Finance Minister P Chidambaram is presenting the Union Budget- 2013-14 in Parliament. It is Mr Chidambaram's eighth budget. This budget is significant as it will be the last one before the country faces general elections due in April-May next year.
BUDGET HIGHLIGHTS:
Finance minister seeks support to navigate through ecnomic crisis, says getting back to 8 per cent growth is a challenge.
Confident to get back to higher growth path, growth will lead to inclusive growth.
Economic space constraints due to high fiscal deficit, lower savings and investment and tight monetary policy.
Current Account deficit greater worry,need $ 75 billion to finance Current Account deficit, CAD hig due to high import in Oil, coal.
Foreign investment is an imperative, including FII, FDI and ECB to finance CAD.
80,194 crore rupees allocation for rural development schemes including MGNAREGA, PMGSY, INDIRA AWAY YOYANA. JNNRUM to continue in 12th plan.
3511 crore allocation to minorities which is 12 per cent hike over budget estimates, 110 crore rupees allotted for welfare of disabled.
65867 crore to Human resources development, 17 per cent hike over revised estimates.
500 Crore for high tech crop diversification program.
UPA government believes in inclusive development.