Union Budget 2008-09 farmer friendly

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New Delhi, Feb 29: FM Chidambaram presents the much-awaited Budget for the year 2008-09 today in the Parliament. The industry brands it a balanced budget but a farmer-friendly one foremost.

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12:51 pm

- Sensex down 450 pts at 17,459 points

- Excise duty of Rs 1.35/litre on unbranded petro

- Excise duty of Rs 4.6/litre on unbranded diesel

- Commodities Transactions Tax to be introduced

- Banking transaction tax withdrawn

- Reduce central sales tax to 2 pc

- Securities Transaction Tax to be treated like deductible expenditure

- Commodities Transactions Tax to be introduced

12:48 pm

- Personal income tax exemption limit hiked to 1.5 lakhs

- Rupee appreciated by 9.6% against dollar during the fiscal

- Short term capital gain tax hiked by 15 pc

- Coir board exempted from income tax

- No FBT on creche, employee sports facilities

- 5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites

- 5 yr tax holiday for hospital sector to ensure rural devp

- Tax exemption for Senior citizens is 2.25 pc

- Steps to strengthen bond market

12:42 pm

Tax slab: Rs 1.5 lk to3 lk- 10 pc

Rs 3 lk- 5 lk- 20 pc

Rs 5 lk and above- 30 pc

- Tax exemption for women raised to Rs 1.8 lk

- Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000

- Tax exemption limit upto 1.5 lakh

- No changes in corporate income tax

- No surcharge in Corporate tax

- Excise duty slashed to 8 pc on water purification items

- Duty withdrawn on naptha for production of polymers

- Refigeration components to become cheaper

- Duty on non filter cigarettes to be raised

12:36 pm

- Pharma tax cut by from 16 pc to 8 pc

- General CENVAT rate on all goods from 16 pc to 14 pc

- Excise duties on buses, chassis slashed

- Reduce excise duties on anti-AIDS drugs

- Excise on small cars from 16 pc - 12 pc

- Excise on pharma goods slashed to 14 pc

- Excise duty cut on hybrid car from 24 pc to 14 pc

- Tax-GDP ratio up at 12.5 pc

- Excise on paper and paper products reduced

- IT harware components exempted from custom duty

- Fully exempt duties on Set top boxes

- Reduce tax on bulk-drugs by 5 pc

- Increase export duty on coal

12:27 pm

- Exempt duty on raw materials for sports prod

- No custom duty on steel scrap, aluminum scrap

- Duty in convergen products reduced to 5 pc

- No change in peak rates in custom duty

- Planning Commission to evaluate major schemes

- Revenue Deficit will be 1.4 pc agt Budget Estimate of 1.5 pc

- Deficit at 3.1 pc vs budget estiomate at 3.8 pc

- Sixth Pay Panel report March 31, 2008

12:22 pm

- 50 cr allocation for tiger conservation solely to set up Arms and Deploy Tiger Protection Force

- Rs 75 cr for Indian Council of Cutural Centre

- Govt to set up Institutional mechanism to ensure clean tech products, control fuel efficiency and emission

- Addtional capital for Defence if needed

- Allocation for Defence to be increased upto 10pc to Rs 1,05,600 cr

- Smart-card based PDS system in Haryana, Chandigarh

- Rs 32,676 crore as subsidy to PDS

- PDS to be strengthened

12:15 pm

- Allocation of Rs 44 cr to 22 Sainik schools each

- Rs 75 cr to Agri Ministry to make soil testing labs in 250 districts

- To be set up forex derivative market

- Rs 15,000 cr for a non-profit body for skilled dev programme

- Risk Capital Fund to be set up in SIDBI

- More transparency in the derivative market

- Develop bond, derivative market

- Accelerated power development programmes to get Rs 8,000 cr

- Ultra mega power project at Tilana shortly

- PAN to be extended in all transactions in market, fin sector

- Rs 12,956 Cr for NHDP

12:09 pm

- National Highway Devp to get 12966 cr

- Banks to be encouraged to embrace total financial inclusion

- 30 integrated textile parks to be set-up

- Rs 450 cr for textile parks

- Manufacturing growth rate to be taken to double digit

- Rs 800 cr for power reforms

- 17 lakh families of weavers under Health Insurance

- Coal regulator to be set up NELP-7 to attract upto $8 mn investment

- Foreign invt up to $8 bn expected for oil block exploration

- Coal regulator to be set up

12:06 pm

- 75 cr for Communication centres

- 1680 cr for IT sector for establishing broadband internet enabled centres in rural area

- State area computer network to be established

- FDI inflows in Apr-Dec 2008 is $12.7 bn

- RIDF corpus to be hiked to Rs 14,000 cr

- 11th plan to give more power generation

- RIDF key to channelise bank funds

- Farm Loan waiver negative for PSU banks- PSU bank stocks down

11:56 am

- - Loan Waiver to benefit 4 cr farmers, will be completed by June 2008

- The total loan waivers estimated around 60000 cr

- 3 cr small, marginal farmers will benefit from this scheme

- One time settlement for al other farmers

- Sensex down 250 points

- Implement for debt waiver, debt relief will be completed by Dec 31

- Restructured and rescheduled farm loans will also be under loan waiver

11:48 am

- Special grant of Rs 20 cr to Tea Research Association

- Weather-based crop insurance scheme to get Rs 50 cr

- Scheme of debt waiver and debt relief for farmers

- National Horticulture Mission gets Rs 1,100 cr

- All agri loans by Govt banks will be covered under Govt Waiver Scheme

- For Marginal famers, small farmers (holding upto 1-2 hectare land) complete waiver of all loans

11:45 am

- Rashtriya Krishi Vikas Yojana to get Rs 2,80,000 cr

- Govt to continue providing fertilizers to farmers at subsidized rate

- Rajiv Gandhi Drinking MIssion to get 7300 cr

- 53 minor irrigation programmes to be implemented

- More funds for cardamom, coffee growing

- 24 pc increase in allocation for child development

- Ministry of Woman and Child Dev gets Rs 7,200 cr

- Target of Rs 2.80 lakh cr for agri-credit in 2008-09

- 500 soil testing laboraties in 11th plan period

- Rs 1,042 cr for anti-Polio drive

- 75 pc farm credit for scheduled banks


11:39 am

- Rs 200 crore for potable water in schools

- LIC to cover all women SEGs

- NE to get 14 pc more fund

- Rs 500 cr for devp of border areas

- Minority Affairs Ministry fund doubled to Rs 1,000 cr

- 288 PSU bank branches in minority districts

- 2 laks 80 thousand for allocation for agri devp

- More minority recruitments in central para-military forces

- Sanitation programmes to get Rs 1200 cr

- 2 National Institutes for elderly

- Allocation for Ministeries of Minorities increased to 1000 cr

11:34 am

- 11,460 cr for 100 pc Women Specific scheme

- 16022 cr for schemed of which 30 pc is women-specific

- 4 more gender specific budgeting for more depts

- National Minorities Development Corp to get Rs 75 cr

- Subisidiary under Indira Awaaz Yojna raised to Rs 35000

- Rs 75 cr for Rajiv Gandhi Natl Fellowship Programme

- Rs 300 cr to desalination plantnear Chennai

- ICDS alloaction hiked to 6300 cr

- SC/ST edu, economically backward classes and other minorities to get specialattention

11: 28 am

- NREGs to be extended to all districts alloaction of 16000 cr

- Food supply management crucial task

- 6000 high quality model schools to be built by FY09

- NE to recieve special allocation

- Rajiv Gandhi Drinking Water mission allocation hiked

- To alloacte 100 crore to IT ministry to network all edu institutions

- Designing schools to get rs 44 cr for infra devp

11:25 am

- National Programme for the Elderly to be set up

- Anganwadi heplers salary to be increased from Rs 500 to Rs 750

- Anganwadi workers renumeration to be increased

- 1 cr workers to be covered under aam-admi vima yojna

- 3 IITs in AP, Bohar, Rajasthan

- To set up IISCs in Bhopal and Trinvandrum

- Health alloaction up by 15 pc

- National Rural Health allocation up by 15 pc

- 2 schools of Planning and Architecture

- Secondary education Scheme Rs 4,554 crore

11:21 am

- Sensex down 17 points

11:20 am

- 16 Central Universites to be set-up

- Service sector to grow 10.7 pc

- Groo Budgetry Support at 243,286 crore

- Mid-day meal scheme extended to upper primary classes

- Govt determined to make India self-sufficient in food

- Rs 10 cr for Nehru Kendras in 110 districts

- Bharat Nirman to get 31,280 crores

- Mid-day meal to get 8000 crore

- Navodiya Vidyalayas in 6,0-00 districts

- Education to get 34,400 crores

- Sarva Shiksha Abhiyaan gets Rs 13,100 cr

- 6,000 model high schools to be set up

11:15 am

- Education, health alloaction upto 20 pc

- 2008-09 will be year of consolidation

- Budget 08-09 about raising our sights, doing bette

- Capital inflow excess of economic deficit

- Agri credit doubled in 2 years

- Impact of global mkts on local mkts unclear

- Govt, RBI to jointly work to check capital inflow

- Agri growth rate 2.67 pc

- Food grain output at all time high in 2007-08

- Agri credit will be doubled in Mar 2008

11:11 am

- Govt will check foreign fund inflow

- To ensure stable markets

- Total output of food grains 219.32 mn tonnes

- Launches Rashtriya Krishi Vikas Yojna

- Sustained progress thanks to economic reforms

- Agri credit doubled in first 2 years of UPA rule

- Capital inflow needs to be managed

- Need to be vigilant in global risks

11:08 am

- Agriculture was diappointing

- 8.8 pc GDP growth in 12 successive year

- FM is confident of maintaining 8.8 pc growth

- We will check inflation: FM

- Capital inflows poses a challenge to monetary management

- Crude oil down significantly

- Service sector is the driver of Budget

11:05 am

- Growth rate in 8.8 pc last FY

- FM P Chidambaram begins addressing Parliament

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