Salient features of the Union Budget 2013-14


General remarks by the Finance Minister:

1.       Global recession has affected India too
2.       Only china and India has grown at a rate higher than that of India in 2012-13 hopes that by 2013-14, only china would have a growth rate higher than India.
3.       Achieving growth rate not beyond our capacity.
4.       No reason for gloom or pessimism on India’s growth story.
5.       Admits that food inflation is a worry.
6.       Hints at austerity, says no option but to rationalise expenditure.
7.       Core inflation has been brought down to 4%

General provisions:

1.       INR 41531 crores allocation for SC / ST. sub-plans
2.       INR 21599 crores allocation for tribal class sub plans
3.       The total allocation to these two above mentioned sections up by 12.50% as compared to last year.
4.       INR 3511 crores allocation to ministry of minority affairs, up by 12% as compared to last year.
5.       Planned expenditure at INR 5.53 lakh crores.
6.       Total estimated expenditure for FY 13-14 seen at INR 16.65 lakh crores.
7.       INR 37330 crores allocation to Ministry of health and family welfare.
8.       INR 4727 crores allocation to medical education, training and research.
9.       INR 1069 crores allocation for alternative medicines – ayurveda, unani, sidha and homoeopathy.
10.   INR 65867 crores allocation to ministry of human resources, up by 17% as compared to last year.
11.   INR 27258 crores allocation to sarva shiksha abhiyan
12.   INR 3983 crores allocation to rashtriya madhyamik shiksha abhiyan.
13.   INR 13215 crores allocation to midday meal scheme
14.   INR 15260 crores allocation to ministry f drinking water and sanitation.
15.   Over INR 1400 crores allocation to set up water purification plants.
16.   INR 14873 crores allocation to JNRUM
17.   Over INR 33000 crores allocation to MNREGA schemes.
18.   INR 27049 crores allocation to ministry of agriculture out of which INR 3415 crores for agricultural research.
19.   The interest credit presently available for short term loans to farmers in the form of 4% subsidy if loan repaidin time, extended beyond public sector banks to loans availed from private sector banks also.
20.   INR 500 crores allocation for crop diversification to encourage technology use in farming.
21.   INR 5387 crores allocation to integrated watershed programme.
22.   Indian institute of biotechnology to be set up at ranchi,bihar.
23.   INR 5000 crores allocation to nabard to finance storage units for food products.
24.   Over 10000 crores allocation for food security bill.
25.   Investment allowance of 15%of investment in plant and machinery for investment in plant and machinery over INR 100 crores during the period f 1.4.2103 to 31.3.2015.
26.   Additional deduction of INR 1 lakh for interest payment in case of persons taking a home loan for the first time up to a value of INR 25 lakhs during the period of 1.4.2013 to 31.3.2014.
27.   Customs duty exemption for machinery imports for infrastructure industries.
28.   Benefits of the micro, small and medium enterprises to stay for 3 more years after these units graduate to a higher category.
29.   Interest at a concessional rate of 6%for working capital loans and term loans for handloom sector and textiles.
30.   Six more AIIMS like institutes to be set up this year.
31.   INR 14000 crores allocation for capital infustion in public sector banks.
32.   All banks including some co-op. Banks to be brought under the core banking solutions by 31.3.2013.
33.   India’s first womens’ bank to be set u as a public sector bank by october 2013 and INR 1000 crores to be provided as initial capital.
34.   Insurance companies would be allowed to open branches in tier ii cities and below without IRDA approval.
35.   At least one LIC and one general insurance company office to be set up in all major towns.
36.   Low interest loans scheme to units in renewable energy sector. This scheme is to remain in force for 5 years.
37.   INR 6725 crores allocation to ministry of technology
38.   Over INR 5000 crores allocation for ministry of atomic energy
39.   Over INR 5000 crores allocation for ministry of space.
40.   Over INR 203000 crores allocation for defence expenditure.
41.   INR 250 crores allocation for setting up a national institute of sports coaching at Patiala to be released in next three years.
42.   Private radio service to be extended to 294 more cities.
43.   Over INR 655 crores allocation for panchayati raj.
44.   Modernisation of postal network soon.
45.   Pension funds to be allowed to invest in mutual funds.
46.   INR 1000 crores allocated for setting up a nirbhaya fund for women and child development.
47.   INR 1000 crores allocated for skill development fund for developing the acquiring of specific skills by youth.

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