Highlights of the Budget 2013-2014.

   The Union Budget for 2013-14 aims at higher growth rate leading to inclusive and sustainable development as ‘mool mantra’.
 
·        Finance Minister makes three promises: to women, youth and the poor.

·        Nirbhaya Fund to empower women and to keep them safe and secure.

·        Proposal to set up India’s first Women’s Bank as a public sector bank.

·        Rs. 1,000 crore for skill development of ten lakh youth to enhance their employability and productivity.

·        Direct Benefit Transfer (DBT) Scheme to be rolled out throughout the country during the term of UPA Government.

·        Fiscal Deficit for 2013-14 is pegged at 4.8 percent of GDP. The Revenue Deficit will be 3.3 percent for the same period.

·        Plan Expenditure placed at Rs. 5,55,322 crore. It is 33.3 percent of the total expenditure while Non Plan Expenditure is estimated at Rs. 11,09,975 crore. The plan expenditure in 2013-14 will be 29.4 percent more than the RE of the current year i.e. 2012-13.

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Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer.

   The Finance Bill 2013-14 proposes additional tax benefit to the first – home buyer who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his first home from a bank or a housing finance corporation upto Rs.25 lakh during the period 1.4.2013 to 31.3.2014 will be entitled to an additional deduction of interest of Rs.1 lakh.

   The Finance Minister hoped that this will promote home-ownership and give a filip to a number of industries like steel, cement, brick, wood, glass etc besides jobs to thousands of construction workers.

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