Budget 2013 Live: Chidambaram says no review of Income Tax slabs for this year

Feb 28 2013, 16:05 IST
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 P. Chidambaram says average economic growth rate in 11th Plan highest ever. (Express Photo) P. Chidambaram says average economic growth rate in 11th Plan highest ever. (Express Photo)
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Budget 2013: P. Chidambaram began presenting one of the most highly anticipated Indian budgets of recent years on Thursday, as the government looks to rein in a bloated fiscal deficit and restore confidence in Asia's third-largest economy.

The 2013/14 budget caps an intensive seven-month campaign by the energetic Chidambaram, who was appointed last August, to turn around India's fortunes after years of policy drift and global economic turmoil

* No review of Income tax slabs for this year, propose tax credit of Rs 2000 for incomes up to Rs 5 Lakh.

* P. Chidambaram says India is facing many challenges, tags China as the biggest competitor

* Govt to set up India's first women's bank as a public sector bank by October, says FM

* Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period

* Excise duty on SUVs to be increased to 30 per cent from 27 per cent, SUVs registered as taxis exempted.

* Job of FM is to find the resources to fund the efforts to bring minorities, the poor and others left behind in the race to make India to wealthier and a more equitable country.

* Current year's economic growth rate will be below India's potential growth rate of 8 per cent: Finance Minister P. Chidambaram.

* DIPP and Japan's JICA preparing plan for Chennai- Bengaluru Industrial corridor.

* Two new major ports to be set up in West Bengal and Andhra Pradesh, says FM.

* Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM.

* Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed: FM.

* Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17, says FM.

* 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, says FM

* Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities, says FM

* Rs 500 crore would be allocated for addressing environmental issues faced by textile industry: FM

* Concessional six per cent interest on loans to weavers.

* Average economic growth rate in 11th Plan period

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