New Delhi, Feb 28 (): Budget 2013-2014 presented by Finance Minister P Chidambaram allotted funds for Chennai-Bengaluru industrial corridor to come up with cooperation from Tamil Nadu—Karnataka-Andhra Pradesh and another terminal in the VOC Port.
For the first time a State owned bank exclusively to provide financial assistance to women with a corpus fund of Rs 1000 crore is to be set up.
The Budget has not increased direct taxes and leaves the common man unaffected. The common man worry on Income Tax has been addressed by not touching it. However tax on mobile phones costing more than Rs 2000, on all air-conditioned restaurants, SUV, setup boxes, cigarettes and cigar are what affects those who use them.
Ten percent surcharge on those earning more than Rs 1 crore a year is for the super-rich. Free limit for bring in gold has been increased to Rs 50.000 for male and Rs 1 lakh for women passengers.
To boost the housing sector the first time home loan applicant has been given an extra Rs 1 lakh income deduction. This is to improve the realty sector. A Rs 1000 crore fund for empowerment and is named after Nirbhaya. Chidambaram said that SEBI was making foreign investments easier and said any investment from abroad up to 10% would be FII and more will be treated as FDI.
The budget allotted Rs 11,09,975 crore towards Non plan expenditure and Rs 555,322 crore towards plan expenditure. The Finance Minister allotted additional Rs 10,000 crore towards the food security scheme.
More cities are to get FM stations whose licenses will put to auction. The total food subsidy bill be Rs 90,000 crore in 2014. UPA flagship MNREG scheme which provides employment in rural areas has been increased to Rs 33,000 crore.
Current account deficit (CAD) which was the main problem of economy was mainly due to imports of coal, even India has it in plenty and Indian’s seeing gold as investment while oil imports could not be curbed said the Finance Minister.