Finance minister unveils budget

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On 28 February, Indian finance minister P Chidambaram presented the country’s budget for 2013-14.

According to Economic Laws Practice, “while last year’s budget was firmly geared towards creating a growth platform for essential and large scale infrastructure; this year, social sector infrastructure development, enhancement of micro, small and medium enterprises and technological innovation and skill development have claimed similar mind space.”

The budget offers incentives to manufacturers which invest ₹1 billion (US$18 million) or more in plant and machinery between 1 April and 31 March 2015. These companies will be entitled to deduct an investment allowance of 15% of the investment.

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