The Finance Minister, P Chidambaram
in his Budget speech in Lok Sabha today said that increasing savings and their
optimal allocation for productive uses lead to higher economic growth.
After touching a high of 36.8
percent in 2007-08, gross domestic saving fell by 6 percentage points in
2011-12. The private sector, comprising households and corporate, remains the
contributor to saving. The household sector must be incentivised to save in
financial instruments rather than buy gold.
The Rajiv Gandhi Equity Savings
Scheme will be liberalized to enable the first time investor to invest in
mutual funds as well as listed shares and one can do so, not in one year alone,
but in three successive years. The income limit will be raised from Rs.
10,00,000 to Rs. 12,00,000.
A person taking a loan for his first
home from a bank or a housing finance corporation upto Rs. 25,00,000 during the
period 1.4.2013 to 31.3.2014 will be be entitled to an additional deduction of
interest of upto Rs. 100,000. This will promote home ownership and give a
fillip to a number of industries like steel, cement, brick, wood, glass etc.
besides jobs to thousands of construction workers.
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