Budget 2013 Asifa


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Budget 2013

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Budget 2013 Asifa

  1. 1. & its impact
  2. 2.  The Union Budget of India referred to as theAnnual Financial Statement . Budget is presented each year on the lastworking day of February by the FinanceMinister of India in Parliament. Budget comes into effect on April 1, the startof Indias financial year.
  3. 3. Fiscal deficit-total borrowings needed bythe government Fiscal deficit seen at 5.2% of GDP in2012/13 Fiscal deficit seen at 4.8 % of GDP in2013/14
  4. 4. Current account deficit- importsmore goods and services thanexports Indias greater worry is currentaccount deficit Will need more than $75 blnthis year and next year to fundcurrent account deficitWays to overcome FDI, FII or External CommercialBorrowing (ECB)
  5. 5. INFLATIONFood inflation- possible steps taken toaugment supply side
  6. 6. Women All women bank byNovember 2013 with aninitial capital of RS1000crore RS1000 crore nirbhaya fund,named after Delhi gangrapevictim to empower women
  7. 7. RS1000 crore for skill development of 10lakh youth to enhance theiremployability
  8. 8.  The people of India assured that the DBTscheme will be rolled out throughout thecountry… “Aapka paisa aapkehaath”- The money is themoney belonging to the people..
  9. 9.  The non-tax benefits to a MSME unit for three years after itgraduates to a higher category It enhance the refinancing capability of SIDBI from the currentlevel of RS5,000 crore to 10,000 crore per year.
  10. 10.  An amount of 104 crore has been committedto 37 MFIs. The Factoring Act 2011 ,provide a corpus ofRS500 crore to SIDBI to set up a CreditGuarantee Fund for factoring. The new Companies Bill obliges companies tospend 2 percent of average net profits underCorporate Social Responsibility (CSR).
  11. 11.  Technology Upgradation Fund Scheme (TUFS)for textile sector extended to 12th Plan withan investment target of Rs151000 crore. Modernisation of the powerloom sector withRS 2,400 crore Handloom weavers to get working capital andterm loans at a concessional interest of 6percent.
  12. 12.  Import duty on raw silk increasedfrom 5 percent to 15 percent. Handmade carpets of coir will betotally exempted from excise duty. The demand of readymade garmentindustry to restore the „zero exciseduty route‟ for cotton and manmadesector (spun yarn) at the yarn, fabricand garment stages. Rs. 8.5 billion for Scheme of Fundfor Regeneration of TraditionalIndustries (SFURTI) for promotion ofKhadi, village and coir industries.
  13. 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 suchas SHGs, domestic workers associations, anganwadi workers, teachers inschools, nurses in hospitals etc.SAVINGS Rajiv Gandhi Equity Savings Scheme will be liberalised to the first timeinvestor A loan for first home from a bank or a housing finance corporation uptoRS 25LAKH during the period 1.4.2013 to 31.3.2014 will be entitled toan additional deduction of interest of upto RS100,000. Finance minister introduced instruments that will protect savings frominflation.These could be Inflation Indexed Bonds or Inflation IndexedNational Security Certificates
  14. 14.  It provide a tax credit of RS 2,000 to everyperson who has a total income upto RS 5lakh. A surcharge of 10 percent on persons whosetaxable income exceeds RS1 crore per year. To increase the surcharge from 5 %to 10 % ondomestic companies whose taxable incomeexceeds RS10 crore per year. Dividend distribution tax or tax on distributedincome to increase the current surcharge of 5percent to 10 percent.
  15. 15.  Manufacture of environment-friendly vehicles, the period ofconcession available for specifiedparts of electric and hybridvehicles upto 31.3.2015. Reduction of duty on specifiedmachinery for manufacture ofleather and leather goods,including footwear, from 7.5percent to 5 percent. The increase in prices of marble,increase the duty from RS30 persq. mtr to 60 per sqmtr