India's Finance Minister P Chidambaram presented the budget for 2013-14 in the parliament Thursday, at a time when Asia’s third largest economy's growth slowed to a lowest level in a decade and suffered ratings downgrade. The budget also gains significance as it is tabled ahead of general elections slated next year.

Highlights of the India budget 2013-14:

-- The Indian economy has slowed down and growth is seen below potential growth rate of 8 percent as the nation has been affected by global economic slowdown. Only China and Indonesia are growing faster than India but next year India will overtake Indonesia, Chidambaram said

-- Chidambaram emphasized on the need for foreign investment for economic growth saying it is imperative

-- Main worry is current account deficit as exports are in a slowdown while oil, coal and passion for gold weigh on imports, resulting in higher current account deficit, the finance minister pointed out

-- Need $75 billion to finance current account gap over next 2 years

-- Efforts over last few months brought down the Wholesale Price Index (WPI) inflation to 7 percent and core inflation to 4.5 percent

-- The fiscal year 2014 (FY14) Budget is aimed to provide opportunity to youth

-- FY14 total expenditure estimated at 16.65 trillion rupees and plan expenditure is estimated to be 5.55 trillion rupees

-- India's fiscal deficit estimated at 5.3 percent of GDP in 2012-13 and 4.8 percent of GDP in 2013-14

-- FY14 plan spend 29.4 percent more than FY13 revised estimates

-- Plan expenditure in 12th Five Year Plan revised to 14.30 trillion rupees or 96 per cent of budgeted expenditure

-- A sum of 373.3 billion rupees allocated to Ministry of Health & Family Welfare and 47.27 billion rupees for medical education and research.

-- Allocations to ministry of HRD totaled to 658.67 billion rupees in 2013-14.

-- Allocations to mid-day meal scheme estimated at 132.15 billion rupees 

-- The Food Security Bill netted allocation to the tune of 100 billion rupees 

-- Alternative medicine industry received allocations to the tune of 11.06 billion rupees 

-- Emphasizing the collective responsibility to ensure safety and dignity of women, Finance Minister Chidambaram allocated an additional sum of 2 billion rupees to combat harassment on women.

-- Allocations to the India's Scheduled Caste sub-plan totaled to 415.61 billion rupees, while allocation to the India's tribal sub-plan were to the tune of 254.98 billion rupees 

-- Allocations to various Ministries for providing scholarships for students hailing from India's Scheduled Caste (SC)/ Scheduled Tribe (ST), and Other Backward Castes (OBC) totaled to 52.84 billion rupees 

-- Allocations to drinking water and sanitation ministry were to the tune of 152.6 billion rupees, while the agriculture ministry attracted funds worth 270.49 billion rupees for 2013-14.

-- The target for agriculture credit for 2013-14 was fixed at 7 trillion rupees compared to 5.75 trillion rupees in the current year. Agriculture production in eastern states attracted funds to the tune of 10 billion rupees 

--  The FY14 recapitalization program of public sector banks attracted funds worth 140 billion rupees 

-- The FY14 India budget also proposed to amend the Securities and Exchange Board of India (SEBI) Act; finance waste-to-energy projects through Public-Private Partnership (PPP) mode; enable installation of Automated Teller Machines (ATMs) in all public sector bank branches by Mar. 31, 2014

-- The FY14 budget outlined 10 billion rupees initial capital to set up India's first women's bank, which will be another public sector bank.

-- The FY14 budget proposed additional deduction of interest of up to 1 lakh rupees in 2013-14 on first housing loans up to 2.5 million rupees 

-- The Rajiv Gandhi Equity Scheme will be liberalized to allow first time investors to invest in mutual fund and equity

-- Allocations to the defense sector in 2013-14 totaled to 2.03 trillion rupees and finance minister announced additional funds will be disbursed if required for the defense sector

-- No revision in tax slabs, but tax payers in the range of 2 to 5 lakh rupees will get tax credit of 2,500 rupees

-- Citizens with an annual income of 10 million rupees are required to pay a 10 percent surcharge for only one year

-- The excise duty on cigarettes were increased by 18 percent and customs duty on Sports Utility Vehicles (SUVs) were raised from 75 percent to 100 percent

-- 100 percent tax exemption proposed toward donations to the National Children's Fund 

-- Duty-free limit for gold imports increased to 50,000 rupees for men and 1 lakh rupees for women

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