Railway & General Budget (India) - 2013-14
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Highlights of Union Budget 2013-14
NEW DELHI: Finance minister P Chidambaram presented one of the most highly anticipated Budgets of recent years on Thursday, as the government looks to rein in a bloated fiscal deficit and restore confidence in Asia's third-largest economy.
Following are highlights of the Budget:
FISCAL DEFICIT
* Faced with huge fiscal deficit, India had no choice but to rationalise expenditure
GROWTH
* India faces challenge of getting back to its potential growth rate of 8 pct
* India must unhesitatingly embrace growth as highest goal
SPENDING
* Total budget expenditure seen at 16.65 trillion rupees in 2013/14
* India's 2013/14 plan expenditure seen at 5.55 trillion Indian rupees ($103 billion)
* Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 pct of budget estimate
* Set aside 100 billion rupees towards spending on food subsidies in 2013/14
CURRENT ACCOUNT DEFICIT
* India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit
INFLATION
* Food inflation is worrying, will take all steps to augment supply side
CORPORATE SECTOR AND MARKETS
* Plans to issue inflation-indexed bonds * Proposes capital allowance of 15 pct to companies on investments of more than 1 billion rupees
POWER AND ENERGY SECTOR
* Proposes zero customs duty for electrical plants and machinery
* Proposes to move to revenue-sharing from profit-sharing policy in oil and gas sector
AGRICULTURE
* To allocate 801.94 billion rupees to rural development in 2013/14
* Plan to allocate 270.49 billion rupees for agriculture in 2013/14
FINANCE MINISTER COMMENTS
* "Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working."
Highlights of Union Budget 2013-14 - The Times of India
NEW DELHI: Finance minister P Chidambaram presented one of the most highly anticipated Budgets of recent years on Thursday, as the government looks to rein in a bloated fiscal deficit and restore confidence in Asia's third-largest economy.
Following are highlights of the Budget:
FISCAL DEFICIT
* Faced with huge fiscal deficit, India had no choice but to rationalise expenditure
GROWTH
* India faces challenge of getting back to its potential growth rate of 8 pct
* India must unhesitatingly embrace growth as highest goal
SPENDING
* Total budget expenditure seen at 16.65 trillion rupees in 2013/14
* India's 2013/14 plan expenditure seen at 5.55 trillion Indian rupees ($103 billion)
* Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 pct of budget estimate
* Set aside 100 billion rupees towards spending on food subsidies in 2013/14
CURRENT ACCOUNT DEFICIT
* India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit
INFLATION
* Food inflation is worrying, will take all steps to augment supply side
CORPORATE SECTOR AND MARKETS
* Plans to issue inflation-indexed bonds * Proposes capital allowance of 15 pct to companies on investments of more than 1 billion rupees
POWER AND ENERGY SECTOR
* Proposes zero customs duty for electrical plants and machinery
* Proposes to move to revenue-sharing from profit-sharing policy in oil and gas sector
AGRICULTURE
* To allocate 801.94 billion rupees to rural development in 2013/14
* Plan to allocate 270.49 billion rupees for agriculture in 2013/14
FINANCE MINISTER COMMENTS
* "Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working."
Highlights of Union Budget 2013-14 - The Times of India
anant_s
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New Bangalore to Chennai double decker train started today.
The video is of Mumbai Central Ahemdabad AC Double Decker.
Heres Chennai Bangaluru AC DD
Good move btw, the Chennai Bangaluru section see very heavy passenger traffic and new train should mean more comfortable journey
kak1978
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I got a headache trying to figure out how much money the Indian government plans to spend on health this year.
There are multiple budget documents, and the figures given don’t always seem to match. But one thing was clear: spending on health and education looks set to increase.
“Health for all and education for all remain our priorities,” said Finance Minister P. Chidambram in his speech to lawmakers Thursday. While there’s still a long way to go before India is anywhere near achieving that goal, there are indications that the government is moving in the right direction.
In good news for India’s crumbling public healthcare system, Mr. Chidambaram said the government is allocating 373.3 billion* rupees ($6.9 billion) to the Ministry of Health and Family Welfare for next fiscal year, which starts on April 1. That’s roughly a 49% jump from the 248.9 billion rupees ($4.6 billion) the ministry is expected to spend this year.
The bulk of this, or 212.39 billion rupees, is set to go to the National Health Mission, the government’s flagship program for healthcare delivery in rural areas that will now include urban areas, too. That represents a 24.3% increase on the program from this fiscal year.
Mr. Chidambaram also said the government is setting aside 47.3 billion rupees for medical education, training and research.
A big focus of Mr. Chidambaram’s speech was the need to improve the career prospects of India’s younger generation through better education.
“My budget has before it one overarching goal: to create opportunities for our youth to acquire education and skills that will get them decent jobs or self-employment that will bring them adequate incomes that will enable them to live with their families in a safe and secure environment,” he said, adding, “Their concerns are my concerns, too.”
The funding earmarked for education is even higher. Mr. Chidambaram proposed giving 658.67 billion rupees ($12.19 billion) to the Ministry of Human Resource Development, a 17% increase from expected expenditure this fiscal year. Of this sum, around 272.6 billion rupees will be set aside for the government’s program for elementary-level education, the Sarva Shiksha Abhiyan.
Mr. Chidambaram said the government would increase the number of scholarship to girls and students who belong to lower castes, tribes and other backward groups. He proposed increasing the amount of funding for these scholarships to 52.84 billion rupees from 45.74 billion rupees this year.
While spending on health and education looks set to go up, it’s still a small portion of the 16.6 trillion rupees ($307 billion) India is planning to spend next fiscal year. The amount of money set aside for the ministries of health and human resources, is 2.24% and 3.95% of overall planned spending, respectively.
*A disclaimer: We were a little confused by figures here. In his speech, Mr. Chidambaram said the Ministry of Health will be getting 37,330 crore rupees, but this official summary of the 2013 federal budget puts that figure at 32,745 crore rupees. (This would represent a 31% increase in spending from last year.) It wasn’t immediately clear why the figures didn’t match.
Source WSJ: India Budget 2013 to Give Big Boost to Health and Education
There are multiple budget documents, and the figures given don’t always seem to match. But one thing was clear: spending on health and education looks set to increase.
“Health for all and education for all remain our priorities,” said Finance Minister P. Chidambram in his speech to lawmakers Thursday. While there’s still a long way to go before India is anywhere near achieving that goal, there are indications that the government is moving in the right direction.
In good news for India’s crumbling public healthcare system, Mr. Chidambaram said the government is allocating 373.3 billion* rupees ($6.9 billion) to the Ministry of Health and Family Welfare for next fiscal year, which starts on April 1. That’s roughly a 49% jump from the 248.9 billion rupees ($4.6 billion) the ministry is expected to spend this year.
The bulk of this, or 212.39 billion rupees, is set to go to the National Health Mission, the government’s flagship program for healthcare delivery in rural areas that will now include urban areas, too. That represents a 24.3% increase on the program from this fiscal year.
Mr. Chidambaram also said the government is setting aside 47.3 billion rupees for medical education, training and research.
A big focus of Mr. Chidambaram’s speech was the need to improve the career prospects of India’s younger generation through better education.
“My budget has before it one overarching goal: to create opportunities for our youth to acquire education and skills that will get them decent jobs or self-employment that will bring them adequate incomes that will enable them to live with their families in a safe and secure environment,” he said, adding, “Their concerns are my concerns, too.”
The funding earmarked for education is even higher. Mr. Chidambaram proposed giving 658.67 billion rupees ($12.19 billion) to the Ministry of Human Resource Development, a 17% increase from expected expenditure this fiscal year. Of this sum, around 272.6 billion rupees will be set aside for the government’s program for elementary-level education, the Sarva Shiksha Abhiyan.
Mr. Chidambaram said the government would increase the number of scholarship to girls and students who belong to lower castes, tribes and other backward groups. He proposed increasing the amount of funding for these scholarships to 52.84 billion rupees from 45.74 billion rupees this year.
While spending on health and education looks set to go up, it’s still a small portion of the 16.6 trillion rupees ($307 billion) India is planning to spend next fiscal year. The amount of money set aside for the ministries of health and human resources, is 2.24% and 3.95% of overall planned spending, respectively.
*A disclaimer: We were a little confused by figures here. In his speech, Mr. Chidambaram said the Ministry of Health will be getting 37,330 crore rupees, but this official summary of the 2013 federal budget puts that figure at 32,745 crore rupees. (This would represent a 31% increase in spending from last year.) It wasn’t immediately clear why the figures didn’t match.
Source WSJ: India Budget 2013 to Give Big Boost to Health and Education
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