Union Budget 2013 - 14: 12 businesses ideas encouraged by the Budget 2013-14

Khyati Dharamsi

With Finance Minister looking to bring smiles back to youth and helping them with lucrative opportunities through the Union Budget, here are ideas that will reap well this fiscal The inclusive growth that the finance minister Palaniappan Chidambaram has drummed up in the Union Budget 2013-14, spells out an opportunity for all the youth he portrayed in his Budget speech. SME Mentor presents a checklist of possible ventures that would gain and be built based on the Budget 2013-14 announcements: Innovative-product manufacturing The finance minister divulged that he has identified a identified a few amazing science and technology innovations with the help of the Ministry of Science and Technology and the Principal Scientific Adviser to the Government. He is keen on making these products available to the masses and has allocated Rs 200 crore for the scaling up activities. You can seek help from National Innovation Council to manufacture these innovative products and reap the fund’s benefits. FM radio station The private FM radio would be aired in 294 additional cities. You can bid for the 839 new FM radio channel auction slated for 2013-14 and expand waves to cities with a people strength of 1 lakh or more. Start women-oriented defense training institutes Prompted by the Delhi gang-rape incident the government has set up a Nirbhaya fund and will contribute Rs 1000 crore to it. Though the structure and scope of the fund are yet to be decided, the aim is women empowerment and to make them feel safe. A defense training institute for women would help you do your bit for the society and have a fulfilling venture. Micro-nutrient crop processing An agri-business that would grow or process and package produce of the proposed nutria-farms would be able to draw sum out of the Rs 200 crore allocated. Government has proposed to start a pilot programme introducing iron-rich bajra, protein-rich maize and zinc-rich wheat. Manufaturing of lithium-ion batteries You can promote clean and green energy by making available lithium ion automotive battery used for electric and hybrid vehicles. The Budget 2013-14 underlays a exemption from basic customs duty to such manufacturers. Also, the concession provided of 0% basic customs duty, SAD and 6% CVD would be available till March 31, 2015.   Water purification plants To promote health, hygine and santation  Rs 15,260 crore will be provided for to provide clean drinking water and an additional Rs 1,400 crore have been allocated to set up water-purification plants. Building such water management and purification platforms would be able to draw in from the funds allocated.  Renewable energy generators Facilities that generate energy from waste and utilize wind energy would be provided a boost as the budget proposes a public-private partnership model to implement waste-to-energy projects through different instruments such as viability gap funding, repayable grant and low cost capital. An allocation worth Rs 500 crore has been made for generation-based incentive, with respect to wind-energy projects. Domestic Production of set-top boxes Considering the phased mandatory implementation of direct to home cable television viewing, this business is sure to thrive. Imported set-top boxes would cost more as the duty applicable has been raised to 10% from 5% earlier. Hence a domestic manufacturing unit of set-top boxes fits well.  Building warehouses and cold storages NABARD would be handed over Rs 5000 crore for setting up warehouses, godowns, silos and cold storage units to store agricultural produce. If you have interst in the real estate construction and allied areas you can benefit from construction of godowns etc. Semiconductor wafer fab manufacturing There is no denying the stupendous growth the electronic goods sector has been witnessing. Semiconductor wafer fabs lay the foundation stone to electronic goods and coupled with the budget announcements of zero customs duty on plant and machinery required for setting up semiconductor wafer fab manufacturing facilities the stage is well set. Setting up vocational training institutes Courses in 'designated trades' offered by Industrial Training Institute or Industrial Training Center affiliated to State Council of Vocational Training would be added to the negative list of entities for service tax levy. In essence, service provided by approved vocational training institute would not attract service tax and hence would benefit from the budget decision. Offering Testing facility The government has decided to cover all testing activities and not just seed testing in the negative list for service tax purpose. So, setting up a unit involved in soil testing, animal feed testing, testing of samples from plants or animals, for pests and disease causing microbes can be considered. In Chidambaram’s words, “What we will become depends on us and on the choices that we make.” And making the right business choices is in the next generation entrepreneur’s hands You can send your feedback on smementor@moneycontrol.com or simply post comments below