Mar 02, 2013, 02.04 PM IST
FM's effort to fit everything somewhat scrappily into an omnibus policy has resulted in the lack of a cohesive grand plan to put the economy back on track.
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Budget lacks grand plan to put economy back on track: HDFC
FM's effort to fit everything somewhat scrappily into an omnibus policy has resulted in the lack of a cohesive grand plan to put the economy back on track.
Like this story, share it with millions of investors on M3
Budget lacks grand plan to put economy back on track: HDFC
FM's effort to fit everything somewhat scrappily into an omnibus policy has resulted in the lack of a cohesive grand plan to put the economy back on track.
HDFC Bank
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In putting together Budget 2013-14, the finance minister seems to have gone through a laundry list of different challenges facing the economy and done a little to address each of them. This effort to fit everything somewhat scrappily into an omnibus policy document has resulted in the lack of a cohesive grand plan to put the economy and public finances back on track. Individual measures seem timid and inadequate in relation to the enormity of the problems they are designed to address. Besides, there are clear dampeners for investment sentiment such as the new surcharge on the so-called 'super-rich' and the imposition of a commodity tax. Thus for those who expected Mr.Chidambaram to produce the cliched game-changer, today's budget has been disappointing to say the least.
Highlights:
- The government aims to reduce the fiscal deficit to 4.8% of GDP in FY14 from 5.2% in FY13
- Plan Expenditure in FY14 to grow at 29.4% over Revised Estimates for FY13
- Overall expenditure to grow by 16.4% yoy to Rs 16,65,297 crore
Net market borrowings estimated to be around Rs 4.84 lakh crore for FY14 - The government has sought to bring down its subsidy bill to under 2% of GDP in FY14 from the 2.6% in FY13
- Food subsidy bill budgeted at Rs 90,000 crore while fuel subsidies have been budgeted at Rs 65,000 crore
- Government asset sales are expected to fetch around Rs 59,000 crore in FY14
- Government aims to inject Rs 14,000 crore to capitalise public sector banks and ensure compliance with Basel III regulations.
Target for lending to the agricultural sector raised to Rs 7 lakh crore in FY14 from Rs 5.75 lakh crore in FY13 - The government has proposed to introduce an investment allowance of 15% for companies investing Rs 100 crore or more in plant and machinery from 1st April 2013 to 31st March 2015.
- Government has asked SEBI to simplify procedures and prescribe uniform registration and other norms for entry for foreign portfolio investors.
- Foreign investor stake of 10% or less to be treated as FII and more than 10% stake to be treated as FDI
- Government has introduced a surcharge of 10% on people whose taxable income exceeds Rs 1 crore
- The government has reduced the Securities transactions tax and introduced the Commodities Transaction Tax on agricultural commodities.
highlights
- No case to revise direct tax rates, slabs
- Super rich tax: 10% surcharge on income above Rs 1 cr
- Modified provisions under GAAR effective April 1, 2016
- No change in standard rate of excise duty, service tax
flashes
- FM speaks to CNBC TV18
- Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
- Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
- Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
InterpretationS
- GAAR-Presumes tax benefit unless proved contrary
- MFs covered for deductions u/s 80CCG
- Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
- ED on readymade garments exempted: positive textile sector
SECTOR IMPACT
Select Sector to see impact
- Auto - Cars & Jeeps
- Auto - LCVs/HCVs
- Banks - Private Sector
- Banks - Public Sector
- Cigarettes
- Computers - Hardware
- Computers - Software - Training
- Construction and Contracting - Real Estate
- Electricals
- Engineering - Heavy
- Finance - General
- Finance - Investments
- Infrastructure - General
- Leather Products
- Media & Entertainment
- Mining/Minerals
- Miscellaneous
- Personal Care
- Pesticides/Agro Chemicals
- Power - Generation/Distribution
- Refineries
- Shipping
- Sugar
- Textiles - Denim
- Textiles - General
Textiles - General
18:52 pm
Exice Duty on readymade garments exempted +ve for textile sector
TAX AND YOU
Salaried Person
REACTIONS
reaction on: Markets
Mukesh Kumar
Head - Strategic Planning | HDFC ERGO General Insurance
reaction on: SME
Snehdeep Aggarwal
Founder & Chairman | Bhartiya International
reaction on: Policy
Sanjay Sanghvi
Partner | Khaitan & Co
reaction on: Business
Govind Shrikhande
MD | Shoppers Stop
reaction on: Business
Gaurav Gupta
Sr Director | Deloitte
What got Cheaper / costlier?
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