Budget 2013: Highlights - The Economic Times

Budget 2013: Highlights - The Economic Times

Budget 2013: Highlights

The Finance Minister on Thursday unveiled higher-than-expected spending for fiscal 2013/14 on Thursday, aiming to fund it with higher revenues - including new taxes on the rich and large companies - in a budget aimed at reviving growth amid the country's worst slowdown in a decade.

Here are the key highlights from the Finance Bill:

FISCAL DEFICIT

○ Fiscal deficit seen at 5.2% of GDP in 2012/13
○ Fiscal deficit seen at 4.8 pct of GDP in 2013/14

BORROWING

○ Gross market borrowing seen at Rs 6.29 trillion in 2013/14
○ Net market borrowing seen at Rs 4.84 trillion in 2013/14
○ Short-term borrowing seen at Rs 198.44 trillion in 2013/14
○ To buy back Rs 50000 crore worth of bonds in 2013/14

SPENDING

○ Total budget expenditure seen at Rs 16.65 trillion in 2013/14
○ Non-plan expenditure estimated at about Rs 11.1 trillion in 2013/14
○ India's 2013/14 plan expenditure seen at Rs 5.55 trln trillion
○ Revised estimate for total expenditure is Rs 14.3 trillion in 2012/13, which is 96 pct of budget estimate

SUBSIDIES

○ 2013/14 major subsidies bill estimated at Rs 2.48 trln from Rs 1.82 trillion
○ Petroleum subsidy seen at Rs 65000 crore in 2013/14
○ Revised petroleum subsidy for 2012/13 at Rs 96,880 crore
○ Estimated 900 bln rupees spending on food subsidies in 2013/14
○ Revised food subsidies at 850 bln rupees in 2012/13
○ Revised 2012/13 fertiliser subsidy at 659.7 bln rupees

Source : The Economic Times