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Highlights of the Budget 2008-09
February, 29th 2008
   Home loans for poor to be brought under Differential Rate of Interest (DRI) scheme [ 1:12 PM (IST) ]
 
   BSE Sensex extends losses to 2 pc on Budget [ 12:55 PM (IST) ]
 
   Direct tax proposals revenue neutral [ 12:53 PM (IST) ]
 
   Direct Dividend Tax unchanged at 15 pc [ 12:53 PM (IST) ]
 
   Levy of Securities Transaction Tax only on option premiums [ 12:52 PM (IST) ]
 
   Excise duty on some paper types cut from 12 pc to 10 pc [ 12:52 PM (IST) ]
 
   Exise exemption on all pharma goods at 8 pc vs 16 pc [ 12:51 PM (IST) ]
 
   Excise duty on bulk cement at Rs 400/tonne [ 12:51 PM (IST) ]
 
   Central Sales Tax cut from 3 pc to 2 pc [ 12:51 PM (IST) ]
 
   Banking cash transaction tax withdrawn [ 12:50 PM (IST) ]
 
   5-yr tax holiday for setting up hospitals in tier-II, tier III regions [ 12:50 PM (IST) ]
 
   Commodities Transactions Tax to be introduced [ 12:49 PM (IST) ]
 
   Securities Transaction Tax to be treated like deductible expenditure [ 12:49 PM (IST) ]
 
   5-yr tax holiday to 2,3,4-star hotels in UNESCO heritage sites [ 12:48 PM (IST) ]
 
   5-year tax holiday for setting up hospitals in non-urban cities [ 12:46 PM (IST) ]
 
   Tax on short term capital gains to be increased from 10 to 15 pc [ 12:45 PM (IST) ]
 
   Scope of Fringe Benefit Tax reduced [ 12:44 PM (IST) ]
 
   Not to charge income under revenue mortgage [ 12:43 PM (IST) ]
 
   Senior citizens exemption hiked from Rs 1,95,000 to 2,25,000 [ 12:42 PM (IST) ]
 
   No change in coporate income tax [ 12:41 PM (IST) ]
 
   No change to rate of surcharge [ 12:40 PM (IST) ]
 
   Income tax exemption raised to Rs 1.5 lakh; for women, exemption raised to Rs 1.8 lakh [ 12:40 PM (IST) ]
 
   Tax-GDP ratio up at 12.5 pc [ 12:37 PM (IST) ]
 
   Four new services under service tax net [ 12:37 PM (IST) ]
 
   Excise exemption on Hybrid cars from 24 pc to 14 pc [ 12:36 PM (IST) ]
 
   Both filtered and non-filtered cigarettes to be charged same excise duties [ 12:36 PM (IST) ]
 
   Exempts anti-AIDS drugs from excise duty [ 12:35 PM (IST) ]
 
   Excise duty exemption on small cars, two-three wheelers from 16 pc to 12 pc [ 12:34 PM (IST) ]
 
   Few IT, hardware components exempted from customs duty [ 12:34 PM (IST) ]
 
   Pharmaceutical sector excise duty cut from 16 pc to 8 pc [ 12:33 PM (IST) ]
 
   Fully exempt duties on Set top boxes [ 12:32 PM (IST) ]
 
   Customs duties on crude sulphur reduced to 5 pc [ 12:32 PM (IST) ]
 
   Life saving drugs excise duty cut to 0 per cent [ 12:30 PM (IST) ]
 
   Customs duty reduced from 10 pc to 5 pc on life saving drugs and bulk drugs used for their manufacture [ 12:29 PM (IST) ]
 
   Peak rate of customs duty stays at 10 per cent [ 12:28 PM (IST) ]
 
   Tax: All tax payers will get a tax-friendly administration [ 12:27 PM (IST) ]
 
   Fiscal deficit to be 3.1 per cent [ 12:25 PM (IST) ]
 
   Allocation of Rs 624 cr for Commonwealth Games [ 12:25 PM (IST) ]
 
   1.57 million houses to be built [ 12:24 PM (IST) ]
 
   Allocation of Rs 44 cr to 22 Sainik schools each [ 12:22 PM (IST) ]
 
   A one time grant of Rs 50 cr to National Tiger conservation authority [ 12:22 PM (IST) ]
 
   Defence allocation hiked by 10% to Rs 1,05,600 cr [ 12:20 PM (IST) ]
 
   Additional allocation of Rs 1,000 crore for LIC [ 12:19 PM (IST) ]
 
   To allocate Rs 12,966 cr to National Highway Plan [ 12:18 PM (IST) ]
 
   Rs 32,667 cr for food subsidies in the PDS scheme [ 12:15 PM (IST) ]
 
   To extend requirement of PAN to all transactions [ 12:14 PM (IST) ]
 
   Rs 1000 cr in a non-profit corporation for skill development [ 12:14 PM (IST) ]
 
   State finance ministers to create a pan-Indian market to enhance market security [ 12:12 PM (IST) ]
 
   Classify financial instruments [ 12:11 PM (IST) ]
 
   Extend market for trading, corporate bonds [ 12:10 PM (IST) ]
 
   Enhance allocation to National Highway Development Project to Rs 12,966 crore [ 12:10 PM (IST) ]
 
   Allocate Rs 340 cr for clusters in handloom sector [ 12:09 PM (IST) ]
 
   Rs 450 cr provision for textile parks, 30 integrated textile parks to be set up [ 12:09 PM (IST) ]
 
   Banks will be encouraged to follow financial inclusion [ 12:08 PM (IST) ]
 
   Rs 8,351 crore subsidy for export sector [ 12:07 PM (IST) ]
 
   Spending on national highways at Rs 129.7 billion [ 12:06 PM (IST) ]
 
   Rs 800 crore allocated for power distribution [ 12:05 PM (IST) ]
 
   17 lakh families of weavers to be covered under the health insurance scheme by Mar 2008 [ 12:05 PM (IST) ]
 
   One lakh new rural broadband centres [ 12:04 PM (IST) ]
 
   Power generation cap in 11th Plan period at 77,500 MW [ 12:03 PM (IST) ]
 
   An estimated 3 cr marginal farmers and 1 cr other farmers to benefit from the loan waivers [ 11:56 AM (IST) ]
 
   Total amount of loans waived estimated at around Rs 50,000 crore [ 11:56 AM (IST) ]
 
   Sensex down 210 points [ 11:55 AM (IST) ]
 
   Completion of loan waiver scheme for farmers by June 30, 2008 [ 11:55 AM (IST) ]
 
   Farmer loan waiver amounts to 4 per cent of total bank loans [ 11:54 AM (IST) ]
 
   Bank share index extends losses after budget waives loans to small farmers [ 11:52 AM (IST) ]
 
   Uproar in Parliament after FM announces debt waiver scheme for farmers [ 11:51 AM (IST) ]
 
   24 major, 750 irrigation projects [ 11:50 AM (IST) ]
 
   All agricultural loans by Govt banks will be covered under the debt waiver scheme [ 11:49 AM (IST) ]
 
   All loans waived for marginal and small farmers [ 11:48 AM (IST) ]
 
   National Horticulture mission allocated Rs 1,100 crore [ 11:47 AM (IST) ]
 
   A scheme for debt waiver, debt relief for farmers: FM [ 11:46 AM (IST) ]
 
   Rs 500 cr for development of border areas [ 11:46 AM (IST) ]
 
   Rashtriya Krishi Vikas Yojana to get Rs 2,80,000 cr [ 11:45 AM (IST) ]
 
   Central Govt allocates Rs 1,185 cr for 4 states [ 11:45 AM (IST) ]
 
   Rs 400-cr national plan for senior citizens [ 11:44 AM (IST) ]
 
   National Agricultural scheme to continue for Kharif, Rabi crops [ 11:44 AM (IST) ]
 
   Rs 20 cr for Tea research institute [ 11:43 AM (IST) ]
 
   Rs 20,000 crore outlay for irrigation sector [ 11:43 AM (IST) ]
 
   Rs 400-cr national plan for senior citizens [ 11:42 AM (IST) ]
 
   Agriculture credit target at Rs 2.8 lakh crore [ 11:42 AM (IST) ]
 
   Govt approves 14 national projects [ 11:40 AM (IST) ]
 
   Sanitation programmes to get Rs 1200 cr [ 11:39 AM (IST) ]
 
   288 PSU bank branches in minority districts [ 11:38 AM (IST) ]
 
   Minority Affairs Ministry fund doubled to Rs 1,000 cr [ 11:38 AM (IST) ]
 
   LIC to cover all-women SEGs [ 11:38 AM (IST) ]
 
   Rs 300 cr allocated to desalination plant to be set up near Chennai [ 11:36 AM (IST) ]
 
   ICDS allocation hiked to Rs 6,300 cr [ 11:35 AM (IST) ]
 
   National Minorities Development Corporation to get Rs 75 cr [ 11:34 AM (IST) ]
 
   Rs 75 cr for Rajiv Gandhi National Fellowship Programme [ 11:34 AM (IST) ]
 
   Rs 11,460 crore allocated for women-specific schemes [ 11:33 AM (IST) ]
 
   NREGS extended to all 596 rural districts, allocated Rs 16,000 cr [ 11:32 AM (IST) ]
 
   Rajiv Gandhi Drinking Water Mission to get Rs 7300 cr from Rs 6500 cr [ 11:32 AM (IST) ]
 
   Rs 3966 crore allocated for SCs/STs [ 11:31 AM (IST) ]
 
   Rs 1,042 cr allocated for Polio eradication in UP, Bihar [ 11:30 AM (IST) ]
 
   Rural job scheme spending at Rs 160 billion [ 11:29 AM (IST) ]
 
   SC, STs, minorities and socially backward classes to continue getting special attention [ 11:29 AM (IST) ]
 
   Rs 1455 cr allocated to Ministry of Development of North-east [ 11:28 AM (IST) ]
 
   NREG scheme to be rolled out in 596 districts [ 11:27 AM (IST) ]
 
   Rs 30,000 health cover for every worker in unorganised sector [ 11:27 AM (IST) ]
 
   Remuneration of Anganwadi helpers hiked to Rs 750 [ 11:26 AM (IST) ]
 
   16 Central Universities to be set up [ 11:26 AM (IST) ]
 
   3 IIScs in Bhopal and Trivandrum [ 11:25 AM (IST) ]
 
   National Rural Health Mission allocation up by 15 per cent [ 11:24 AM (IST) ]
 
   Sarva Shiksha Abhiyaan gets Rs 13,100 cr [ 11:22 AM (IST) ]
 
   Mid-day meal scheme extended to upper primary classes [ 11:21 AM (IST) ]
 
   3 new IITs to be set up in Andhra Pradesh, Bihar and Rajasthan [ 11:21 AM (IST) ]
 
   6,000 high quality schools to be built by FY09 [ 11:20 AM (IST) ]
 
   Bharat Nirman Programme gets allocation of Rs 31280 cr [ 11:17 AM (IST) ]
 
   Education expenditure to be hiked by 20 per cent [ 11:17 AM (IST) ]
 
   Agriculture expected to grow at 2.6% in FY08: FM [ 11:12 AM (IST) ]
 
   FM says keeping inflation in check is "cornerstone of our policy" [ 11:10 AM (IST) ]
 
   Asian markets down; Market experts expect mild post Budget rally [ 11:09 AM (IST) ]
 
   FM confident of maintaining GDP growth rate at 8.8 per cent [ 11:06 AM (IST) ]
 
   Chidambaram says India growth story inspiring, services and manufacturing drivers of growth [ 11:04 AM (IST) ]
 
   Finance Minister P Chidambaram rises to present his 5th Budget [ 11:01 AM (IST) ]
 
   Govt to keep an eye on elections, prices in budget [ 10:54 AM (IST) ]
 
   Economic Survey: Revenue deficit to decline to 1.5 per cent [ 10:52 AM (IST) ]
 
   Economic Survey: Revenue expenditure grows 17 per cent, higher than target of 5.4 per cent [ 10:52 AM (IST) ]
 
   Economic Survey: Fiscal deficit to decline to 3.3 per cent [ 10:51 AM (IST) ]
 
   Economic Survey: Inflation projected to decline to 4.1 per cent [ 10:51 AM (IST) ]
 
   Economic Survey: Domestic investment and savings drive growth [ 10:51 AM (IST) ]
 
   Economic Survey: Increased activity at stock markets, key indices giving returns of around 38 per cent [ 10:51 AM (IST) ]
 
   Economic Survey: Economy projected to grow 8.7 per cent in 2007-08 [ 10:51 AM (IST) ]
 
   Economic Survey: Indian economy to top $1 trillion this fiscal at market exchange rate [ 10:50 AM (IST) ]
 
 
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