Sunday, March 3, 2013

Union Budget 2013: Facts and figures

Budget Highlights

  • Fiscal deficit seen at 5.2 point of GDP in 2012/13 
  • Fiscal deficit seen at 4.8 point of GDP in 2013/14

Faced with huge fiscal deficit, India had no choice but to rationalize expenditure

Gross market borrowing seen at 6.29 trillion rupees in 2013/14
Net market borrowing seen at 4.84 trillion rupees in 2013/14
Short-term borrowing seen at 198.44 billion rupees in 2013/14
To buy back 500 billion rupees worth of bonds in 2013/14

  • 2013/14 major subsidies bill estimated at 2.48 trillion rupees from 1.82 trillion rupees

Petroleum subsidy seen at 650 billion rupees in 2013/14
Revised petroleum subsidy for 2012/13 at 968.8 billion rupees
Estimated 900 billion rupees spending on food subsidies in 2013/14
Revised food subsidies at 850 billion rupees in 2012/13
Revised 2012/13 fertiliser subsidy at 659.7 billion rupees

Duty free limit for Gold raised to Rs. 50,000 in case of a male passenger and Rs. 1 lakh for female passengers.
Tax Administration Reforms Commission to be set up to review tax laws

  • Total budget expenditure seen at 16.65 trillion rupees in 2013/14

Non-plan expenditure estimated at about 11.1 trillion rupees in 2013/14
India's 2013/14 plan expenditure seen at 5.55 trillion rupees
Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 point of budget estimate
Set aside 100 billion rupees towards spending on food subsidies in 2013/14
Expect 133 billion rupees through direct tax proposals in 2013/14
Expect 47 billion rupees through indirect tax proposals in 2013/14
Target 558.14 billion rupees from stake sales in state-run firms in 2013/14
Expect revenue of 408.5 bln rupees from airwave surcharges, auction of telecom spectrum, licence fees in 2013/14

  • Rs. 1000-crore Nirbhaya Fund announced for the empowerment of women

National Housing Bank (NHB) to set up urban housing bank fund and Rs. 2,000 crore will be allocated in this regard

  • Rs. 14,000 crore capital infusion into public sector banks in 2013-14

PSU banks to have ATMs at all their branches by March 31, 2014
Rs. 6,000 crore to be allocated for rural housing fund in 2013-14

  • Defence allocation increased to Rs. 2.03 lakh crore

Rs. 6,275 crore to ministry of science and technology, Rs. 5,880 crore to Department of Atomic Energy
Tax-free infrastructure bonds of Rs.50,000 crore to be issued
Foodgrain production during 2013-13 estimated at 250 million tonnes
Person taking a home loan for his first home during the period 2013-14 will be entitled to an additional deduction of Rs. 1 lakh
Re-financing capacity of SIDBI increased to Rs. 10,000 crore from Rs. 5,000 crore for Ministry of Small and Medium Enterprises
Rs. 27,049 crore allocation to the Agriculture Ministry in 2013-14

  • Rs. 7 lakh crore target fixed for agriculture credit for 2013-14 compared to Rs. 5.75 lakh crore in the current year.

Eastern Indian states to get Rs. 1,000 crore allocation for improving agricultural production

  • Govt committed to food security bill. 10,000 crores set apart for expenditure likely under the act

Rs. 37,330 crore allocated for Ministry of Health & Family Welfare

Rs. 3511 crore allocated to Minority Affairs Ministry which is 60 per cent of the revised estimates
Additional sum of Rs. 200 crore to Women and Child Welfare
Rs. 37,330 crore allocated for Ministry of Health & Family Welfare

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