Budget 2013: MCA to get higher allocation at Rs 255.28 cr for next fiscal

The Corporate Affairs Ministry will get higher budgetary allocation at Rs 255.28 crore in the next fiscal, with increased funding for think-tank IICAand investigation agency SFIO, among others. 

According to the Budget proposals, the government has earmarked Rs 255.28 crore in the next fiscal (2013-14) compared to Rs 229.22 crore in the revised estimates for this fiscal. This indicates a growth of more than 11 per cent. 

However, the revised estimate for this fiscal is lower by 6.63 per cent compared to the budgetary estimate of Rs 245.50 crore, as per Budget 2013-14 presented byFinance Minister P Chidambaram in Parliament today. 

Think-tank Indian Institute of Corporate Affairs (IICA), under the Ministry, would be a major beneficiary. It would get Rs 23.38 crore in the next fiscal, nearly triple the revised estimate of Rs 8 crore in 2012-13 period. 

Besides, Serious Fraud Investigation Office (SFIO), the investigation arm of the Corporate Affairs Ministry would also benefit. 

In addition, Chidambaram has earmarked Rs 36.05 crore for other expenditures for the next fiscal compared revised estimates of Rs 28 crore for the current fiscal. 

According to the Budget document, "other expenditure" includes expenses on the offices of Company Law Board, SFIO, National Company Law Tribunal, National Company Law Appellate Tribunal and Competition Appellate Tribunal. (PTI)