New Delhi: P Chidambaram on Thursday presented the most highly anticipated budgets of recent years in the Parliament. Here are the highlights of what the budget carried for the common man.


FM offers minor sops to income tax payers
FM has done commendable job: PM
Nirbhaya Fund for women's safety
Reactions on Union Budget 2013-14

Cheaper: Jewellery, leather goods, travel
Expensive: Cigarettes, cigars, high-end mobiles, imported motor-bike, imported cars, eating-out
Duty on SUVs hiked from 27 percent to 30 percent, SUVs registered as taxis exempted
Import duty raised from 75 to 100 percent on luxury vehicles
Direct tax proposals to yield Rs 13,300 crore, indirect tax proposal to give Rs 4,700 crore
One time voluntary compliance scheme for service tax defaulters to be introduced. Interest and penalties to be waived
Service tax to be levied on all a/c restaurants
Duty on mobiles above Rs 2,000 raised from one to six percent, based on their maximum retail prices
Vocational courses offered by state-affiliated institutes to be exempted from services tax
Specific excise duty on cigarettes and cigars raised by 18 percent
No countervailing duty on ships and vessels
Duty free limit on gold raised to Rs 50,000 in case of male and Rs 100,000 in case of female
10 percent customs duty to be levied on unprocessed illuminate
Import duty raised on set-top boxes from 5 to 10 percent to safeguard interest of domestic producers
Series of concessions granted to Maintenance, Repair and Overhaul (MRO) business in the aviation sector
Import duty on rice bran oilcake withdrawn
No change in basic customs duty rate of 10 percent and service tax rate of 12 percent
Direct Taxes Code (DTC) bill to be introduced in current Parliament session
No change in peak rate of customs duty for non-agriculture products
Modified GAAR norms to be introduced from April 1, 2016
Rs 5,000 crore plan outlay for AI
Commodities transaction tax levied on non-agriculture commodities futures contracts at 0.01 percent
5 to 10 percent surcharge on domestic companies whose taxable income exceeds Rs 10 crore
Tax credit of Rs 2000 to be provided to every person to having income of up to Rs 5 lakh, this will benefit 1.8 crore people
In 2011-12, tax-GDP ratio was 5.5 percent for direct taxes and 4.6 percent for indirect taxes
Tax Administration Reform Commission to be set up to regularly review tax law applications
Will redeem our pledge to reduce fiscal deficit to 3 percent by 2016-17 and revenue deficit to 1.5 percent of GDP
Fiscal deficit will be 5.2 percent in current year and 4.8 percent in the next fiscal
Plan expenditure pegged at Rs 555,322 crore. Non plan expenditure pegged at Rs 11,09,975 crore
11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme
Low interest rate funds to be provided from Clean Energy Fund for green projects for a period of five years
Generation based incentives to wind energy projects reintroduced, Rs 800 crore provided for the purpose to Ministry of New & Renewable Energy
Constraints will not come in the way for providing additional funds for security of the nation
Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence
Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH
Rs 1219 crore allocated to Ministry of Youth Affairs and Sports
Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants
No revision in tax slabs or I-T rates
Rs 1000 crore for Skill Development programme
Nibhaya fund for security of women. Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gang rape incident
Rs 6,000 crore allocated for rural housing fund. National Housing Bank (NHB) to set up urban housing bank fund. Rs 2000 crore for urban housing
Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month
Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India
Rs 14,000 crore capital infusion into public sector banks in 2013-14
All Regional Rural Banks and cooperative banks to be e-linked by this year-end
Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA
KYC in banks sufficient for acquiring insurance policy
Public sector general insurance companies to set up adalts to clear disputes related to claims
Rashtriya Swasthya Bima Yojana benefit will be extended to rickshaw pullers, auto and taxi drivers and sanitation workers
Comprehensive social security package being evolved by convergence of several schemes run by various ministries
Investor with stake of 10 percent or less will be treated as FII; any stake more than 10 percent will be treated as FDI
FIIs will be allowed to participate in exchange traded currency derivatives
Schemes for cities to take up waste to energy projects
Small and medium companies to be allowed to listed on MSME exchange without making a public offer
5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14
FM asks state governments to prepare financial restructuring plan for power distribution companies at the earliest
SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore
Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities
Rs 500 crore would be allocated for addressing environmental issues faced by textile industry
Concessional six per cent interest on loans to weavers
All PSU banks to have ATMs at all their branches by March 31
Rs 532 crore for modernisation of postal network soon
Rs 655 crore for Ministry of Panchayati Raj
Over Rs 5000 croe to Department of Space
Current year's economic growth rate to be below India's potential growth rate of 8 percent
Average economic growth rate in 11th Plan period was 8 percent, highest ever in any Plan period
Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy
Current account deficit continues to be high due to excessive dependence on oil, coal and gold imports and slowdown in exports
India does not have choice between welcoming and spurning foreign investment; it is an imperative
Inflation hindering growth. Battle against inflation must be fought at all fronts
Government brought down headline WPI inflation to 7 percent and core inflation to 4.2 percent. Food inflation is worrying
Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 percent of budgeted expenditure
Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore
The revised expenditure target is Rs 14,30,825 crore or 96 percent of Budget estimate for this fiscal. In 2013-14, the budget estimate is Rs 16,65,297 crore
One overarching goal to provide education and skills to youth for securing jobs in the 2013-14
Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan allocated
Additional sum of Rs 200 crore allocated to Women and Child Welfare Ministry to address issues of vulnerable women
Rs 3511 crore allocated to Minority Affairs Ministry which is 60 percent of the revised estimates
Rs 110 crore to be allocated to the department of disability affairs
Rs 15,260 crore to Drinking Water and Sanitation
Indian Institute of Biotechnology to come up in Ranchi
Rs 13,215 crore to Mid Day Meal programme
Rs 10,000 crore for Food Security Bill
Rs 24,598 for tribal plan
Rs 24,598 for tribal plan
Rs 65,867 crore allocated to for Ministry of Human Resource Development
Rs 1106 for Alternative Medicines
Rs 1400 crore for Water Purification Plants
Rs 37,330 crore allocated for Ministry of Health & Family Welfare
Rs 1069 crore allocated to Department of Aryush
Rs 4,727 crore to be allocated for medical education and research. Rs 1,069 crore to be given to Department of Ayush
Medical colleges in six more AIIMS-like institutions to start functioning this year; Rs 1650 crore allocated for the purpose
Rs 5,284 crore to various Ministries for scholarships for SC/ST, OBC and minority students
Rs 17,700 crore provided for Integrated Child Development Scheme
Rs 17,700 crore to be allocated for Integrated Child Development Scheme (ICDS)
Rs 80,194 crore allocation for Ministry of Rural Development in 2013-14. About Rs 33,000 crore for MGNREGA
Rs 80,194 crore allocated for rural development schemes
States which have completed Pradhan Mantri Gramin Sadak Yojana will be eligible for PMGSY-II, others will continue with PMGSY-I
Ministry of Home Affairs gets Rs 59,241 crore
Rs 14,873 crore for JNNURM for urban transportation in 2013-14 against Rs 7,880 crore in the current fiscal
Foodgrain production in 2012-13 will be over 250 million tons
Average annual growth rate of agriculture and allied services estimated at 3.6 percent in 2012-13 when 250 MT foodgrains was produced
Rs 27,049 crore allocated to the Agriculture Ministry
Rs 7 lakh crore target fixed for agriculture credit for 2013-14 compared to Rs 5.75 lakh crore in the current year
Eastern Indian states to get Rs 1,000 crore allocation for improving agricultural production
Rs 500 crore allocated for programme on crop diversification
Green revolution in east India significant. Rice output increased in Assam, Odisha, Jharkhand and West Bengal; Rs 1,000 crore allocated for eastern states
Rs 5,387 crore to be allocated for integrated watershed programme for farmers in 2013-14, an increase from Rs 3,050 crore in the current fiscal
Rs 10,000 crore set aside for incremental cost for National Food Security Bill over and above food subsidy
Four Infrastructure debt fund have been registered
Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the market
Rs 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses
First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14
Coal sector to get new PPP policy
Two new major ports in West Bengal and AP
Rajiv Gandhi Equity limit hiked
FM announces India’s first women’s bank as a public sector bank by October
Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the market
Government has decided to constitute a regulatory authority for the road sector
Many manufacturing projects stalled due to regulatory process
A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015 will be allowed 15 percent investment deduction allowance apart from depreciation
To provide appropriate incentives for semiconductors industry including zero customs duty on plants and machineries
Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided in current Budget
DIPP and Japan's JICA preparing plan for Chennai-Bengaluru Industrial corridor
Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing
Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed
Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17


Latest News from Business News Desk