Union Budget 2008 - 2009 : Highlights

• A scheme of debt waiver and relief for small and marginal farmer announced. Loan given up to 31^st March 2007 will be covered under the scheme. The scheme will be for farmers owning 1-2 hectares. Implementation of the scheme will be completed by June 30, 2008. All the loans given by cooperative credit society, rural banks and scheduled commercial bank. The scheme involved loan liabilities of Rs. 60,000 crore and 4 crore farmers will get the benefit. Other farmers will be given option to go for one time settlement.

• Excise duties on buses, small cars, 2-3 wheelers reduced

• 20 % increase in education sector allowance. Educomp or Everonn Systems may get benefits. Scholarship for science student.

• 13.9 crore children to be covered under the mid day meal scheme.

• Rs. 11460 crore for women specific schemes. 24 % increase in allocation for women and child welfare.

• Rs. 5500 crore for Rural Electrification.

• IT allowance increased by about 10 % to Rs. 1600 crore.

• NABARD will get fund.

• NHB will get funds for refinancing for rural housing.

• Defense allocation up by 10 % .

• Steel, Aluminum, scrap duty reduced to 0.00, customs duty on life saving drugs reduced to 0.00.

• Duty exemption of naphtha withdrawn.

• Packaged software excise duty increased to 12 %.

• Limit of exemption increased to 1,50,000 vs 1,10,000. For senior citizens the exemption limit is 2,25,000.

• Banking cash transaction tax withdrawn.

• Cigarettes : Excise duty for non-filter cigarettes not exceeding 60mm in length is increased from Rs. 168 to Rs. 819 per 1000 pieces of cigarettes. Excise duty on filtered cigarettes in length between 61mm - 70mm is increased from Rs. 548 to Rs. 1323 per 1000 pieces of cigarettes.