UNION BUDGET 2013-14INDIAN ECONOMY IS ESTIMATED TO HAVE REGISTERED A GROWTHRATE OF 5.0 PERCENT IN 2012 -13 , FOLLOWING A GROWTH OF 6.2 PERCENT IN 2011-12. REASONS:W EAKENING INDUSTRIAL GROWTH BECAUSE OF TIGHT MONETARYPOLICY BY RBI & CONTINUED UNCERTAINTY IN GLOBAL ECONOMY
OVERALL BUDGET SIZE Total expenditure in budget estimates 2012-13 was Rs 14,90,925 crores but in Revised budget estimate for 2012-13 it came to be around Rs 14,30,825 crores Total expenditure in budget estimates for 2013-14 is Rs 16,65,297 crores. Plan expenditure for Revised estimate in 2012-13 is Rs 4,29,187 crores but for 2013-14 it is Rs 5,55,322 crores which amounts to 29.4 % increase to support 12th Five Year Plan
BUDGET FOR CONSUMER Smart phones to be more expensive Luxury cars to cost a lot more Big homes to cost more Pay more to eat out Smokers to get a coughing fit SUV to be a harder sell
Programes & Initiatives Gender budget which allocates Rs 97,134 crore for women & Rs 77,236 crore for children. Rs 200 crore for women support National Programme for Health Care , Rs 150 crore allocted for geriatric depts Rs 65,867 crore allocated to educational purposes ICDS gets Rs 17,700 crores Rs 80,194 crores for rural devpt JNUURM gets Rs 14,873 crores for purchasing 14,000 buses Rs 27,049 crore dedicated to agriculture. Agricultural research gets Rs 3,415 crores, Rs 200 crores for nutri-farms & for coconut devpt Kerala gets Rs 75 crore
National Food Security Bill. Food security going to be fundamental right. Additional Rs 10,000 crore given for it. Infrastructure needs USD 1 trillion according to 12th Five Year Plan. Pvt sector 47% investment. Govt has taken measures like IDF, IIFCL, Tax free bonds , RIDF , etc for attracting pvt investment VOC port at Toothukudi to get Rs 7,500 core CSR Funds ( 2% ) to technology incubators India’s first women’s bank gets Rs 1000 crores Several social security measures taken Devpt of Debt market Skill devpt programs for youth such as ASAP Rs 2,03,672 crores allocated for defense
Tax concession for first time home buyer Direct Benefit Cash transfer for poor started from 1st Jan 2013 Surcharge on upper income group. Tax on tax Fund for women devpt. Nirbhaya fund gets Rs 1000 crores Post office to be part of core banking solution. Allocates Rs 532 crores for it.
Needs to be answered Allocation for higher education is less. Just Rs 3,983 crores for RMSA Disinvestment plans of Rs Rs 55,814 crores highly ambitious To encourage investors only small measures taken. Incentives like no tax for first 5 years not considered Regional imbalance present in this budget. Kerala just gets mere 75 crores for coconut devpt & Rs 130 crores for Kochi metro which is just 3% of its actual need & Rs 30 crores for Vallarpadam terminal whereas Tuticorin port, gets Rs 7,500 crores Direct investment by govt in infrastructure very less. Only measures to inc pvt investment considered.
Food security bill proposed with just additional Rs 10,000 crores. It’s a time bomb. Spending very likely to be much above that . That will led to borrowings finally leading to inc in fiscal deficit from expected 4.8% which will derail the economy.