Friday, February 29, 2008

Indian Budget 2008 Live Updates

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%
5 year tax holiday to 2,3& 4 star hotels in UNESCO declared heritage site areas
5 year tax holiday for hospitals especially in tier 2 and tier 3 cities
No change in surcharge of corporate tax
For income upto Rs 1,50,000 tax liability will be nil, between Rs 1,50,000 and Rs 3,00,000 tax
liability will be 10% , from 3 lakh to 5 lakh tax liability will be 20%, from 5 lakh upwards it will be 30%
Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
Threshold tax exemption limit increased from Rs 1,45,000 to Rs 1,80,000 for women
Threshold limit of tax exemption increased from Rs 1,10,000 to Rs 1,50,000 for men
Filter and non-filter cigarettes to be brought at par

29 Feb, 2008, 1150 hrs IST,

Money changers and people running gains of chance and tour operators to be brought under service tax net

29 Feb, 2008, 1150 hrs IST,


Two wheelers to cost less, excise duty reduced by 10%

29 Feb, 2008, 1150 hrs IST,


Excise duty on pharma goods reduced to 8%

29 Feb, 2008, 1150 hrs IST,


Excise on packaged softwares to lower from 8% to 12%

29 Feb, 2008, 1150 hrs IST,


Bulk Cement to attract 400 per metric tonnes or 14% at adveloram, whichever is higher

29 Feb, 2008, 1150 hrs IST,


No excise duty on refrigerating equipments

29 Feb, 2008, 1150 hrs IST,


Anti-Aids drug exempted from excise duty

29 Feb, 2008, 1150 hrs IST,


Excise duty on small cars reduced from 16% to 12%
22 Sainik schools get Rs 44 crore
29 Feb, 2008, 1144 hrs IST,
300 more ITIs to be upgraded with an investment of Rs 750 cr

29 Feb, 2008, 1144 hrs IST,


PAN to be sole identification in securities market

29 Feb, 2008, 1144 hrs IST,


Exchange traded forex, rate derivative market to be launched

29 Feb, 2008, 1144 hrs IST,


Rs 450 crore provision for textile parks

29 Feb, 2008, 1144 hrs IST,


Coal regulator to be established

29 Feb, 2008, 1144 hrs IST,


Requirement of PAN extended to all financial transactions

29 Feb, 2008, 1144 hrs IST,


SIDBI gets 2 funds of Rs 2,000 cr

29 Feb, 2008, 1143 hrs IST,


NABARD gets Rs 5,000 crore fund for refinancing

29 Feb, 2008, 1143 hrs IST,


National housing bank gets Rs 1,200 cr for refinancing

29 Feb, 2008, 1135 hrs IST,
Schedule Commercial Banks farm credit 75%

29 Feb, 2008, 1128 hrs IST,


Micro irrigation scheme gets Rs 500 cr to cover 4,00,000 additional hectares

29 Feb, 2008, 1127 hrs IST,


Agriculture share in total investment up from 10.2% in 2003-04 to 16% during the 11th Plan

29 Feb, 2008, 1127 hrs IST,


Agri credit target to be Rs 2,80,000 cr for 2008-09

29 Feb, 2008, 1127 hrs IST,


LIC to cover all woman SHGs linked to the bank

29 Feb, 2008, 1127 hrs IST,


Mobilisation of additional resources of Rs 10,000 cr as planned capex under Plan-B

29 Feb, 2008, 1127 hrs IST,


Allocation for ministry of minorities doubled to Rs 1,000 cr

29 Feb, 2008, 1126 hrs IST,


Schemes for woman to get Rs 1,460 cr this fiscal

29 Feb, 2008, 1122 hrs IST,


Child related schemes to get Rs 33,434 cr

29 Feb, 2008, 1122 hrs IST,

Haryana, Chandigarh to introduce smart card based delivery system under PDS

29 Feb, 2008, 1145 hrs IST,


22 Sainik schools get Rs 44 crore

29 Feb, 2008, 1144 hrs IST,


300 more ITIs to be upgraded with an investment of Rs 750 cr

29 Feb, 2008, 1144 hrs IST,


PAN to be sole identification in securities market

29 Feb, 2008, 1144 hrs IST,


Exchange traded forex, rate derivative market to be launched

29 Feb, 2008, 1144 hrs IST,


Rs 450 crore provision for textile parks

29 Feb, 2008, 1144 hrs IST,


Coal regulator to be established

29 Feb, 2008, 1144 hrs IST,


Requirement of PAN extended to all financial transactions

29 Feb, 2008, 1144 hrs IST,


SIDBI gets 2 funds of Rs 2,000 cr

29 Feb, 2008, 1143 hrs IST,
States urged to open bidding for 5 more ultra mega power projects

29 Feb, 2008, 1135 hrs IST,


All 30 integrated textile parks approved

29 Feb, 2008, 1135 hrs IST,


Rs 340 cr insurance scheme to cover 17 lakh farmers and weavers

29 Feb, 2008, 1135 hrs IST,


SITP gets Rs 450 crore

29 Feb, 2008, 1135 hrs IST,


Rs 275 cr earmarked for state data centres

29 Feb, 2008, 1135 hrs IST,


NHDP allocation up from Rs 10,866 cr to Rs 12,966 cr

29 Feb, 2008, 1135 hrs IST,


Move towards nutrient-based fertiliser subsidy stressed

29 Feb, 2008, 1135 hrs IST,


National fund for transmission and distribution reforms for power sector

29 Feb, 2008, 1134 hrs IST,


FDI in Apr-Dec at $12.7 billion, FII inflow over $18 billion

29 Feb, 2008, 1134 hrs IST,
PNB says banks to be reimbursed accordingly
29 Feb, 2008, 1134 hrs IST,
OTS to cost govt Rs 10,000 cr

29 Feb, 2008, 1134 hrs IST,


Farmer loan waiver to cost govt Rs 50,000 cr

29 Feb, 2008, 1134 hrs IST,


Overdue agri loans amount to Rs 50,000 cr under the waiver and 10,000 cr under the OTS

29 Feb, 2008, 1133 hrs IST,


3 cr small and marginal farmers and 1 cr other farmers to be covered under the waiver and one time settlement scheme

29 Feb, 2008, 1132 hrs IST,


Implementation of waiver to be completed by June 2008

29 Feb, 2008, 1132 hrs IST,


Farmers eligible for fresh agri loans post the waiver or one time settlement

29 Feb, 2008, 1132 hrs IST,


Agri loans restructured in 2004-06 under special packages to be waived

29 Feb, 2008, 1131 hrs IST,


One time settlement agreement offered to other farmers with loans overdue on Dec 31, 2007 with a 25% discount

29 Feb, 2008, 1130 hrs IST,


Loan waiver amounts to 4% of total bank loans

29 Feb, 2008, 1130 hrs IST,

Marginal farmers holding 1 hectare land and small farmers holding upto 2 hectares of land to be waived

29 Feb, 2008, 1129 hrs IST,


Agri loans disbursed by rural banks, RRBs and Cooperative banks before March 2007 and overdue on Dec 2007 waived

29 Feb, 2008, 1128 hrs IST,


Debt waiver scheme and relief to small and marginal farmers

29 Feb, 2008, 1128 hrs IST,


Special purpose tea fund gets Rs 40 cr

29 Feb, 2008, 1128 hrs IST,


National Agri Insurance scheme get Rs 640 cr

29 Feb, 2008, 1128 hrs IST,


Tea Research association gets Rs 20 cr

29 Feb, 2008, 1128 hrs IST,


500 soil testing labs to be set up in 11th plan, govt to give 1 time budgetary assistance of Rs 75 cr to agri ministry for setting up mobile soil testing facilities

29 Feb, 2008, 1128 hrs IST,


National Horticulture Mission to get Rs 1,100 cr

29 Feb, 2008, 1128 hrs IST,


Govt sets up irrigation and water resource finance corp with an initial corpus of Rs 100 cr

29 Feb, 2008, 1128 hrs IST,

500 soil testing labs to be set up in 11th plan, govt to give 1 time budgetary assistance of Rs 75 cr to agri ministry for setting up mobile soil testing facilities
29 Feb, 2008, 1128 hrs IST,
National Horticulture Mission to get Rs 1,100 cr

29 Feb, 2008, 1128 hrs IST,


Govt sets up irrigation and water resource finance corp with an initial corpus of Rs 100 cr

29 Feb, 2008, 1128 hrs IST,


Schedule Commercial Banks farm credit 75%

29 Feb, 2008, 1128 hrs IST,


Micro irrigation scheme gets Rs 500 cr to cover 4,00,000 additional hectares

29 Feb, 2008, 1127 hrs IST,


Agriculture share in total investment up from 10.2% in 2003-04 to 16% during the 11th Plan

29 Feb, 2008, 1127 hrs IST,


Agri credit target to be Rs 2,80,000 cr for 2008-09

29 Feb, 2008, 1127 hrs IST,


LIC to cover all woman SHGs linked to the bank

29 Feb, 2008, 1127 hrs IST,


Mobilisation of additional resources of Rs 10,000 cr as planned capex under Plan-B

29 Feb, 2008, 1127 hrs IST,


Allocation for ministry of minorities doubled to Rs 1,000 cr

29 Feb, 2008, 1126 hrs IST,

LIC to cover all woman SHGs linked to the bank
29 Feb, 2008, 1127 hrs IST,
Mobilisation of additional resources of Rs 10,000 cr as planned capex under Plan-B

29 Feb, 2008, 1127 hrs IST,


Allocation for ministry of minorities doubled to Rs 1,000 cr

29 Feb, 2008, 1126 hrs IST,


Schemes for woman to get Rs 1,460 cr this fiscal

29 Feb, 2008, 1122 hrs IST,


Child related schemes to get Rs 33,434 cr

29 Feb, 2008, 1122 hrs IST,


54 departments to be set up gender budgeting divisions

29 Feb, 2008, 1121 hrs IST,


288 public sector bank branches to be opened in areas with concentration of minorities

29 Feb, 2008, 1121 hrs IST,


Rajiv Gandhi drinking water mission to get Rs 7,300 cr

29 Feb, 2008, 1121 hrs IST,


Rs 3,966 cr for SC/STs schemes

29 Feb, 2008, 1115 hrs IST,


Allocation of Rs 75 cr for 2008-09 for the Rajiv Gandhi felicitation programme

29 Feb, 2008, 1106 hrs IST,

Child related schemes to get Rs 33,434 cr
29 Feb, 2008, 1122 hrs IST,
54 departments to be set up gender budgeting divisions

29 Feb, 2008, 1121 hrs IST,


288 public sector bank branches to be opened in areas with concentration of minorities

29 Feb, 2008, 1121 hrs IST,


Rajiv Gandhi drinking water mission to get Rs 7,300 cr

29 Feb, 2008, 1121 hrs IST,


Rs 3,966 cr for SC/STs schemes

29 Feb, 2008, 1115 hrs IST,


Allocation of Rs 75 cr for 2008-09 for the Rajiv Gandhi felicitation programme

29 Feb, 2008, 1106 hrs IST,


National Minority Development and Finance Corp to get Rs 75 cr

29 Feb, 2008, 1106 hrs IST,


NE region to get Rs 1,455 cr as budgetary support

29 Feb, 2008, 1105 hrs IST,


NE region to continue getting special attention

29 Feb, 2008, 1105 hrs IST,


Sanitation to get Rs 1,200 crore

29 Feb, 2008, 1105 hrs IST,

Rs 200 cr for providing portable water system in each school in areas of water scarce regions
29 Feb, 2008, 1105 hrs IST,
IT industry gets Rs 100 cr for connecting knowledge institutions

29 Feb, 2008, 1104 hrs IST,


NREGS to be extended to 596 rural distt with an outlay of Rs 16,000cr

29 Feb, 2008, 1104 hrs IST,


The remuneration Angan Bari workers has been increased from Rs 1000 cr-1500 cr per month

29 Feb, 2008, 1104 hrs IST,


Two national institutes and 8 regional centres and one department of generatics in each state to be set up with an outlay of Rs 400 cr

29 Feb, 2008, 1104 hrs IST,


Rashtriya Swasthya Bima Yojna for 30,000 workers in organised sector in BPL category

29 Feb, 2008, 1104 hrs IST,


NRHM to get Rs 1,250 cr budgetary allocation

29 Feb, 2008, 1104 hrs IST,


Jawaharlal Navoday Vidyalaya to be set up in 20 new districts for SC/STs

29 Feb, 2008, 1104 hrs IST,


Healthcare allocation to be raised by 15%

29 Feb, 2008, 1104 hrs IST,


Bhopal and Tripura to get one IIScR each and 2 colleges of art

29 Feb, 2008, 1104 hrs IST,

3 IITs to be set up in Bihar, AP, Rajasthan
29 Feb, 2008, 1103 hrs IST,
16 new central universities to be built

29 Feb, 2008, 1103 hrs IST,


About 6,000 high quality schools to be built by 2009

29 Feb, 2008, 1103 hrs IST,


Education & health to get 20% more from Rs 28,674 cr to Rs 34,400 cr

29 Feb, 2008, 1103 hrs IST,


Bharat Nirman allocation to go up from Rs 24,603 cr to Rs 31,280 cr

29 Feb, 2008, 1103 hrs IST,


Gross Budgetary support to be Rs 24,3386 cr about Rs 38,286 cr more than 2007-08

29 Feb, 2008, 1102 hrs IST,


Agriculture credit to touch Rs 2,40,000 cr in 2008

29 Feb, 2008, 1102 hrs IST,


Agri credit doubled in first two years

29 Feb, 2008, 1102 hrs IST,


Focus on achievement of self-sufficiency in food grain

29 Feb, 2008, 1102 hrs IST,


Soyabean output to be 9.45 mn tonnes

29 Feb, 2008, 1102 hrs IST,

India produces 9 lakh tons less sugar in Q1
17 Feb, 2008, 1209 hrs IST,
Sugar production by India is estimated to have declined by nine lakh tons in the first quarter of FY-08 due to delay in start of sugarcane crushing by the mills.
Centre's gross mkt borrowings at Rs 1,89,000 cr till Feb 1

10 Feb, 2008, 1624 hrs IST,
The Centre has mobilised Rs 1,89,000 crore till February 1, which is 97.1 per cent of the budgeted gross market borrowings of Rs 1,94,455 crore for the current fiscal.

Imports of sensitive items rise by 11 pc

12 Feb, 2008, 1518 hrs IST,
India's imports of sensitive items, including edible oil, have gone up 11.1 per cent to Rs 20,589 crore during April-December period of the current fiscal from Rs 18,532 crore a year ago.

Govt may avoid 'hard decisions' in Budget: Yashwant Sinha

23 Feb, 2008, 2157 hrs IST,
Former Finance Minister Yashwant Sinha said this year's Budget could be a "please all Budget," avoiding "hard decisions".

Wishlist: People expect living standards to improve

15 Feb, 2008, 0008 hrs IST,
The Economic Times-Hansa Research Mood of the Nation Poll says that the majority of the people expect living standards to improve only a little over the course of next year.

Pre Budget Survey: Mood of the nation

18 Feb, 2008, 1135 hrs IST,
The Budget needs to keep the India story going even as the global economic outlook remains bleak.

Source: http://budgetwithet.economictimes.indiatimes.com/

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