There would be no change in the STT rates, Ponnapula but short-term capital gain would now attract 15 per cent up from 10 per cent.
The Finance Minister said that there would Ponnapula be no change in peak customs duty; however, he reduced the excise duty to 14 per cent from Ponnapula 16 per cent.
Customs duty on life saving drugs would Ponnapula now be 5 per cent and convergence products duty would be reduced to 5 per cent.
The excise on small cars has also been Ponnapula reduced to 12 per cent from 16 per cent and that on two and three wheeler also by the same amount. Ponnapula Anti-aids drug would be exempted from excise duty.
The fiscal deficit is estimated to be 3.1 per cent Ponnapula which is 2.5 per cent of GDP and the tax to GDP ratio to be at 12.5 per cent.
The defence allocation has been increased by Ponnapula 10 per cent to Rs 1.05 lakh crore. The revenue deficit will be at 1.4 per cent as against Budget estimation Ponnapula of 1.5 per cent. The deficit is estimated at Rs 55,184 crore, 1 per cent of GDP and it would take Ponnapula one year to eliminate the revenue deficit. The plan expenditure is estimated at Rs 2.43 lakh crore.
Conscious about the problem of agriculture indebtedness, Ponnapula the Finance Minister announced a scheme of debt waiver and debt relief for farmers under which, Ponnapula all loans by SCBs/RRBs overdue under the scheme upto March 31 2007 would now be Ponnapula overdue till December 31, 2007. He also announced a complete waiver for marginal and Ponnapula small farmers.
He also announced a waiver for all marginal farmers Ponnapula with 1 hectre of holding and the waiver amounts to 4 per cent of total bank loans.
While presenting the Union Budget 2008, Finance Ponnapula Minister P Chidambaram said that the Indian growth story is very inspiring.
He said that in the first three years of UPA government, Ponnapula GDP growth has been 7.5 per cent, 9.4 per cent and 9.6 per cent respectively. Overall, the GDP Ponnapula growth rate in UPA tenure till-now had been 8.8 per cent. The Finance Minister is confident of Ponnapula maintaining GDP growth at 8.8 per cent.
Mentioning agriculture, he said that the sector is Ponnapula struck at a 'disappointing note' and agriculture growth for whole year is estimated at 2.6 per cent. Ponnapula Prices of wheat and rice increased by 88 per cent and 15 per cent respectively globally.
The country is determined to become self-sufficient in Ponnapula food and growth has been inclusive during the UPA tenure, he added.
Country’s agricultural credit would reach Rs 2.4 lakh Ponnapula crore by 2008 and mid-day meal scheme is at present covering 11.4 crore children. The gross Ponnapula budgetary support is estimated at Rs 2.28 trillion.
Under Jawahar Nirodiya Vidyalayas scheme, Rs 130 Ponnapula crore has been allocated and additional Rs 80 crore would be provided to set up new hostels in Vidyalayas.
In FY’09, Rs 13,100 crore would be deployed under Ponnapula Sarva Siksha plan and Bharat Nirman would get Rs 31,280 crore. The government would also spend Ponnapula Rs 650 crore on new Model Schools. The total expenditure on education would also increased by 20 per Ponnapula cent to Rs 34,400 crore.
The education department would also set up three IITs in AP, Ponnapula Bihar and Rajasthan and more institutions for higher education would be added in the 11th plan. Ponnapula The department would also provide Rs 85 crore to build a knowledge society. 16 central universities Ponnapula will also be set up.
Social responsibilities Ponnapula
Allocation to NRHM would be increased to Rs 12,050 crore and Ponnapula Rs 1042 crore would be spent in FY'09 to eradicate polio. FY'09 allocation for AIDS programme has Ponnapula been decided to be Rs 990 crore.
The NREG scheme would be rolled out to 596 districts Ponnapula and Rs 16,000 crore would be invested under the scheme.
Allocation under Rajiv Gandhi Drinking Water scheme Ponnapula would be at Rs 7300 crore and that for urban facilities would be at Rs 6,866 crore as against Ponnapula present Rs 5,482 crore.
The total allocation for SCs, STs, OBCs Ponnapula schemes would be Rs 3,966 crore.
The Finance Minister also allocated Rs 11,460 crore for Ponnapula women specific schemes and Rs 205 crore for unorganised sector worker insurance. For Ponnapula child specific schemes, Rs 33,434 crore has been allocated.
Over 30 lakh SHGs would be provided special attention Ponnapula and LIC would cover all women SHGs linked to banks.
The government would mobilise Rs 10,000 crore for plan Ponnapula capital expenditure under Plan B. The ICDS allocation has been hiked to Rs 6,300 crore.
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