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Budget India 2008 Highlights and Main Points

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  1. #1
    Khabri
    Khabri is offline eTI Iron

    Budget India 2008 Highlights and Main Points

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    Union Finance Minister P Chidambaram on Friday unveiled the much-awaited General Budget for the fiscal 2008-09 in the Parliament.

    Here are the major highlights:
    - Personal income tax exemption hiked to Rs 1.5 lakh
    - Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
    - Tax exemption for women increased to Rs 1.8 lakh
    - New tax slabs: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent above 5,00,000
    - Excise on packaged softwares to be lower from 8% to 12%
    - No excise duty on refrigerating equipments
    - Anti-Aids drug exempted from excise duty
    - Small cars to become cheaper
    - Reduced excise duty on two, three wheelers
    - Excise duty on hybrid cars cut from 24 pct to 14 pct
    - Excise on small cars cut to 12 pct from 16 pct
    - Rs 50 cr for tiger conservation
    - Sixth Pay Commission report by March 2008
    - Defence allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr
    - 22 Sainik schools get Rs 44 crore
    - Rs 624 cr for Commonwealth Games
    - PAN sole identification in securities market
    - Debt waiver scheme and relief to small and marginal farmers
    - Duty reduced on life saving drugs
    - Rs 750 crore for upgradation of 300 ITIs in 25 districts.
    - No change in peak customs duty
    - Central sales tax cut from 3% to 2%
    - Govt withdraws banking transaction tax
    - Revenue implication of Indirect taxation to be 5900 cr
    - Direct taxation changes to be revenue neutral
    - Levy on STT only on option premiums
    - Commodities transaction tax introduced like STT
    - Short term capital gains to be taxed at 15%
    - No change in surcharge of corporate tax
    - Money changers and people running gains of chance and tour operators to be brought under service tax net
    - Revenue Deficit is Rs 55,184 cr at 1% of GDP and fiscal deficit is Rs 1,33,287 cr at 3.1% of GDP
    - Estimated planned expenditure at Rs 2,43,086 cr and non-panned expenditure Rs 57,409 cr
    - Central Plans Scheme monitoring system under Plan Panel to be unveiled
    - Non-agri peak rates for customs raises to 10% from 2% in 2004
    - Tax to GDP ratio at 9.2% in 2004 up by 12.5% in 2007-08
    - Custom duty on steel scrapped
    - Set-top boxes to become cheaper
    - Custom duty on vitamin pre-mixes to lower from 30% to 20%
    - Agri loans disbursed by rural banks, RRBs and Cooperative banks before March 2007 and overdue on Dec 2007 waived
    - Overdue agri loans amount to Rs 50,000 cr under the waiver and Rs 10,000 cr under the one time settlement
    - Implementation of waiver to be completed by June 2008
    - Farmers eligible for fresh agri loans post the waiver or one time settlement
    - Haryana and Chandigarh to introduce smart card based delivery system under PDS
    - National Agri Insurance scheme get Rs 640 cr
    - National Highway development program gets Rs 12966 cr
    - Rs 8000 cr plan for faster power reforms
    - National housing bank gets Rs 1,200 cr for refinancing
    - Govt asks commercial banks to add 250 rural household accounts every year in rural and semi-urban banks
    - States urged to open bidding for 5 more ultra mega power projects
    - All 30 integrated textile parks approved
    - Rs 340 cr insurance scheme to cover 17 lakh farmers and weavers
    - SITP gets Rs 450 crore
    - Rs 275 cr earmarked for state data centres
    - NHDP allocation up from Rs 10,866 cr to Rs 12,966 cr
    - Move towards nutrient-based fertiliser subsidy stressed
    - National fund for transmission and distribution reforms for power sector
    - FDI in Apr-Dec at $12.7 billion, FII inflow over $18 billion
    - PNB says banks to be reimbursed accordingly
    - Tea Research association gets Rs 20 cr
    - 500 soil testing labs to be set up in the 11th plan, govt to give 1 time budgetary assistance of Rs 75 cr to agri ministry for setting up mobile soil testing facilities
    - National Horticulure Mission to get Rs 1,100 cr
    - Govt sets up irrigation and water resource finance corp with an initial corpus of Rs 100 cr
    - Schedule Commercial Banks farm credit 75%
    - Micro irrigation scheme gets Rs 500 cr to cover 4,00,000 additional hectares
    - Rs 12050 cr for strengthening rural health services
    - 24 pct allocation hike for women, child development
    - Inflation will be kept under check
    - Jawaharlal Navoday Vidyalaya to be set in 20 new districts for SC/STs
    - Healthcare allocation to be raised by 15%
    - Bhopal and Tripura to get one IIScR each and 2 colleges of art
    - 3 IITs to be set up in Bihar, AP, Rajasthan
    - 288 public sector bank branches to be opened in areas with concentration of minorities
    - Irrigation outlay increased
    - National Minority Development and Finance Corp to get Rs 75 cr
    - Special attention, more funds for North East
    - 54 gender budgeting cells set up
    - Agriculture share in total investment up from 10.2% in 2003-04 to 16% during the 11th Plan
    - Agri credit target to be Rs 2,80,000 cr for 2008-09
    - LIC to cover all woman SHGs linked to the bank
    - Mobilisation of additional resources of Rs 10,000 cr as planned capital expenditure under Plan-B
    - Allocation for ministry of minorities doubled to Rs 1,000 cr
    - Schemes for woman to get Rs 1,460 cr this fiscal
    - Child related schemes to get Rs 33,434 cr
    - 54 departments to be set up gender budgeting divisions
    - Rajiv Gandhi drinking water mission to get Rs 7,300 cr
    - Rs 3,966 cr for SC/STs schemes
    - Allocation of Rs 75 cr for 2008-09 for the Rajiv Gandhi felicitation programme
    - Sanitation to get Rs1,200 cr
    - Rs 200 cr for providing portable water system in each school in areas of water scarce regions
    - IT industry gets Rs 100 cr for connecting knowledge institutions
    - NREGS to be extended to 596 rural distt with an outlay of Rs 16,000cr
    - The remuneration Angan Bari workers has been increased from Rs 1000 cr-1500 cr per month
    - Women entitled to equal share and equal say
    - Science scholarships for young learners
    - 16 Central universities to be set up
    - 6000 model high schools to be started
    - Science scholarships for young learners
    - Inflation will be kept under check
    - More allocation for polio and AIDS
    - Health covers of Rs 30000 for workers in unorganised sectors
    - Education sector gets a boost
    - Agri credit doubled in first two years
    - Bharat Nirman allocation to go up to Rs 31,280 cr from Rs 24,603 cr
    - Gross Budgetary support to be Rs 24,3386 cr about Rs 38,286 cr more than 2007-08
    - Agriculture credit to touch 2,40,000 cr in 2008
    - Focus on achievement of self-sufficiency in food grain
    - Soyabean output to be 9.45 mn tonnes
    - Maize production to be 16.78 mn tonnes
    - Rice production to be 94.08 mn tonnes
    - Total agri production to be 219.32 mn tonnes at all time high
    - Agriculture disappointing at average annual growth of 2.6%
    - Keeping inflation under check to be on focus
    - Focus on management of supply side of food, market, capital inflows next year
    - India has registered a growth of over 8%$ for 12 successive quarters till Dec 2007

    src:TimesofIndia

  2. #2
    estore
    estore is offline eTI Member

    Re: Budget India 2008 Highlights and Main Points

    nice information, interesting info

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