“Higher growth leading to inclusive & sustainabledevelopment”
ECONOMIC GROWTH OF2012 Global economy growth of acountry slowed down from 3.9%in 2011 to 3.2% in 2012. Export and Import amount to43% of GDP. CSO has estimated growth at5%. RBI estimated growth at 5%.Final Estimate, it willbe below India’sPotential growth of8%.
Rural Development2012-2013 Rs.55,000C allotted.2013-2014 Rs.80,194 allotted for ministry. Benefited state-AP,H,K,M,P & R.
Green RevolutionBringing green revolution to Eastern India Rs.1,000Callotted in 2013-2014.Assam, Bihar and West Bengal have increased theircontribution to rice production.
Banking2012-2013 Rs.12,517C allotted. Rs.4000C to RHF2013-2014 Rs.14,000C allotted asinfusing capital. 6,000 crore to Rural HousingFund in 2013-14.
Infrastructure Infrastructure Debt Funds (IDF) to be encouraged. Infrastructure tax-free bond of Rs.50,000 crore in 2013-14. 3000 km of road projects in Gujarat, MadhyaPradesh, Maharashtra, Rajasthan and Uttar Pradesh will beawarded in the first six months of 2013-14.
InvestmentRajiv Gandhi Equity Savings Scheme to be liberalised.Additional deduction of interest upto Rs.1 lakh for a persontaking first home loan upto Rs.25 lakh during period1.4.2013 to 31.3.2014.
Post Offices To modernise the postal network at a cost of Rs. 4,909 crore. Post offices to become part of the core banking solution andoffer real time banking services.
Tax Proposal No change in the normal rates of 12% forexcise duty and service tax. Duty on specified machinery for manufactureof leather and leather goods includingfootwear reduced from 7.5 to 5 percent. Cell phone, air-conditioned restaurant mealstax are increased in service tax. Readymade garments, carpets and jute willcost less owing to reduction in excise duty. Duty on Set Top Boxes increased from 5 to10percent. Duty on raw silk increased from 5 to 15percent.
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