2. Budget
Definition:
A budget is a financial
document used to project
future income and expense.
Mr. P. Chidambaram, minister
of finance made budget on feb
28, 2013 for the year 2013-14.
3. Fiscal deficit
Dr. Vijay Kelkar committee made its recommendations to
government in September 2012. A new fiscal consolidation path
with fiscal deposit at 5.3% of GDP of this year and 4.8% of GDP
in 2013-2014 announced by the government.
4. Income Tax
Relief in tax credit of Rs.2000 to
be provided to every person with
an annual income up to Rs.5 lakhs
around 1.8 Crore people will
benefit.
Personal income tax slab have
been increase or decrease those
with an income of Rs. 1crore or
above 10% Surcharge applicable.
5. Service Tax
Service tax remains untouched
at 12% rate.
Service tax on all air
conditioned restaurants.
No service tax to be changed
on vocational courses offered
by government institution.
No service tax on agriculture
testing procedure.
6. Women’s development
1000 crore to be used for establishing Nirbhaya
funds in order to ensure dignity, safety and security of
women various measures of safety has been introduced.
7. Health and Education
37,330 crore allocated to the
ministry of health and
family.
New National health
mission that combines rural
and urban mission 21,239
crore.
4,727 for medical
education, training and
research.
8. Rural development
80,194 crore in 13-14 for Ministry of rural development
marking an increase of 46% over 12-13.
To carve out PMGSY-II and allocate portion of the funds to
new programme that will benefit states such as Andhra
Pradesh, Haryana, Karnataka, Maharashtra, Punjab and
Rajasthan.
9. JNNURM
Jawaharlal Nehru National Urban
renewal Mission(JNNURM)
14,000 buses sanctioned in 2009
to 2012 contribute to urban
transport.
14,873 crore for JNNURM
support up to 10,000 buses
especially by the hill station.
10. Agriculture
27,049 allocate to the Ministry of
agriculture an increase 22% over
the current year.
In this 3,415crore for agriculture
research
Agriculture exports increase in
April to December 2012 have
crossed 1,38,403crore
11. New Investment
To attract new investment and quicken implementation of
project propose to introduce an investment allowance for new
high value investment.
A company investing 100crore or more in plants and
machinery during period of 1.4.14 to 31.3.15 will entitled to
deducted investment allowance 15% of the investment.
12. Foreign trade
• Budget 13-14 India is to cut
duty on exports of precious
stones and semi-precious
stones from 10 points to 2
points.
• There is no import duty of
ship, vessels.
13. Oil gas and coal
A policy to encourage exploration and production of shale gas
will be announced.
Coal:
• Import during period of April to December have crossed
100million tonnes.
• It estimate the will rise to 185 million tonnes in year 2016-17.
14. MSME
• Micro small medium enterprise (MSME) have a large share of
job, production and exports.
• Too many of them do not grow because of the fear of losing
benefits and stay with small or medium enterprise.
• 3years made to grow with benefits so non-tax benefits
available to MSME units for 3years after it graduates to a
higher category.
• To support MSME and enhance refinancing capabilities of
SIDBI current level of 5000 to 10,000 crore each per year.
15. Banking
• Compliance of public sector banks with Base III regulations to
be ensured.
• 14,000 crore provided in 2013-14 for infusing capital.
• Proposed to set up India’s first women’s bank as public sector
provision of 1,000 crore as initial capital.
• 6,000 crore to rural housing fund in 2013-14.
17. Science and Technology
• 6,275 crore for Ministry science and technology.
• 5,615 crore for department of space.
• 5,880 crore for department of atomic energy.