February 28, 2013

Indian Union Budget 2013-14

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."

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 :

  • 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

February 24, 2013

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February 20, 2013

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