Union Budget, 2013
The Union Budget of 2013-14 was tabled today by the Finance Minister in Parliament.
Characterized with a depressed global economic outlook and prevalence of domestic policy bottlenecks, the year started with news that the previous fiscal’s fourth quarter GDP had dropped to 5.5%. That coupled with low growth, macro-economic issues such as high fiscal deficit, expansionary subsidies and worsening current account balance has added to the slowdown.
Expectations were therefore high as to the path the Finance Minister will take in guiding the Indian economy to recovery.
We present herewith the highlights of the Budget. Full Budget Analysis to follow.