Budget 2013-14, Chidambaram reading out the Union Budget said the focus is increase the Growth and reduce Fiscal Deficit. Here are some highlights of Budget

Union Finance Minister Mr. P. Chidambaram today rolled out the Budget plan for the next Fiscal Year 2013-2014 in the parliament. He urged the members to be supportive and patient before he started his speech. He said that due to the global slowdown and other internal factors Indian Economy in the last two years had faced serious problems which lead to widening of its current account deficit, to overcome this we have to plan cautiously and go forward to again gain the potential growth percent( i.e., 8%) which we are actually capable before the slowdown.

He also emphasized that his government believes in inclusive development and improving human development indicators specially of women, the scheduled castes, the scheduled tribes, the minorities and some backward classes. This Budget to be a testimony to that commitment.

Here are some key Highlights of the UNION BUDGET 2013-2014:

• Revised Estimates (RE) of the expenditure in 2012-13 at 96 per cent of the Budget Estimates (BE) due to slowdown and austerity measures.

• During 2013-14, Budget Estimates of total expenditure of  Rs. 16,65,297 crore and of Plan Expenditure at Rs. 5,55,322 crore. ‰ The Revised Estimates for the current year indicates Plan Expenditure in 2013-14 to grow at 29.4 per cent over.

• Fiscal deficit for the current year contained at 5.2 per cent and for the year 2013- 14 at 4.8 per cent.

• Revenue deficit for the current year at 3.9 per cent and for the year 2013-14 at 3.3 per cent.

• For programmes relating to women and children this budget allocated  Rs. 97,134 crore and Rs. 77,236 crore respectively.

• Rashtriya Krishi Vikas Yojana and National Food Security Mission provided  Rs. 9,954 crore and  Rs. Rs. 2,250 crore respectively.

• The integrated watershed programme fund allocation increased from Rs. 3,050 crore in 2012-13 (BE) to Rs. 5,387 crore.

• An additional provision of Rs. 10,000 crore has been granted for National Food Security Act.

• Rajiv Gandhi Equity Savings Scheme is to be liberalised.

• ™Additional deduction of interest upto Rs. 1 lakh for a person taking first home loan upto Rs. 25 lakh during period 1.4.2013 to 31.3.2014.

• Compliance of public sector banks with Basel III regulations to be ensured and an amount of  Rs. 14,000 crore provided in BE 2013-14 for infusing capital.

• All branches of public sector banks to have ATM by 31.3.2014.

• Proposal to set up India’s first Women’s Bank as a public sector bank. Provision of  Rs. 1,000 crore as initial capital. 

• Rs. 6,000 crore to Rural Housing Fund in 2013-14.

• National Housing Bank to set up Urban Housing Fund. Rs. 2,000 crore to be provided to the fund in 2013-14.

• Rashtriya Swasthya Bima Yojana to be extended to other categories such as rickshaw, auto-rickshaw and taxi drivers, sanitation workers, rag pickers and mine workers.

• Augmentation in the Budget allocation of Rajiv Gandhi Panchayat Sashaktikaran Abhiyan (RGPSA) to Rs. 455 crore in 2013-14. An additional  Rs. 200 crore proposed to be provided.

• Post offices to become part of the core banking solution and offer real time banking services.

• Standing in solidarity to our girl children and women. And pledged to do everything possible to empower them and to keep them safe and secure. A fund - “Nirbhaya Fund” - to be setup with Government contribution of  Rs. 1,000 crore.

• “Aapka paisa aapke haath” is the motive of the UPA government to roll out the Direct Benefits Transfer (DBT) throughout the country to the poor of India.

• Some sort of relief for Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs.  A tax credit of Rs. 2000 to every person with total income upto Rs. 5 lakhs.

• Modified provisions of GAAR will come into effect from 1.4.2016.

• Work on draft GST Constitutional amendment bill and GST law expected to be taken forward.

• ICDS gets Rs. 17,700 crore. This is 11.7 percent more than the current year.

• Tobacco products, SUVs and Mobile Phones to cost more.

• Technology Upgradation Fund Scheme (TUFS) for textile to continue in 12th Plan with an investment target of Rs. 1,51,000 crore.

• 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.

• ‘Voluntary Compliance Encouragement Scheme’ launched for recovering service tax dues.