gas sector
* To equalise duties on steam and bituminous coal to 2 point customs duty and 2 point cvd (countervailing duty)
FOREIGN TRADE
* To cut duty on exports of precious and semi-precious stones to 2 point from 10 point
* No duty on import of ships, vessels
BANKING
* To provide 140 billion rupees capital infusion in state-run banks in 2013/14
DEFENCE
* To allocate 2.03 trillion rupees to defence in 2013/14
AGRICULTURE
* To allocate 801.94 billion rupees to rural development in 2013/14
* Plan to allocate 270.49 billion rupees for agriculture in 2013/14
FINANCE MINISTER COMMENTS
"Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working."
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February 28, 2013
Indian Union Budget 2013-14
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Budget 2013,
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Highlights of Rail Budget 2013
Highlights of the Rail Budget 2013
The Railway Budget 2013 was presented by railway minister P K Bansal on 26th February 2013.
The Budget Highlights are as below :
The Railway Budget 2013 was presented by railway minister P K Bansal on 26th February 2013.
The Budget Highlights are as below :
- No hike in passenger fares
- Superfast and Tatkal charges to rise
- Annual plan for 2013-14 set at Rs 63,363 crore
- Losses up from Rs 22,500 crore in 2011-12 to Rs 24,600 crore in 2012-13
- Accidents per million km down from .41 to .13
- Raised four companies of women RPF personnel; another eight to be raised for women's safety
- 67 new Express and 26 new passenger trains to run; 8 DEMU services and 5 MEMU services to be introduced; run of 57 trains to be extended; frequency of 24 trains to increase
- 22 new rail lines to be taken up in 2013-14
- New debt service fund to be set up
- Will close fiscal 2012-13 with fund balance against previous deficit; need to build fund balance to Rs.30,000 crore by end of 12th Plan
- 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
- Rs 6,600 crore increase in earnings from fare adjustment in January
- Rs 63,000 crore investment in 2013-14
- 1,047 million tonnes freight loading estimated during 2013-14
- Passenger earnings of Rs 42,000 crore estimated in 2013-14
- Indian Railways Institute of Financial Management to be set up at Secunderabad
- Chair at Delhi to promote research in reducing carbon footprint
- Winners of Rajiv Gandhi Khel Ratna and Dhyan Chand awards to get free first class passes
- Complementary first class passes for parents of unmarried posthumous awardees of Maha Vir Chakra, Vir Chakra, Kirti Chakra and Shaurya Chakra
- Complementary passes of freedom fighters to be renewed every three years instead of annually
- New forged wheel factory at Rae Bareli in collaboration with Rashtriya Ispat Nigam Ltd
- Greenfield Mainline Electrical Multiple Units (MEMU) manufacturing facility at Bhilwara along with Rajasthan government and BHEL
- Coach making unit at Sonepat in collaboration with Haryana government
- Midlife rehabilitation workshop at Kurnool along with Andhra Pradesh government.
- Railway energy management company to be set up to harness solar and wind energy
- 1,000 crossings to be energised by solar power
- 1.51 lakh vacancies to be filled up
- Locomotive cabs to be air-conditioned
- Azadi Express for travel to places associated with freedom struggle
- India in 1 billion tonne freight club
- By end of 2013-14, 1,500 km of contracts to be awarded for two dedicated rail corridors
- Rs 1 lakh crore target set for public-private-partnership route
- Free Wi-Fi to be provided on some trains
- Rs 100 crore for improving stations in New Delhi
- 179 escalators and 400 lifts at A 1 and other select stations
- E-ticketing through mobile phones
- SMS alerts for passengers on reservation status
- Next generation e-ticketing system by end of 2013
- Seventeen bridges identified for repair
- Smoke and fire detection system envisaged
- Fire extinguishers to be kept in guard vans
- Making corporate Safety Plan for a 10 year period (2014-24)
- Introduction of Train Protection Warning System on Automatic Signalling Systems
- Rigorous trials of indigenously developed Train Collision Avoidance System
- Introduction of 160/200 kmph Self Propelled Accident Relief Trains
- Elimination of 10,797 level crossings during the 12th Plan and no addition of such crossings
- Six more Rail Neer bottling plants to be set up
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February 24, 2013
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February 20, 2013
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