Union Budget for 2013-14 has hiked outlays for health, education, social sector, defence and agriculture. Presenting his 8th budget in Parliament yesterday, Finance Minister P. Chidambaram paid special attention to the welfare of women, children, SC & ST and disabled persons.
Rich to pay more, 10 percent surcharge on Income over one crore rupees, no change in Tax in Income Tax slab and 2000 rupees tax benefit to income upto five lakh rupees are some of the highlights of the Budget. Higher allocation for social sector with 46 percent hike for rural development and 17 per cent in education, 15 percent allowance to new investments by companies also find place in the budget. Mr Chidambaram also announced ten thousand crore rupees more for the ambitious National Food Security.
He said, cheaper loans to farmers will continue and announced a 22 percent hike in the out lay for agriculture sector. The Finance Minister said 1000 crore rupees fund to be named as NIRBHAYA fund to boost safety of women and a separate women bank will be set up and duty concession will be extended to Aircraft maintenance industry. Mr. Chidambaram proposed excise exemption to hand made carpets, textile flooring of coir and jute and cheap loan for handloom sector. He said there will be no change on excise and peak customs duty.

Health and Education for all remain the main priorities, the health sector will get an increased allocation of 24.3 per cent and education 17 per cent.

The allocation for the welfare programmes of Scheduled Castes and Scheduled Tribes children, the budget proposes 41 thousand 561 crore rupees. The allocation for the programmes for the welfare of minorities has been increased by 12 per cent.
The budget proposes to increase allocation for defence to over two lakh three thousand crore rupees.
Reacting to the budget, Prime Minister Dr Manmohan Singh said if India succeeds in achieveing 8 per cent growth, the winner will be the people of India. In an exclusive interview to Prasar Bharti, Dr Singh said the finance minister has done a commendable job. Dr Singh said a multi pronged strategy needed to deal with challenges of fiscal deficit, inflation and currect account deficit.
Addressing his post budget press conference in New Delhi, finance minister P Chidambaram said the main thrust of budget is to signal fiscal prudence.
Planning Commission Deputy Chairman Montek Singh Ahluwalia has said, the budget will help the country get back to robust growth. Talking to a private TV channel he said, it also assures foreign investors. The budget attarcted mixed reaction from political parties and industry.