Budget Highlights ! Union Budget 2008-2009 of Republic of India

Banking cash transaction tax withdrawn from April 1, 2009
Indirect tax proposals to result in loss of Rs 5,000 cr
Direct tax proposals to be revenue neutral
Dividend of subsidiary company will be exempt from DDT
Reduce central sales tax to 2%
Increase in short term capital gains tax to 15%
5-yr tax holiday for setting up hospitals in tier-II, tier III regions
Excise duty of Rs 1.35/litre on unbranded petrol
Excise duty of Rs 4.6/litre on unbranded diesel
Commodities Transactions Tax to be introduced
Securities Transaction Tax to be treated like deductible expenditure
5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites
NO FBT on creche, employee sports, guest houses facilities
No change in corporate income tax rate
No change in corporate surcharge tax
Duty on two wheelers reduced from 16 to 12 pc
Tax slab for Rs 3-5 lakh is 20%, above 5 lakhs 30%
Senior citizens' exemption hiked from Rs 1,95,000 to 2,25,000
Women exemption threshold hiked from Rs 1,45,000 to 1,80,000
Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000
Duty on non filter cigarettes to be raised
Excise duty slashed to 8% on water purification items
Duty withdrawn on naptha for production of polymers
Refigeration components to become cheaper
Reduce excise duties on anti-AIDS drugs
Tax-GDP ratio up at 12.5%
Excise on paper and paper products reduced
Excise duties on buses, chassis slashed
Excise on small cars to 14%
Excise on pharma goods slashed to 14%
General CENVAT rate on all goods from 16% to 14%
Customs duty on few bulk drugs cut to 5%
Customs duties on crude sulphur reduced to 2%
Exempt on duties on coral
Duties on convergence products slashed to 5%
Fully exempt duties on Set top boxes
Reduce duties on steel melting scrap, aluminum scrap
No change in peak rate of customs duties
Revenue Deficit will be 1.4 % agt Budget Estimate of 1.5%
Planning Commission to evaluate major schemes
Sixth central pay commission to submit report by March 31, 2008
Grant of Rs 50 cr to Natl Tiger Conservation Authority
Rs 75 cr to ICCR for cultural development
Defence allocation hiked by 10% to Rs 1,05,600 cr
Rs 32,676 crore as subsidy to PDS
Smart-card based PDS system in Haryana, Chandigarh
Allocation of Rs 44 cr to 22 Sainik schools each
Rs 75 cr to Agri Ministry for soil testing labs in 250 districts
Rs 15,000 cr for non-profit body for skilled dev programme
Launch a world-class skilled development programme
PAN requirement for all securities transactions
To start a forex derivative market
More transparency in the derivative market
Risk Capital Fund to be set up in SIDBI
National Highway Dev programme gets Rs 12,966 cr
Accelerated power development programmes to get Rs
Ultra mega power project at Tilana shortly
Rs 12,956 Cr for NHDP
Banks to be encouraged to embrace total financial inclusion
Foreign invt up to $8 bn expected for oil block exploration
Coal regulator to be set up
17 lakh families of weavers under Health Insurance
State data centres scheme approved and get Rs 275 cr
1 lakh broadband-enabled common service centres in villages
Enhance allocation of NHDP programme
Rs 800 cr for power reforms
Manufacturing growth rate to be taken to double digit
RIDF corpus to be hiked to Rs 14,000 cr
Total estimate of loans being waived is Rs 50,000 cr
Implementation of debt waiver scheme to end by June 30
Waiver amounts to 4% of total bank loans
Rescheduled farm loans eligible for waiver
Sensex down 210 points
Speaker calls for silence
Din in House over PC's relief plans to farmers
Marginal, small farmers to get full waiver on all loans
500 soil testing labs to be set up in the country
Scheme of debt waiver and debt relief for farmers
Allocation for NRHM increased to Rs 12,050 cr
National Horticulture Mission gets Rs 1,100 cr
Weather-based crop insurance scheme to get Rs 50 cr
Rs 20,000 cr for irrigation projects under AIPB
Special grant of Rs 20 cr to Tea Research Association
Rs 500 cr to be allocated for micro irrigation schemes
More funds for cardamom, coffee growing
Rashtriya Krishi Vikas Yojana to get Rs 2,80,000 cr
53 minor irrigation programmes to be implemented
Target of Rs 2.80 lakh cr for agri-credit in 2008-09
Ministry of Woman and Child Dev gets Rs 7,200 cr
24% increase in allocation for child development
Rs 500 cr for development of border areas
Rs 1,042 cr for anti-Polio drive
Jawaharlal Nehru Urban Renewal Mission to get Rs 6,865cr
Growth of agri-credit impressive
Allocation for ICDS increased to Rs 6,300 cr
Minority Affairs Ministry fund doubled to Rs 1,000 cr
288 PSU bank branches in minority districts
Rs 540 cr for development plan for minority districts
Rs 500 cr for corpus fund to subsidise all women
LIC to cover all women Self-help Groups linked to banks
Rs 200 crore for potable water in schools
Rs 12,050 cr for strengthening rural health services
Sanitation programmes to get Rs 1200 cr
More minority recruitments in central para-military forces
ICDS allocation hiked to Rs 6,300 cr
Rs 300 cr for desalination plant near Chennai
Rs 75 cr for Rajiv Gandhi Natl Fellowship Prog
Natl Handicap Development Corp to get Rs 9 cr
Natl Minorities Development Corp to get Rs 75 cr
Allocation for NE schemes up from 14,365 cr to 16,400 cr
Rajiv Gandhi Drinking Water mission allocation hiked
NREG scheme to be rolled out in 596 districts
National Rural Health Mission allocation hiked by 15%
Remuneration of Anganwadi helpers hiked to Rs 750
Remuneration of Anganwadi workers hiked to Rs 1,500
3 IIScs in Bhopal and Trivandrum
National Programme for the Elderly to be set up
Rs 30,000 health cover for every worker in unorganised sector
2 schools of Planning and Architecture
Secondary education Scheme Rs 4,554 crore
Rs 100 cr to Ministry of Science and tech for Natl Knowledge Network
All knowledge bodies to be connected via broadband
Rs 85 crore to building a knowledge society
Scholarships for science and research
Education and Health allocation up 20%
Service Sector to grow at 10.7%
3 IITs in AP, Bihar and Rajasthan
Mid-day meal scheme extended to upper primary classes
Budgetary allocation for mid-day meal scheme Rs 8,000
Rs 10 cr for Nehru Kendras in 110 districts
Rs 34,400 cr budgetary allocation for education
Sarva Shiksha Abhiyaan gets Rs 13,100 cr
Bharat Nirman Programme gets allocation of Rs 31,280 cr
410 Vidyalayas in villages
Navodiya Vidyalayas in 6,0-00 districts
6,000 model high schools to be set up
Agricultural growth rate at 2.6%
Education, health pillars of social sector reforms
2008-09 will be a year of consolidation
Budget 08-09 about raising our sights, doing better
Capital inflows in excess of economic deficit
Confident of maintaining 8% growth
Impact of global mkts on local mkts unclear
Govt, RBI to jointly work to check capital inflow
Govt will monitor foreign fund inflow
Check foreign inflow to stabilise Indian mkts
Capital Inflow needs to be managed more actively
Agri credit doubled in first 2 years of UPA rule
Global markets are weak
Inflation will be checked
Sustained progress thanks to economic reforms
Launched Rashtriya Krishi Vikas Yojna
All time record for food grain output in 2007
Total output of food grains 219.32 mn tonnes
We must be vigilant for downside risk
Crude oil down significantly
Agriculture was disappointing
Capital inflow poses a challenge to monetary management
Growth rate is 8.8%
Service sector is the driver of Budget
Since Aug 2007 financial economies witnessed turmoil
2007-08 has been a challenging year
Finance Minister P Chidambaram begins addressing Parliament
Pandemonium in the House as Oppn holds up speech
This is PC's seventh Budget, UPA government's last before it goes to poll next year
The next Union Budget will be a vote-on-account because of general elections