Union Budget 2008-09 farmer friendly
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- Banking transaction tax withdrawn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- Duty withdrawn on naptha for production of polymers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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