I have been glued to the TV for the past 2 hours, watching the live proceedings of the Union Budget 2013-2014 presented in the Rajya Sabha by Mr. P. Chidambaram, Union Finance Minister. I just came home after giving an exam and started watching the proceedings.
Well, people might think what knowledge would I possess to give a suggestion on the General Budget. I know, but I do know some terms ! Anyways, I watched the whole proceeding and understood where and how much money has been allotted. This is what I understood after watching the proceedings, these details have not been typed watching a news channel ! Below are the few highlights of the general budget :
- Taxes increased on the SUPER RICH – duties increased to 100% on imported cars. Taxes also increased on bikes, yachts and aircraft. I think this was a good decision.
- SUVs to cost more – Minister in his speech said that big cars occupy large space, so owners can pay more, thus increases the excise duty to 30%.
- Mobile to cost more – the duty on mobile phone above Rs 2000 have been increased by 6%. What do we get under 2000 Rs ?
- Gold import reduced – the limit of gold jewellery have been increased. A man can get jewellery upto Rs 50,000 while women can get upto 1,00,000. I can see the lit up eyes of many ! 😛
- Set top box costly – the Finance said in his speech that to promote the manufacturing of Made in India STBs, the duty have been increased.
- Garments, Footwear cheap – the garment and footware industry have got some relief from taxes, thus the prices to come down.
- Cigarettes cost more – cigarettes, cigars to cost more as duties have been increased.
- Dining out costly – taxes on AC restaurants have been increased, so you need to shed out more moolah to dine out.
- Medicines to cost less – medicines to cost less.
Well, overall it was an average budget. No big smiles or frowns. More importance was given on Women, Children and SC/ST. Education ministry too has received a huge sum. Universities like AIIMS, AMU, BHU have received large funds. Also there has been no major changes made to the Tax slabs, hence things remain same.
So all in all, it was a nice time spent watching the budget. I always enjoy watching the Parliament proceedings and have keen interest in the political, judicial and administrative system of out country !
Exams finish today. Not officially, have Francais tomorrow !