Indian Budget 2008-2009 Highlights

Budget 2008-09: Highlights

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• Rs. 60,000 Crore Agricultural Debt Relief Package; Complete Loan Waiver For Small And Marginal Farmers; 4 Crore Farmers To Benefit 

• Rs.2,80,000 Crore Target Set For Farm Credit In 2008-09; Short Term Crop Loan To Continue At 7 Per Cent Interest 

• Irrigation And Water Resources Finance Corporation To Be Set Up;  Rainfed Area Development Programme To Be Started 
  

• Rs.3, 966 Crore For Schemes For Scs And Sts; Rs. 18,983 Crore For Schemes Earmarking 20 Per Cent Funds For Scs And Sts 
  

• Multi-Sectoral Development Plans For All 90 Minority Concentration Districts 
  

• All Women Self Help Groups Credit-Linked To Banks To Be Covered Under Janashree Bima Yojana 
  

• National Rural Employment Guarantee Scheme To Cover All 596 Rural Districts 
  

• A National Programme To Be Launched For The Elderly 
  

• Rashtriya Swasthya Bima Yojana For  Workers Under Bpl Category  In Unorganized Sector 
  

• A Statement On Child Related Scheme Introduced In The Budget For The First Time
  

• Mid-Day Meal Scheme To Be Extended To Upper Primary Classes In All Blocks
  

• Special Mechanism For North-Eastern Border Areas

• Government To Establish 16 Central Universities
  

• 3 Iits, 2 Iisers And 2 Schools Of Planning And Architecture To Be Established
  6,000 High Quality Model Schools To Be Opened
  

• New Scholarship Scheme For Promoting Innovations In Science

• Each District To Have A Nehru Yuva Kendra Schools

• In Water Deficient Habitations To Have Drinking Water Systems
  

• Subsidy On Houses Under Indira Awas Yojana Increased From Rs. 25,000 To Rs. 35,000 In Plain Areas And From Rs. 27,500 To Rs. 38,500 In Hill/Difficult Area
• Rs. 1000 Crore Provided For Aam Adami Bima Yojana
• Allocation Under Indira Gandhi Old Age Pension Scheme Increased From Rs. 2392 Crore To Rs. 3443 Crore
  
• Rs. 32,667 Crore Provided For Food Subsidy Under Public Distribution System
  
• Rs. 1000 Crore Provided For Establishing A Non-Profit Corporation For Skill Development
  
• Rs. 750 Crore Allocated For Upgrading 300 Itis
  
• Six Mega-Clusters Planned For Handlooms, Powerlooms And Handicrafts
  
• Government To Provide Rs. 16,436 Crore As Equity Support And Rs. 3,003 Crore As Loans To Central Public Sector Enterprises
  
• Backward Region Grant Fund Retained At Rs. 5,800 Crore; Bihar, Orissa And Uttar Pradesh To Get Nearly 45 Per Cent Of The Amount
  
• Income Tax Exemption Limit Hiked To Rs. 1.5 Lakh; 10 Per Cent Tax For Income Between Rs. 1.5 Lakh And Rs. 3 Lakh; 20 Per Cent Between Rs. 3 Lakh And Rs. 5 Lakh.  Income Above Rs. 5,00,001 To Attract 30 Per Cent Income Tax
  
• Exemption Limit For Women Tax Payers Increased To Rs. 1,80,000 And For Senior Citizens To Rs. 2,25,000
  
• No Change In Corporate Income Tax Rates And Surcharge
  
• No Change In The Peak Rate Of Customs Duty
  
• Customs Duty On Project Imports Slashed From 7.5 Per Cent To 5    Per Cent
  
• Duty On Steel And Aluminnum Scrap Abolished
  
• Excise Duty On Pharmaceutical Sector Reduced From 16 Per Cent To 8 Per Cent
  
• Small Cars, Two And Three Wheelers, Buses And Their Chassis To Cost Less
  
• Non Filter Cigarettes To Cost More, Excise On Non Filter Cigarettes Will Be At Par With Filter Cigarettes
  
• Four More Services Brought Under Service Tax Net
  
• Threshold Limit Of Exemption For Small Service Providers Increased From Rs. 8 Lakh To Rs. 10 Lakh
  
• Customs Duty On Crude And Unrefined Sulphur Brought Down From 5 To 2 Per Cent
  
• Export Duty On Chrome Ore Increased From Rs. 2000 To Rs. 3000 Per Metric Tonne 
  
• Cenvat On All Goods Reduced From 16 To 14 Per Cent
  
• Central Sales Tax Proposed To Be Reduced To 2 Per Cent From     April 08 
  
• Excise Duty On Bulk Cement Brought On Par With Packaged Cement; Clinkers To Attract Excise Duty Of Rs. 450 Per Metric Tonne 
  
• Pan Made Compulsory For All Transactions In The Financial Market Subject To Suitable Exemption Limit 
  
• Allocation For Defence Increased By 10 Per Cent From 96,000 Crore To Rs. 105,600 Crore 
  
• Revenue Deficit Estimated At Rs. 55,184 Crore 
  
• Fiscal Deficit Pegged At 2.5 Per Cent Of Gdp