- Income Tax exemption to Rs 1.5 lakh
- Income Tax exemption for women to 1.8 lakh
- Income Tax exemption for senior citizens to 2.25 lakh
- Revenue deficit at 1.4 pewr cent of GDP
- Duty on project import cut to 5 per cent from 7.5 per cent
- Excise duty on two and three wheelers down to 12 per cent
- Anti-AIDS drugs exempted from excise duty
- Reduce general CEVAT to 14 per cent on all goods from 16 per cent
- No change in corporate tax
- Ad Valorem duty on diesel and petrol removed
- Higher tax rates on cigarettes
- Five year tax holiday from Income Tax for hospitals across
India - Five year tax break for UNESCO heritage two, three and four star hotels
- Four new sectors brought under tax net
- Excise duty on Pharma products down to 8 per cent from 16 per cent
- Haryana & Chandigarh to develop smart card facility for food subsidy distribution
- Loan waver and debt relief of farmers having less than 2 hectares
- Marginal and small farmers to get complete waver
- All loans to farmers up to March 2007 under the scheme
- Implementation of scheme for farmers by June 2008
- Total relief package for farmers to cost Rs 60,000 crore
- Three IITs to be established in
Bihar , Andhra Pradesh and Rajasthan - Government confident of 8.8 percent growth rate
- National agriculture insurance scheme will continue
- Other farmers to get one time relief settlement by paying 75 percent debt
- Agricultural credit to reach Rs 2.4 lakh crore by year end
- Reduce custom duty on natural rubber and basic raw materials
- Spending to increase by 20 percent to benefit NIIT, Educamp and Aptech
- Rs 11460 crore for women specific allocation
- Gross budgetary support Rs 2.28 trillion
- Agricultural growth estimated at 2.6 per cent
- Rs 12,970 crore allocated to
Natonal Highway - Public Sector Units to get Rs 16436 cr in 2008-09
- Rashtriya Krishi Vikas Yojna launched
- Education gets a hike of 20 percent, a total of Rs 34,400 crore allocated
- Export taxes on key raw material of steel to be increased
- Iron ore export duty is at Rs 300 per tonne, decreased by 15 percent
- Fertiliser subsidy o continue
- Exercise duty on finished steel products reduced to 8 percent
- Customs duty on import of scrap metal scrapped
- No customs duty on Internet, broadband data cards
- 15 percent hike in Health sector
- Sarva Shikshya Abhiyan gets Rs 13,100 crore
- Mid day meal scheme to get Rs 8000 crore
- Bharat Nirman to get Rs 31,280 crore
- 16 Central universities to be setup
- Jawahar Navodaya Vidyalaya to get Rs 130 crore
- 1042 crore for eradication of Polio
- 990 crore for AIDS programmes
- Rural job scheme to roll out in 596 districts
- Govt to tap in resource of SCB's to set up funds
- Rs 3966 crore allocated for SC, ST and OBCs
- National programme for elderly to receive 400 crore
- Rs 500 crore for Arunanchal Pradesh and other north eastern states
- Rs 5000 crore fund for enhancing refinance operations
- Commercial banks advised to have 250 rural accounts every year
- Defence allocation increased by 10 per cent, raised to Rs 1,05,600 crore
- Allocation for Minority Ministry doubled
- Rs 33,434 crore allocated for child specific schemes
- Minority community in Central Paramilitary forces
- Rs 624 crore allocated for 2010 Commonwealth Games
- Rs 32,667 crores for food subsidy under Public Distribution System (PDS) scheme
- Fiscal Deficit at 3.1 per cent of GDP
- Rs 40,000 crore allocated for special purpose Tea fund
- NREG scheme to be rolled out in 596 districts
- Allocation for NREG scheme at Rs 16,000 crore
- Rural credit target set to be increased to Rs 80,000 crore
- Total allocation for north-east regions at 16,447 crore
- Allocation to NRHM increased to Rs 12,050 crore
Top of Form
Bottom of Form
Highlights
P Chidambaram concludes his Budget speech and the House is adjourned till the 3rd of March.
No change in coporate income tax rate. Short term Capital Gains Tax increased.
Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board. Exemption limit for women raised to 1.8 lakhs.
Prices of non-filter cigarettes to go up.
Excise duty cut on wireless data cards.
Excise on small cars down to 14%.
Reduction of excise duties on anti-AIDS drugs.
Duties on convergence products slashed to 5%.
Full exemption of duties on Set Top boxes .
Duties reduced on steel melting scrap, aluminum scrap .
Cut in duties on sports goods from 7.5 % to 5%.
Revenue Deficit will be 1.4 % against the Budget estimate of 1.5% .
6th Pay Commision will meet employee expectations.
Rs 624 cr allocated for Commonwealth Games.
Defence allocation raised Rs 1,05,600 cr.
Rs 5,000 cr fund for enhanced re-finance operations.
Commercial banks advised to have 250 rural accounts every year.
Completion rate of Golden Quadrilateral project is 98.3%.
Rs 12,970 cr allocated for National Highways.
Govt to provide Rs 303 cr as debt support to PSUs.
Loan waiver will discourage fresh lending.
Rescheduled agricultural loans are also eligible for waivers.
At least 4 cr farmers to be benefited by debt waiver.
The waiver amounts to 4% of total loans, is worth Rs 60,000 cr and is to be completed by June 2008.
Waiver of loans for small farmers holding up to 1-2 hectares.
Uproar in the Lok Sabha over PC's proposal on farmers.
All loans for farmers due up to 31 Mar 2007, have been waived.
Rs 75 cr for mobile soil-testing labs in 260 districts.
Banks to disperse agricultural credit of Rs 2,80,000 cr.
Rs 16,202 cr for schemes with 30% women representation.
Urban infrastucture spending raised to Rs 6,870 cr.
Allocation of Rs 1000 cr to Ministry of Minority Affairs.
Rs 650 cr for model school programmes, 6000 new schools.
Health insurance of Rs 30,000 for BPL families.
Rs 195 cr for ST development programmes.
Rs 164 cr for OBC developement programme.
Rs 804 cr towards SC development programmes.
Rs 500 cr for the development of NE regions.
Rs 1,200 cr for sanitation programmes.
Rs 750 cr will be allocated towards 1 lakh scholarship.
Rs 70,200 cr allocated for drinking water mission.
All knowledge bodies to be connected via broadband.
Remuneration of Anganvadi workers to be increased to Rs 1,500 pm.
Total plan spending allocated Rs 2lakh 40 thousand cr.
Health spending to increase by 15 %.
Secondary education Scheme Rs 4,554 crore.
Upgraded mid day meal scheme to help 2.5 cr children.
Rashtriya Swasthya Bima Yojana for every worker under BPL category.
Rs 100 cr for setting up National Knowledge Network.
Age limit for Science scholarship raised.
Mid day meals extended to upper primary classes
16 central universities and 3 IITs will be set up.
Sarva Shiksha Abhiyan gets Rs 13,100 crore.
Agricultural credit poised to reach 2lk 40,000 cr by Mar 2008.
2008-09 should be the year of consolidation.
Education allocation has been increased by 20 %.
Govt will closely monitor capital inflows.
Rs 31,280 Crores allocated for Bharat Nirman programme. Mid day meal scheme the largest in the world.
Determined to become self sufficient in food grains.
Estimated output of food grains at 219.32 mln tonnes.
Growth will be led by services and manufacturing sector.
Manufacturing sector to grow by 9.4%.
Services sector to grow by 10.8%.
Confident of maintaining average growth rate of 8.8%.
Agricultural growth pegged at 9.2%.
PC starts his budget speech in the Lok Sabha.
Expectations range from tax cuts to fiscal discipline.
PC enters the Lok Sabha to present his budget speech, greeted with noisy protests and slogans from the opposition benches.
The Agri sector may get more benefits in this budget.
Next year being an election year, PC is expected to present a populist budget.
Budget is expected to be presented at 11.00 am.
P Chidambaram arrives at parliament.
PC set to present his 7th Union budget.
Taxes
Banking transaction tax to be removed.
Short term capital gains tax to be hiked to 15%.
Commodities Transactions Tax to be introduced.
5-yr tax holiday for all hospitals.
Women exemption threshold extended from Rs 1,45,000 to 1,80,000.
No change in coporate income tax rate, surcharge stays.
Income tax exemption limit raised to Rs 2,25,000 for senior citizens.
Exemption limit increased from Rs 1,10,000 to Rs 1,50,000 for all assesses.
Tax to GDP ratio of 9.2%.
Watch this space for more on taxes...
Will the FM make the salaried class happy?
Markets
Power transmission cos shares gain on national power fund.
Pharma stocks gain considerably inspite of budget allocation for healthcare sector.
Securities Transaction Tax to be treated like deductible expenditure.
Commodities Transactions Tax to be introduced.
Tea stocks gain on Rs 40 crore fund
Education cos gain on FM proposal for 20% higher education spending.
Develop market for currency and interest rates.
Capital inflows in excess of economic deficit .
Increased allocation to Bharat Nirman Program; positive for Infra sector.
PSU Bank stocks down after marginal farmers' debts waived off.
Wipro (2.53%), Bharti Airtel (2.31%), Tata Motors (2.22%), Hindalco Industries (2.08%) and ICICI Bank (2.04%) were the biggest Sensex losers.
The market lost some ground as Chidambaram made higher allocation for education and healthcare, with little mention about capital markets.
Govt will closely monitor capital inflows.
Biggest index losers - HDFC (down 1.27%), ICICI Bank (1.22%), Infosys Technologies (1.22%), HDFC Bank (0.89%) and Bharti Airtel (0.89%).
Sensex recovers by 53 points.
Sensex down by 184 points.
Rupee inches lower, awaits budget
Sensex opens 0.25 pct down ahead of budget.
Brokerages anticipate pleasant surprises in Budget, bet on rally.
Govt hints at pro-market policies; greater role for MFs, insurance cos.
Watch this space for latest on markets.
Markets waiting for goodies from PC.
Prices
Excise duty of Rs 4.6/litre on unbranded diesel
Excise duty of Rs 1.35/litre on unbranded petrol
Two and three wheelers to cost less
NO FBT on creche, employee sports facilities
Excise on small cars cut to 14%
Prices of non-filter cigarettes to go up
Reduce excise duties on anti-AIDS drugs
Excise duty cut on wireless data cards
Reduce duties on steel melting scrap, aluminum scrap
Fully exempt duties on Set top boxes
Duties on convergence products slashed to 5%
Keeping inflation under check is the cornerstone of our policy: PC
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