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Higher growth leading to inclusive and sustainable development

RBI estimated GDP growth at 5.5% for FY 2013 Key reasons are high fiscal deficit, tight monetary policy and low savings. Only China and Indonesia growing faster than India.

Fiscal deficit at 5.3% this year and CAD at USD 75 billion required to finance CAD this year and next year.

PLAN EXPENDITURE : Rs 5 Lakh cr.

+
NON PLAN EXPENDITURE : Rs 11 Lakh cr.

_________________________________________ TOTAL EXPENDITURE : Rs 16 Lakh cr. _________________________________________

Receipts & Expenditures 2013-14

17%

32%

1. Revenue Receipts 2. Capital Receipts

33%

18%

3.Non-Plan Expenditure 4.Plan Expenditure

Women

Gender budget Rs 97,134 crore Proposal to set up Nirbhaya Fund with a contribution of 1000 crore from the Government Proposal to set up Indias first Womens Bank and a provision of Rs1,000 crore as initial capital.

An additional sum of Rs200 crore to Ministry of Women and Child Development

Allocated Rs.3,511 crore to the Ministry of Minority Affairs. Allocation of Rs.5,284 crore to the various Ministries for providing scholarships to SC,ST,OBC and minorities and girl children. Ministry of Rural Development Rs.80,194 crore

Allocation of Rs.6,000 crore to the Rural Housing Fund in 2013-14.

MGNERGS Rs.33000cr

PMGSY Rs 21700Cr

IAY Rs 15184Cr

Purchase of up to 10,000 buses under JNNURM. Plans for seven new industrial cities and industrial corridors have been finalised. Non-tax benefits may be made available to a MSME unit for three years after it graduates to a higher category. Textile parks to be set up with a grant of up to Rs.10 crore to each Park.

All towns exceeding 10,000 population will have a LIC office. Government proposes to expand private FM radio services to 294 more cities. 3000 kms of road projects in Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh. Women employment opportunities through the all women bank.

SECTORAL ALLOCATIONS

Scholarships 5,284 Cr
Ministry of Health & Family Welfare. 37,330 Cr HEALTH AND EDUCATION Sarva Shiksha Abhiyaan (SSA) 27,258 Cr Mid Day Meal Scheme (MDM) 13,215 Cr Ministry of Human Resource Development 65,867 Cr

6 AIIMS-like Institutions 1,650 Cr

Ministry of Rural Development 80,194 Cr

Ministry of Agriculture 27,049 Cr RURAL AND AGRICULTURE

Agricultural Credit 700,000 Cr

National Livestock Mission 307 Cr

Nutri-Farms 200 Cr

Infrastructure Debt Funds (IDF) 3000 Km of road projects INVESTMENT, INFRASTRUCTU RE AND INDUSTRY Roads in NorthEast states connecting Myanmar

15% deduction on investment in P&M

Incentives for household sector to save in Financial instruments

Benefits for MSME

Public Sector Banks 14,000 Cr


Womens Bank Increase penetration of Insurance FINANCIAL SECTOR

Rural and Urban Housing Fund

Integrated Social Security Package

No major reforms in the capital market but Simplification of registration procedures by SEBI for foreign investors. Foreign institutional investors (FIIs) can use investments in corporate, government bonds as collateral to meet margin requirements. Clear distinction between FDI and FII. SEBI to prescribed requirement for angel investor pools by which they can be recognized as Category I AIF venture capital funds. Listing of small and medium enterprises on the SME exchange.

Proposal to set up a Tax Administration Reform Commission


No revision of income tax slabs Tax credit of 2,000 to every person earning upto 5 Lakhs

Surcharge of 10 % on SUPER RICH TAX PAYERS

Surcharge of 10% on domestic companies exceeding taxabe income of 10 cr

Interest deduction of 100,000 for first home buyers

Introduction of Commodities Transaction Tax (CTT) @ 0.01%

Securities Transaction Tax(STT)

Customs Duty on pre-forms of precious stones 10% to 2%


Raise duty-free limit of gold jewellery

Zero excise duty on cotton at fibre stage


Zero excise duty on ships and vessels

Customs Duty on leather manufacturing machinery 7.5% to 5%

Customs on set top boxes 5% to 10% Customs on raw silk 10% to 15% Imported luxury goods: Motor vehicles-75% to 100% Motorcycles 60% to 75% Yachts 10% to 25% Excise duty on cigarettes 18% Excise duty on SUVs 27% to 30% Excise duty on high priced mobiles - 6%

Costlier Cigarettes SUVS Mobile Phones Set top boxes Mobile phones MUVS

Cheaper Diamonds Leather goods Imported jewellery Readymade garment Handmade carpets Electrical paints

GST

DTC

Example: INCOME= 20 crores


Before the budget After the budget Tax= 20 crores * 30% Surcharge @10 %= (61.8 * 10)/100 = Rs 6 crores = 6.18 Lakhs Education cess @ 3% Total Tax=61.8+ 6.18 Total tax= Rs 61.8 Lakhs = Rs 67.98 Lakhs Effective tax rate = 30.9% Effective tax rate= 33.99%

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