2. The Union Budget of India referred to as the
Annual Financial Statement .
Budget is presented each year on the last
working day of February by the Finance
Minister of India in Parliament.
Budget comes into effect on April 1, the start
of India's financial year.
3. Fiscal deficit-total borrowings needed by
the government
Fiscal deficit seen at 5.2% of GDP in
2012/13
Fiscal deficit seen at 4.8 % of GDP in
2013/14
4. Current account deficit- imports
more goods and services than
exports
India's greater worry is current
account deficit
Will need more than $75 bln
this year and next year to fund
current account deficit
Ways to overcome
FDI, FII or External Commercial
Borrowing (ECB)
6. Women
All women bank by
November 2013 with an
initial capital of RS1000
crore
RS1000 crore nirbhaya fund,
named after Delhi gangrape
victim to empower women
7. RS1000 crore for skill development of 10lakh youth to enhance their
employability
8. The people of India assured that the DBT
scheme will be rolled out throughout the
country…
“Aapka paisa aapkehaath”- The money is the
money belonging to the people..
9. The non-tax benefits to a MSME unit for three years after it
graduates to a higher category
It enhance the refinancing capability of SIDBI from the current
level of RS5,000 crore to 10,000 crore per year.
10. An amount of 104 crore has been committed
to 37 MFIs.
The Factoring Act 2011 ,provide a corpus of
RS500 crore to SIDBI to set up a Credit
Guarantee Fund for factoring.
The new Companies Bill obliges companies to
spend 2 percent of average net profits under
Corporate Social Responsibility (CSR).
11. Technology Upgradation Fund Scheme (TUFS)
for textile sector extended to 12th Plan with
an investment target of Rs151000 crore.
Modernisation of the powerloom sector with
RS 2,400 crore
Handloom weavers to get working capital and
term loans at a concessional interest of 6
percent.
12. Import duty on raw silk increased
from 5 percent to 15 percent.
Handmade carpets of coir will be
totally exempted from excise duty.
The demand of readymade garment
industry to restore the „zero excise
duty route‟ for cotton and manmade
sector (spun yarn) at the yarn, fabric
and garment stages.
Rs. 8.5 billion for Scheme of Fund
for Regeneration of Traditional
Industries (SFURTI) for promotion of
Khadi, village and coir industries.
13. To provide RS6,000 crore to the Rural Housing Fund in 2013-14.
All towns of India with a population of 10,000 will have an office of LIC.
It is to be achieved by 31.3.2014.
Group insurance products will be offered to homogenous groups such
as SHGs, domestic workers associations, anganwadi workers, teachers in
schools, nurses in hospitals etc.
SAVINGS
Rajiv Gandhi Equity Savings Scheme will be liberalised to the first time
investor
A loan for first home from a bank or a housing finance corporation upto
RS 25LAKH during the period 1.4.2013 to 31.3.2014 will be entitled to
an additional deduction of interest of upto RS100,000.
Finance minister introduced instruments that will protect savings from
inflation.These could be Inflation Indexed Bonds or Inflation Indexed
National Security Certificates
14. It provide a tax credit of RS 2,000 to every
person who has a total income upto RS 5lakh.
A surcharge of 10 percent on persons whose
taxable income exceeds RS1 crore per year.
To increase the surcharge from 5 %to 10 % on
domestic companies whose taxable income
exceeds RS10 crore per year.
Dividend distribution tax or tax on distributed
income to increase the current surcharge of 5
percent to 10 percent.
15. Manufacture of environment-
friendly vehicles, the period of
concession available for specified
parts of electric and hybrid
vehicles upto 31.3.2015.
Reduction of duty on specified
machinery for manufacture of
leather and leather goods,
including footwear, from 7.5
percent to 5 percent.
The increase in prices of marble,
increase the duty from RS30 per
sq. mtr to 60 per sqmtr
