Thursday, 28 February 2013


Budget 2013-14 :

* Fiscal deficit seen at 5.2% of GDP in 2012/13* Fiscal deficit seen at 4.8% of GDP in 2013/14* Faced with huge fiscal deficit, India had no choice but to rationalize expenditure
Tax credit of Rs 2,000 for persons with income up to Rs 5L; 10% surcharge on super-rich
Giving small relief to tax payers, finance minister P Chidambaram on Thursday announced a tax credit of Rs 2,000 for persons with income up to Rs 5 lakh. The proposal, he said, will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore.
Watch: Duty free limit increased on gold, Chidambaram says
News from markets: SBI shares down a whopping 4.4% now, ICICI falls 4%.

Union Budget 2013-14: What goes up, down
Finance minister P Chidambaram while presenting the Union Budget 2013-2014 proposed to increase excise duty on cigarettes, imported motorbikes, SUVs and mobile phones. The FM also purposed to increase the duty free limit on gold to Rs 50,000 in case of men and Rs 100,000 in case of women. Here is a look at what goes up and what goes down.
Budget 2013 will create a feel-good atmosphere: KV Kamath, chairman Infosys, says.

Highlights of Union Budget 2013-14
India must make tough spending choices, FM said, even as he unveiled a bigger-than-expected outlay for the coming fiscal year. Here are the highlights.
Govt announces Nirbhaya Fund for women's safety
The government on Thursday announced the setting up of a special Nirbhaya Fund for women's safety with a corpus of Rs 1,000 crore.
Govt announces 5% increase in defence spending
The government on Thursday hiked defence spending to Rs 203,672 crore, marking an increase of five per cent over the outlay of 2012-13 at Rs 193,407 crore.
India's first all-women bank by October: Chidambaram
The country is all set to get an all-women bank by this year with the government announcing an initial capital of Rs 1,000 crore for the purpose.
Farm credit enhanced by Rs 1.25 lakh crore for FY'14
Finance minister P Chidambaram today announced a sharp increase of Rs 1.25 lakh crore in agriculture credit target to Rs 7 lakh crore for next fiscal and allocated additional Rs 10,000 crore in subsidy for implementing the Food Security Bill.
Inflation, fiscal deficit, current account deficit are three basic challenges to economy; need multi-pronged strategy to tackle them: PM
"The finance minister has done a commendable job in containing the deficit while simultaneously addressing the growth imperatives."
- PM Manmohan Singh
FM has laid out a roadmap with regard to investments, says PM.
Sensex extends losses, down 150 points now: Reuters
Given the challenges our economy is facing, Chidambaram has done a commendable job: PM
We need to create jobs for our labor force: PM
We need a growth rate of about 8%: PM
PM Manmohan Singh is now giving his reaction on the Union Budget 2013-14.
Budget highlights: Fiscal deficit

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