On the last day of Feb’2013, Mr. P Chidambaram, Minister of Finance, has presented the Union Budget for the year 2013-2014. While delivering his 8th Union Budget, Mr. P Chidambaram has optimistically portrayed that India can become a $ 5 Trillion economy and will find space in top five largest economies in the world by 2025. He acknowledges that there are various challenges in the Indian Economy and also the slowdown in global economic growth (which was only 3.2% in 2012). However, he dynamically highlights the position that, compared to the World map, only China and Indonesia grew faster than India in 2012-2013. In order to finance India’s current account deficit, he acknowledges the need for encouraging foreign investments in the form of Foreign Direct Investments (FDI) /Foreign Institution Investors (FIIs) /External Commercial Borrowings (ECB), which should flow in steadiness with India’s economic objectives.
Read on to know more about the budget of 2013.