ECONOMY
* GDP growth seen 9.2% in FY07.
* Average GDP growth rate 8.6% in three years of UPA coalition govt.
* Agriculture sector average growth 2.3% in 10th Plan, below targeted 4%.
* Foreign trade growing at double of domestic growth.
* Gross domestic capital formation up 23.7%.
* Savings rate estimated at 32.4% in FY07.
* Apr-Jan FDI at $12.5 bln; outpaces portfolio investment.
* 1.65 trln rupees investment by central PSUs FY08.
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GOVT FINANCES
* Govt targets FY08 revenue deficit 1.5% of GDP
* Govt targets FY08 fiscal deficit 1.5 trln rupees
* FY08 non-plan expenditure seen 4.35 trln rupees
* Govt targets FY08 fiscal deficit 3.3% of GDP
* FY08 total spend 2.05 trln rupees
* FY07 fiscal deficit aim revised to 3.7% of GDP
* Plan spend 32% of total spend
* FY07 revenue deficit aim revised to 2% of GDP
* Gross budget support 2.05 trln rupees FY08 vs 1.73 trln.
* Central FY08 plan allocation 1.55 trln rupees vs 1.31 trln.
* Faster, more inclusive growth main 11th Plan objective.
* VAT has been an unqualified success, says Chidambaram
* Centre to give 1.42 trln rupees to states in FY08
* 1.10 trln rupees state debt consolidated
* Consolidated 1.10 trln rupees of states' debt
TAX PROPOSALS
* Senior citizen tax exemption threshold up at 195,000 rupee
* 5-yr income tax holiday for new 2-,3-, 4-star hotels
* Co-op banks to get same tax benefits as PSU banks on M&A
* Removes surcharge on corporate income up to 10 mln rupee
* Medical insurance premium I-T exemption up at 15,000 rupee
* No change in corporate income tax.
* Income tax threshold limit raised by 10,000 rupees.
* To give some relief to personal income tax payers
* Service tax exemption for tech business incubators
* Drug testing clinical trials exempt from service tax
* Service tax on rental of property for commercial use
* Service tax on works' contract services
* Ups cement excise with MRP +190 rupee/bag to 600 rupee/tn
* Cuts cement excise for MRP 190 rupee/bag to 350 rupee/tn
* Excise duty on pan masala without tobacco cut to 40%
* Excise duty on pan masals without tobacco cut to 40%
* Non-electric water filters fully exempt from excise
* To reward cement makers who hold prices of cement
* Umbrella, footwear excise duty cut to 8% vs 16%
* Bio diesel, food processing exempted from excise duty.
* SSI excise exemption raised to 15 mln rupees vs 10 mln.
* Excise on plywood cut to 8% from 16%.
* General customs duty on medical equipment 5%
* Petrol, diesel ad valorem excise duty cut to 6% vs 8%.
* Customs duty on animal feed cut to 20% vs 30%.
* CENVAT unchanged.
* Pvt players to pay 3% duty on import of aircraft.
* Customs duty on watch dials, umbrella cut to 5% vs 12.5%
* Coking coal exempt from customs duty.
* Customs duty on cut, polished gems cut to 3% from 5%
* Customs duty on PFY cut to 7.5% from 10%
* Crude, refined edible oils to be exempt from customs duty
* Customs duty on steel cut to 12% vs 20%
* General customs rate on medical equipent 5%
* Cut customs duty on DMT/PTA to 7.5%
* Customs duty on drip irrigation cut to 5% vs 7.5%
* Cut custom on cut and polished gems to 3% from 5%
* Customs duty on polyester fibre yarn cut to 7.5% vs 10%
* Fully exempts coking coal from customs duty
* To cut peak rate for non-farm pdts to 10% vs 12.5%
* Govt targets FY08 revenue deficit 714.78 bln rupees
* Tax to GDP ratio now 11.4% from 9.9%
* Tax-GDP ratio up 11.4% in 2006-07
* Intend to keep tax rates moderate, stable
* States agreed to National General Goods and Svcs tax 2010
* Cuts central sales tax to 3% from 4%
* 4.5 bn rupees allocated to Commonwealth Games
BANKING SECTOR
* Bank credit Apr 1-Feb 2 expanded 29.6% on year.
* Banks credit to small firms up at 1.7 trln rupees as of Dec.
* NHB to start policy for senior citizens.
* RRBs permitted to accept deposits from NRIs under NRE, FCNR schemes.
* 400 bln rupees for govt to acquire RBI stake in SBI.
* Banks asked to get credit rating for small, medium enterprises.
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INFLATION
* Average inflation in this financial year estimated 5.2-5.4%.
* Govt confident inflation can be moderated.
* Govt will take more steps to combat inflation.
* Global commodity prices pushing local prices up.
* Notes supply constraints in wheat, pulses, edible oil.
* Monetary trends pressurised prices, govt committed to monetary stability.
* Notes PM said state govts' role important to tame inflation.
* Notes UPA govt curbed inflation in initial years.
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INFRASTRUCTURE
* 12,198 km rural roads completed up to December.
* 15,054 villages provided phones up to December.
* Allocated 40 bln rupees for rural roads.
* Separate window for rural roads under RIDF to continue.
* Giving 120 bln rupees FY08 for Rural Infrastructure fund.
* Consider Parekh panel advise on infrastructure financing.
* Scheme to use forex reserve for infrastructure development.
* MFs to launch dedicated infrastructure funds.
* National highway plan to get 106.7 bln rupees FY08.
* Rajiv Gandhi Vidyutikaran Yojana allocation 39.8 bln rupee.
* Rural electrification allocation at 39.83 bln rupee FY08.
* Imperative to take new steps to up power generation.
* Govt to award 2 more ultra power projects by July.
* 75% growth rate in electricity generation in Apr-Dec.
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AGRICULTURE SECTOR
* Farm sector top agenda for policy makers.
* Draft National Policy for farmers under consideration.
* "No dearth of funds, no dearth of schemes" for agriculture.
* Bank farm loans doubled in 2 years vs 3 year aim.
* FY07 farm credit seen 1.9 trln rupees vs 1.75 trln target.
* 5.3 mln farmers brought under credit system until Dec.
* 150 mln families into farming.
* Farm loan target 2.25 trln rupees in FY08.
* Farm credit growing at satisfactory rate.
* To create additional irrigation for 2.4 mln ha.
* Pilot project for weather based crop insurance scheme.
* 1 bln rupees given for weather based corp insurance plan.
* Weather based insurance to replace farm insurance scheme.
* Expert panel to study impact of climate change on India.
* Farm insurance scheme stays in FY08, gets 5 bln rupees.
* New insurance scheme for rural landless households.
* FY07 fertiliser subsidy seen 224.52 bln rupees.
* New training programme planned for water harvesting.
* To extend farm technology agency to 300 more districts.
* Allocated 18 bln rupees to NABARD for farmer subsidy.
* NABARD can issue tax-free rural bonds up to 50 bln rupee.
* NABARD bond raising to augment refinance capacity.
* 100% subsidy for small, marginal farmers.
* World Bank lent 21.8 bln rupee to renew 5,763 water bodies.
* Depletion of ground water is a concern.
* 1 bln rupee for development of rainfed programme in FY08.
* Irrigation FY08 outlay 110 bln rupees vs 71.21 bln.
* Special purpose fund for coffee, rubber, spices proposed.
* Panel on farm sector indebtedness to submit report soon.
* Special development programme for oilseeds, maize.
* Separate window for rural roads under RIDF to continue.
* Giving 120 bln rupees FY08 for Rural Infrastructure fund.
* To focus on improving productivity of pulses.
FUTURES TRADING
* No new forward contract in wheat, rice futures.
* Panel set up to probe futures trade in food items.
* Panel on food forward trading to submit report in 2 mos.
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SOCIAL SECTOR
> Education
* Allocated 323.52 bln rupees to education sector.
* Employment scheme extended to 337 districts from 200.
* FY08 school education allocation up 35% to 231.4 bln rupee.
* Secondary education allocation doubled to 37.94 bln rupee.
* SBI to get corpus to fund new scholarships.
* 3 scholarship programs for minority students.
* Allocated 7.5 bln rupees for upgradation of ITIs.
* To upgrade 300 more ITIs by Aug 2009.
* New plan for manpower development in software industry.
> Health
* FY08 health allocation 99.47 bln rupee, up from 82.07 bln.
* To start National Aids Control Programme-III from FY08.
* 9.69 bln rupees allocated for AIDS control in FY08 .
* Polio immunisation allocation in FY08 up at 12.90 bln rupee.
* Polio eradication strategy revised.
* Health insurance extended to ancillary workers.
> Unorganised sector
* Considering panel report on unorganised sector insurance.
* Social security scheme for unorganised sector soon.
> Women and children
* Govt to expand Integrated Child Development Scheme.
* ICDS allocation up at 47.61 bln rupees from 40.87 bln.
* To expand Anganwadi scheme to cover all mothers.
* To expand Anganwadi scheme to cover children below 6 yrs.
* Spend 169.8 bln rupee under spl plan in 31 districts FY08.
* 50 ministries have gender budgeting cells.
* 87.95 bln rupees for women-specific programmes.
> Physically challenged
* 18 bln rupees for employment of physically challenged.
* Govt to support 100,000 jobs for physically challenged.
* Steps to boost regularised jobs for physically challenged.
> Other social sector steps
* Allocation for SC/STs raised to 32.71 bln rupees in FY08.
* Public distribution system will be computerised.
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FINANCIAL SECTOR
* To set up an autonomous debt management office.
* Debt management distinct from monetary mgmt world over.
* To release panel report to make Mumbai financial hub.
* IT-PAN to be sole identification for capital mkt investor.
* Allow short selling, settlement by delivery.
* 2 new financial inclusion funds to get 5 bln rupee corpus.
* To establish financial inclusion fund with NABARD.
* Bill to amend insurance laws in Budget session.
* To change law to allow creation of mortgage guarantee cos.
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EMPLOYMENT
* Allocated 18 bln rupees FY08 for self-employment plan.
* Allocated 120 bln rupees for Rural Employment plan FY08.
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REGIONAL AND URBAN DEVELOPMENT
* New industrial policy for northeast before March.
* FY08 allocation for North-East region 143.65 bln rupees.
* National Urban Renewal FY08 allocation 49.87 bln rupees.
* FY08 backward region grant fund 58 bln rupees.