Central sales tax cut to 2% from 3% Banking cash transaction tax withdrawn Changes in I-T slabs 30% income tax for income above Rs 5 lakh 20% income tax for income in the range of Rs 3-5 lakh 10% income tax for income in the range of Rs 1.5-3 lakh I-T exemption limit for senior citizens goes up to Rs2,25,000 I-T exemption slab for women at Rs 1,80,000 I-T exemption limit goes up to Rs 1,50,000 Scope of fringe benefits reduced No change in corporate tax structure Five-year tax holidays to set up hospitals in India, except some urban pockets Short-term capital gains tax hiked to 15% Levy of STT only on options premiums To introduce commodities transaction tax (like STT) Dividend distribution tax unchanged at 15% Cars to get cheaper Excise duty on small cars cut to 12% vs 16% Cigarette prices to go up Excise duty on buses & chassis cut from 16% to 12% Anti-AIDS drug totally exempt from excise CENVAT reduced from 16% to 14% on all goods Excise on coconut water, puffed rice down to zero from 16 pc Customs duty on phosphoric acid cut to 5% vs 7.5% Customs duty halved to 5 pc on specified life-saver drugs No change in peak Customs duty Duty on project imports cut to 5% vs 7.5% Steel scrap duty reduced to zero Plan expenditure estimate at Rs 2,43,386 crore Fiscal target under FRBM Act will be met Revenue deficit for 2007-08 at 1.4% vs estimate of 1.5% 6th Pay Commission report by March 31, 2008 Central Plan Scheme Monitoring system to be set up Rs 50 cr for raising Tiger Protection Force Rs 100 cr each for Mahatma Phule institute, Mysore and Delhi varsities Defence allocation at Rs 1,05,000 cr Defence allocation goes up by 10 pc Social security for unorganised sector Two separate funds for SIDBI To ask States to help develop National Securities market Difference in state duties, levies hampering securities market Rs 50,000 cr fund to be created by NABARD Rs 12966 cr for National Highway plan Rs 450 cr provision for textile parks Rs 44 cr for upgradation of 22 Sainik schools Rs 50,000 cr fund to be created by NABARD Rs 12966 cr for National Highway plan Rs 450 cr provision for textile parks To expand market to corporate bonds PAN requirement extended to all financial markets NELP-VII to attract investment worth $3.5-8 b Dollar sterilisation cost via MSS at Rs 8,351 cr for 2007-08 Steps to open bidding for 5 more UMPPs All 30 integrated textile parks approved Coal regulator to be set up Fertiliser subsidy to continue Power generation in 11th plan period at 77,500 MW Rs 800 cr for accelerating power reform in FY09 National fund for power transmission & distribution Risk capital fund in SIDBI To take manufacturing growth rate to double digits Capital goods' growth still healthy at 20.2% Debt waiver scheme to be completed by June 2008 Rescheduled farm loans will also be eligible for waiver Total loan waiver at Rs 60,000 crore Other farmers to get one time settlement on payment of 75 pc debt Waiver for farmers holding up to 2 hectares Protests by Opposition after FM announces loan waiver Loan waiver and debt relief for farmers All loans up to March 2007 to come under the scheme Small and marginal farmers to get complete loan waiver Rural credit target to go up to Rs 80,000 cr Rs 20,000 crore to be spent on irrigation Rs 540 cr for minority concentration districts Rs 75 crore for 250 mobile soil testing labs 30 lakh SHGs to get special attention Rs 33,434 cr for child specific schemes Rs 105 cr for 3 National Financial Corporations for weaker sections LIC to cover all women SHGs linked to banks Rs 3,966 cr for SC, ST, OBC schemes Rs 300 cr allocated to Chennai desalination plant Allocation to Ministry for minorities doubled to Rs 1,000 cr Rajiv Gandhi drinking water mission to get Rs 7300 cr (from Rs 6500 cr) Rs 16,000 crore for rural jobs Rs 400 crore for National Programme for the elderly Rs 500 crore for Arunachal Pradesh and other border areas of the NE Total allocation to NE increased to Rs 16447 crore Schemes for minorities More minority candidates for central para military forces Allocation to ICDS hiked to Rs 6,300 cr Allocation to JNURM hiked to Rs 6,866 cr from Rs 5,482 cr Allocation to ICDS hiked to Rs 6,300 cr Impact of US slowdown on emerging markets not clear Rs 100 cr for IT ministry to link knowledge institutes Health cover of Rs 30,000 for ever worker in BPL category To set up IISCs in Bhopal and Thiruvananthapuram Impact of US slowdown on emerging markets not clear Rs 100 cr for IT ministry to link knowledge institutes Health cover of Rs 30,000 for ever worker in BPL category Allocation for AIDS programme Rs 999 cr NREGS extended to all 596 rural districts; allocated Rs 16,000 cr To spend Rs 1,042 cr to eradicate polio Health allocation hiked to Rs 16,534 cr Anganwadi workers’ pay hiked 1 new IIM to be set up at Shillong Navodaya vidyalayas to get Rs 130 crore 6,000 high-quality schools to be built by FY09 Mid-day meal scheme to cover 13.9 crore students Gross budgetary support at Rs 2.28 trillion Sarva Siksha Abhiyan to get Rs 13,100 cr 16 more central varsities IITs for AP, Bihar and Rajasthan Global markets weak since Aug, impact on local market unclear Need to be vigilant on global risks 8% GDP in 12 successive years Global markets weak since Aug, impact on local market unclear Need to be vigilant on global risks Agriculture estimated to grow at 2.6% in FY08 Education sector to get Rs 34,400 crore, up 20 pc Bharat Nirman to get Rs 31,282 crore Farm credit to touch Rs 2.4 lakh crore by year end Balancing supply-side most important Services, manufacturing to drive growth 2007-08 most challenging year Checking inflation top priority RBI takes measures to monitor capital inflow New initiatives for Agri sector Agri growth for whole year estimated at 2.6 pc Confident of 8.8 pc growth rate Chidambaram begins Budget speech