"I am hoping that the people of India will heed my appeal and will not demand so much gold," Mr Chidambaram said.
Women-related schemes have been allocated Rs 97,134 crore, which is highly commendable. But how this money will be spent is not clear from the speech. It's a wait and watch game.
The Finance Minister has tried to maintain sound fiscal management on one hand, while creating growth drivers for the agricultural sector at the same time. Here are some of the welcome steps being proposed to give agriculture sector a boost.
While some of the proposals in the Union Budget 2013 would have a positive effect on the banking sector, the budget on the whole appears to have evoked mixed reactions from the banking industry, if the bank index of the stock exchange is anything to go by.
As compared to Budget 2012-13, which ushered various changes in the area of indirect taxes like the introduction of the Negative list regime in service tax, Budget 2013-14 has not seen any major reforms in the tax structure. The basic rates of customs, excise and service tax have not been tinkered with nor has there been any significant addition to the tax base.
With 2014 elections only a year away, this Budget was expected to be populist. Credit should be given to Finance Minister P Chidambaram to have stuck to his own motto of pursuing a clarity in tax laws, a stable tax regime, a non-adversarial tax administration, and a fair mechanism for dispute resolution.
Finance Minister P Chidambarams Budget for 2013-14 reflects intent to tax the super-rich across multiple segments. That is also reflected in the key indirect tax changes proposed in the auto sector, the major impact of which would be on industry players specifically catering to the luxury car segment.
Finance Minister P. Chidambaram outlined a strategy to lure small investors away from gold into other savings products.
A hike in tax on sport utility vehicles (SUVs) in India has taken automobile companies by surprise.
High-earning Indians gave a collective groan when Finance Minister P Chidambaram imposed a 10 per cent surcharge on their income in his Budget 2013 on Thursday.
High-earning Indians gave a collective groan on Thursday when the government imposed a 10 per cent surcharge on their income, following a global trend.
Many private economists expressed scepticism at the Finance Minister's rosy revenue assumptions and were dismayed by the sizeable increase in public spending in a country facing its sharpest economic downturn in a decade.
Finance Minister P Chidambaram has doubled the disinvestment target for next fiscal to Rs 55,814 crore, from Rs 24,000 crore estimated in the current fiscal.
To encourage investment in the infrastructure sector, some financial institutions have been allowed to raise about Rs 50,000 crore from tax-free bonds in 2013-14.
Terming the 2013-14 Budget as 'responsible and reasonable', IT industry body Nasscom today said the thrust by government on clarifying taxation rules, balanced growth and technology adoption are encouraging steps.
Keeping in view the fuel needs of the power sector, the government today said there was no other choice but to import coal and adopt a policy of blending the prices of domestic and imported coal.
The government will reduce taxes levied on various transactions in the securities market, a move that will help in bringing down the overall cost for investors.
Global rating agencies Standard & Poors and Fitch have both retained their ratings on India, saying the Budget 2013 has had no impact. While Fitch has assigned a 'BBB-' rating with a negative outlook, S&P has a negative rating.
Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan today said all the measures proposed in the Budget for 2013-14 taken together will help the country register a growth of 6.5 per cent in the next fiscal year.
The Budget for 2013-14 disappointed foreign investors on Thursday by failing to deliver a much anticipated cut in withholding taxes for debt investments and creating confusion with a proposal that appeared to target tax treaties.