Chidambaram closes with a Vivekananda quote, informing the House that all that was needed to do something is the will to do it.

"We are the 10th largest economy in the world. By 20176 we could become the 7th. By 2021 we could become a $ 5 trillion economy and in the top five. We could become anything."

TAX PROPOSALS

Budget 2013: DTC proposals to raise Rs 13,300 crore, indirect tax to fetch Rs 4700 crore

Indirect Tax

Service Tax on all A/C restaurants: FM

All AC restaurants and cafes more than 2000 sq ft to pay service tax

Budget 2013: One time amnesty scheme for service tax defaulters

No change in peak custom, excise rates.

Budget 2013: To allocate 9000 crores as CST compensation to states

Set-top box import duty hiked

6% duty on mobile phones worth more than Rs. 2000

Increase in import duty on high end motor vehicles from 75% to 100%; and on motor cycles from 60% to 75%

Duty-free limits raised to Rs 50000 for men and Rs 1 lakh for women.

Cigarattes hit with an 18% rise in excise duty. So also cigars and cheerots.

Excise duty on SUVs from 25% to 30% since they "occupy larger space on road and in parking."

Budget 2013: Exempts imported ships and vessels from duty

Budget 2013: Duty cut on leather, leather good machines

Direct Tax

Finance minister also says it is time to introduce a commodities transaction tax.

Royalty tax hiked from 10% to 25%.

"I believe there is a bit of Azim Premji in every taxpayer.", says FM. He is referring to Premji giving $ 2 billion to his own trust for charity work.

On tax slabs: "The current slabs were introduced last year. Hence there is no case of revising them"

STT rates cut on equity futures to 0.01% from 0.017%

Imposes 5-10% surcharge on local companies income above Rs 10 crore

Budget 2013: Education cess to continue

Immovable Property transaction: TDS of 1% to be levied on transactions above Rs 50 lakh

Donations made to National Children's Fund will now be 100% deductible.

Confident if I ask the prosperous to bear an additional tax burden for just one year, they will not mind, says FM.

No revision in slabs or rates of Income taxes. FM says even a moderate increase in the slab will remove lakhs of tax payers, which the Government cannot afford currently.

Taxpayers in the bracket of Rs 2 to 5 lakhs are not completely left out. They will get a tax credit of Rs 2500.

Super-rich tax is here! 10% tax for people with incomes above Rs 1 crore.

He expects the super-rich to grin and bear.

All you Rs 1-crore-plus-people, smile, plz!

"To the women of India - we have a collective responsibility to ensure the dignity and safety of women. Recent incidents have cast a long dark shadow on our credentials. As more women enter public spaces...there are more reports of violence against them. We stand in solidarity with our girl children. We pledge to everything possible to keep them swcure. A number of measures are in the works and they will be taken up Government and Non-government sources…I will set up a fund of Rs 1000 crore to achieve this end. Minstry of Women will come up with a plan on how to use these funds."

National Institute of Sports Coaches to be set up in Patiala at a cost of Rs 250 crore in two years

FM: 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

294 more cities to get private radio FM stations

Market measures

* Stock exchanges allowed to introduce a dedicated debt exchange

* FII (Foreign Institutional Investors) can now participate in currency derivatives segment.

* Securities and Exchange Board of India to simplifyy procedures for FIIs

* International best practices will be followed when it comes to dealing FII, FDI (Foreign Direct Investment

Budget 2013: Increased allocation in defence to Rs 2.03 lakh crore in FY 14

"Rs 6275 crore to Ministry of Technology, Rs 5216 crore to Department of Space, Rs 5280 crore to Department of Energy. These amounts are substantial increases."

FM in his budget 2013 speech said that the govt plans to spend Rs 16.65 lakh crore for the coming fiscal year.

FM: A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015 will be allowed 15 per cent investment deduction allowance apart from depreciation

Income limit for the tax-saving Rajiv Gandhi Equity Savings Scheme is raised by Chidambaram to Rs 12 lakh from Rs 10 lakh.

Insurance companies can now open branches in Tier 2 cities and below without prior approval. All towns of India with a population of 10000 or more will have an LIC branch and one other public sector insurance company.

Rs 1000 crore as initial captital for India's first women's bank as a public sector bank. This bank will be run by women.

All public-sector banks have assured the Finance Minister that they will all have ATMs in their branch areas by 2014. At last!

FM: To allocate Rs 14,000 crore for capital infusion for public sector banks

Budget 2013: Bank’s correspondents allowed to sell micro finance

Budget 2013: Home loans under Rs 20 lakh to get additional 1 lakh deduction

Budget 2013: To launch two new industrial cities in Gujarat and Maharashtra

Budget 2013: To target $1 trillion in infrastructure in the 12th plan.

Plan expenditure in 12th Five Year Plan revised to Rs. 14,30,825 crore or 96% of budgeted expenditure

Rs 25,000 cr to be raised through tax free bonds: Chidambaram

"Doing business in India must be seen as easy, friendly and mutually beneficial" - Second reference to increasing FDI in India. Government seems to betting heavily on a large FDI influx to help with the deficient

Budget 2013: Rs 9954 crore allocated for Rashtriya Krishi Vikas in FY 14

Budget 2013: FY 14 farm credit target at Rs 7 lakh crore

National Food security bill is a promise of the UPA government. I hope the bill be passed as soon as possible. I have set apart Rs 10,000 crore to the expected cost of the act.”

An Institute for agricultural biotechnology will be set up in Ranchi, Jharkhand.

FM: To allocate Rs 27,049 crore to Agri Ministry

Budget 2013: Allocation of Rs 37330 crore for healthcare

Currently a farmer who repays loans on time will get credit at 4% from government banks. This scheme will now be extended to loans by private sector scheduled commerical banks as well.

The idea of setting up a PNGSY-2 causes uproar in the Parliament. The minister is interrupted the round of shouting, who clarifies that states that have completed PNGSY -1 will get the second version, the rest will continue under the first version

FM: To allocate Rs 13215 crore for mid day meal scheme

Budget 2013: To allocate Rs 65867 crore to education ministry, up 17%

15,260 crore given for improvement of clean and drinking water facilities in the country. 1,200 crore given seperately for setting up of water purification plants.

169 crore given for development of Ayurveda, Siddha, Unani (Natural medicine) and homeopathy

Chidambaram announces additional fund allocation of Rs 200 crore to the Women and Child Development Ministry. He says women 'belonging to the most vulnerable groups - especially single women and widows - must be able to live with self-esteem and dignity'.

Rs 41,561 crore for SC plan and Rs 24,598 crore for tribal plan. The move comes with a strong statement - "Funds for these plans will not be diverted for any other purpose"

Budget 2013: FY 14 Total expenditure at Rs 16.65 lakh crores Budget 2013

"The link between policy and welfare can be said in a few words- opportunities, education, skills, jobs and income. My budget has one goal  - To create opportunities for our youth to acquire the education and skills that will get them decent jobs or self employment, which will thereby give them and their family a decent standard of living"

28 million unemployed persons in 2009-10

FDI in telecom sector plunges by 96% to $70.46 mn

Easy money policy by rich nations could fuel inflation

FM P Chidambaram presents Budget 2013

Chidamabaram arrives for Cabinet meet for Budget approval

Chidambaram reaches Parliament

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