Union Budget 2013-14: Snapshots
New Delhi, Feb 28 : Amid expectations of a raise in the limit of tax exemption by the salaried class, Union Finance Minister P Chidambaram at around 11 am in Parliament began presenting the Union Budget 2013-14 on Thursday.
The FM announced allocations for the welfare of schedule caste and tribes, differently abled and women related programmes. He said faced with huge fiscal deficit, he had no choice but to rationalise expenditure.
HIGHLIGHTS
National Food Security Bill is a priority of the government and will be passed in Parliament. So over and above the normal provision, Rs 10,000 crore has been set apart for incremental cost, said Chidambaram.
Rs 4727 crore for medical research
More than Rs 33000 crore to health
Rs 110 crore for the disability affairs department under specific scheme
Rs 3511 crore to minority affairs
Rs 41000 crore for Scheduled Caste and Rs 28500 crore for tribal welfare.
Rs 65000 crore to ministry of education
Rs 27257 crore to Sarva Shiksha Avijan
Rs 14,873 for JNURM with funds specially for purchase of buses for hill states
Rs 27049 crore for agriculture
Rs 1000 crore for eastern states for supporting green revolution (agriculture) with increased rice production.
Rs 5387 crore for integrated water management effecting a major hike in allocation.
Rs 700000 crore for agricultural credit schemes.
Rs 9954 crore and Rs 2250 crore for crop diversification schemes.
Rs 5000 crore to NABARD to for setting up cold storages and godown.
The finance minister began saying that the Indian economy has been hit by the global economic crisis too and growth would be his priority as the government has to navigate the economy through the tough situation. He said there is a compelling necessity of equity in India and without growth development and inclusiveness is not possible.
He said only China and Indonesia are growing faster than India.
He said the current account deficit is his big worry. He said foreign investment is imperative and investment that is good for India should be encouraged.
He said inflation has to be curbed and food inflation is particularly worrying.
According to an ASSOCHAM survey, more than 89% said that the slab of tax free income has not moved up in line with real inflation. The current basic exemption limit of Rs. 2,00,000 should be increased to at least Rs, 3,00,000 with the limit for women going upto Rs 3,50,000 Lakhs to enchance the purchasing power of individuals and stimulate demand.