Chidambaram presents the Union Budget 2013

11:35 AM, Thursday, February 28th, 2013

Union Budget 2013New Delhi : Finance Minister P Chidambaram has begun presenting the Union Budget 2013-14 in the Lok Sabha.

Chidambaram noted that the global economic growth has slowed, including that of India. He however added that high growth is a novelty and not beyond India’s capacity.

This is Chidambaram’s eighth Budget as Finance Minister – two short of the record 10 presented by former prime minister Morarji Desai.

Highlights of budget for 2013-14 presented in the Lok Sabha Thursday by Finance Minister P. Chidambaram:

* Budget to create opportunities for youth to get skills to get jobs

* Increased allocations to the SC/ST sub plans.

* FM says money has not been an issue for development, and plan monies have been given to the ministries and it iupto the ministries to deliver the results.

* We are battling inflation on all fronts. And we have retrived some economic space and had taken bitter medicine in the past.

* We do not have a choice on whether we can welcome foreign investment . It is imperative says FM

* FM says his increase his current account deficit . We need to  look at FDI and commercial borrowing to fill the gap

* The mantra is higher growth and inclusive development, says the finance minister.

* Average growth during UPA-1 was 8 percent; high growth not a novelty

* Current account deficit a worry because of high oil and gold imports

* Will need $75 billion to finance current account deficit

* Need to encourage FDI in consonance with economic priorities

* WPI inflation down to 7 percent; food inflation worrying.



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