Budget 2013 Live Highlights: Finance Minister P. Chidambaram says no review of income tax slabs, focus on infrastructure

Feb 28 2013, 13:20 IST
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P. Chidambaram tags China as the biggest competitor. (Express photo) P. Chidambaram tags China as the biggest competitor. (Express photo)
SummarySurcharge of 10% on super-rich, duties to be raised on cigarettes, mobile phones and SUVs: FM

in Assam, Odisha, Jharkhand and West Bengal; Rs 1,000 crore allocated for eastern states.

* Rs 5,387 crore to be allocated for integrated watershed programme for farmers in 2013-14, an increase from Rs 3,050 crore in the current fiscal.

* Indian Institute of Biotechnology will be set up at Ranchi.

* Average annual agriculture and allied services growth rate estimated at 3.6 per cent in 2012-13 when 250 MT foodgrains was produced

* Rs 27,049 crore allocation to the Agriculture Ministry in 2013-14

* Rs 7 lakh crore target fixed for agri 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.

* Rs 500 crore allocated for programme on crop diversification

* P. Chidambaram says India is facing many challenges, tags China as the biggest competitor

* Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period

* Job of FM is to find the resources to fund the efforts to bring minorities, the poor and others left behind in the race to make India to wealthier and a more equitable country.

* Current year's economic growth rate will be below India's potential growth rate of 8 per cent

* Economic space constraints due to high fiscal deficit, lower savings and investment and tight monetary policy

* Current account deficit continues to be high due to excessive dependence on oil, coal and gold imports and slowdown in exports

* India does not have choice between welcoming and spurning foreign investment; it is an imperative

* Battle against inflation must be fought at all fronts

* Faced with huge fiscal deficit, I have no choice but to rationalise expenditure

* We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying

* Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure.

* Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore:

* The revised expenditure target is Rs 14,30,825 crore or 96 per cent of Budget estimate for this fiscal. In 2013-14, the budget estimate is Rs 16,65,297 crore.

* One overarching goal to provide education and skills to youth for securing jobs in the 2013-14, says FM.

* FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan.

* Additional sum of Rs 200

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