Union Budget 2007-2008

28 Feb '07

4 min read

Union Finance Minister PC has just risen in the Parliament to read his Budget 2007-2008 speech. Fibre2fashion is previleged to bring his announcements and pronouncements on the Budget 2007-2008 live.

Following are the highlights of P Chidambaram's presentation of the Indian Union Budget 2007-2008:

Growth rate of GDP improved by 9 percent in 2006 & 9.2 percent in 2006-07

Average growth 8.6 percent

Foreign Exchange reserves 180 billion

Service sector growth 11.2 percent

Economic reform fiscal stability expected

Bank credit up 29 percent

Supply crunch in commodities

Govt may take measures to curb inflation

Average inflation estimated at 5.2 to 5.4 percent

Emphasis on rural housing

Bharat Nirman continues to make impressive progress

Global equity to increase

10 percent GDP expected

GDP growth for this fiscal 8.5 percent

More services to be brought under Service tax net

Govt may charge 8 percent tax on all services with Rs10 lakh annual turnover

Rs2700 cr extra for IITs and IIMs likely

Rural roads schemes to get around Rs6500 cr

Ideal corporate tax seen at 25 percent by the industry

Forward Markets Commission bans futures trading in wheat & rice to curb inflation

Correction in inverted duty structure & reduction in FBT

11th plan to focus on faster growth

Expert panel set up for comex

Agri growth 2.3 percent

Govt to monitor hoarding

7.83 lakh rural houses built

Govt committed to stability

School education allocation up 35 percent to Rs23,142 crore

New scholarship for 8th std students to prevent dropouts

Govt to construct 5 lakh more classrooms

Sarv Sikhsha Abhyan to get Rs10,000 crore

NREGS to get Rs12,000 crore allocation

One lakh scolarships to be awarded this year

Bharat Nirman allocation up by 34.2 percent

Bharat Nirman to remain cornerstone

Gross budgetary support to be substantially hiked Forex reserves surge to $180 bn

Bank credit up 29.6 percent YoY this fiscal so far

Forex reserves surge to $180 billion

Supply constrains can upset the economy

Gross budetary allocation to be hiked

Allocation to sanitation will be Rs950 cr

States also should take measures to curb inflation

64,000 villages provided with drinking water

Proposal to perk up agriculture to be announced

Agri growth in 10th plan below expectation

Rs7,320 cr for mid-day meal

No attempt to check staff absenteeism in public sector

Farm credit outlay hiked to Rs2,25,000cr

Urban employment allocation increased to 340-cr

Schemes for SC/ST have been increased to 17k-cr

Agriculture: Targets doubling seed production in 3 years

Agriculture: Rs100cr for Rainfed Area Development

Low demand slows employment guarantee scheme

Agriculture: Govt to fund for expansion of IIPR, Kanpur

Farm credit growth doubled in 2-yrs

Additional Rs1800-cr to NABARD

Nabard to issue Rs5,000cr rural bonds, to be guaranteed by Govt

1.5 million households to benefit over time from Aam Admi Yojana

Govt to extend death and disability cover for unorganised workers

Rs11,000 crore outlay for irrigation projects

FDI at $12.5 bn outpaced FII investment in April-December 2006

130 more districts under NREGA

NHB to introduce reverse home mortgage for senior citizens

Merchandise exports set to cross $125bn by fiscal-end

Tourist infra allocaiton to go up to Rs520 crore

RRB to be allowed to accept NRE deposits

PAN must for all market transactions

MFs should launch dedicated infrastructure funds

300 ITIs to be updated

WB signed agreement for revival of 5,763 waterbodies in TN

Defence allocation to go upto Rs96,000 crore

India Intl Dev Co-op Agency to consolidate $1 billion development co-operation to other countries

Autonomous Debt Management Office to be set up

Rs150 crore allocated to Commonwealth Games in New Delhi

e-gov expenditure hiked

E-governance gets 7, 19 crore

Sabarmati Ashram, Sevagram Ashram, Bhandarkar Institute, Nehru Memorial to get centenary funds

Govt allows delivery based short selling by institutions

Govt to consult RBI on IIFC floating two overseas arms

2 funds to be introduced by NABARD for financial inclusion

Insurance laws to be amended in the Budget session

1 lakh jobs for physically challenged every year

Govt deal with states to phase out CST, rate reduced from 4 to 3

Exemption limit for

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