Big cash transaction tax to be removed Commodities Transactions Tax to be introduced Securities Transaction Tax to be treated like deductible expenditure Scope of Fringe Benefit Tax reduced No change in corporate income tax rate Senior citizens' exemption hiked from Rs 1,95,000 to 2,25,000 Tax slab for Rs 3-5 lakh is 25% Tax slab for above Rs 5 lakh is 30% Women exemption hiked from Rs 1,45,000 to 1,80,000 Income tax relief exemption raised to Rs 1.5 lakh Short-term capital gains increases to 15% Excise duty of Rs 1.35/litre on unbranded petrol Excise duty of Rs 4.6/litre on unbranded diesel Rs 624 cr earmarked for Commonwealth Games 5-yr tax holiday for setting up hospitals in tier-II, tier III regions 5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites No double taxation of dividend distribution tax NO FBT on creche, employee sports facilities Short term capital gains tax increased to 15% Duty on non filter cigarettes to be raised Refrigeration components cheaper Excise on paper and paper products cut Excise duties on buses, chassis cut /a> Excise duty on two- and three-wheelers cut to 12% from 16% Excise on small cars cut to 14% Excise duty on hybrid cars cut Excise on pharma goods cut to 14% Excise duties on anti-AIDS drugs cut General CENVAT rate on all goods cut from 16% to 14% Set top boxes exempted from duties Duties on convergence products slashed to 5% Jewellery: Exempt on duties on coral Excise duty on pharmaceuticals sector cut to 8% Duty on life saving drugs reduced by 5% Duties on steel melting scrap, aluminum scrap reduced Custom duty on project imports cut No change in peak custom rates Fiscal deficit pegged at 3.1 per cent and revenue deficit at 1.4 per cent Tax to GDP ratio to be 12.5% Sixth central pay commission to submit report by March Planning Commission to evaluate major schemes Rs 75 cr allocated to ICCR for cultural development Rs 50 cr allocated to National Tiger Conservation Authority Defence allocation increased by 10% Rs 32,676 crore announced as subsidy to PDS Smart-card based PDS system in Haryana, Chandigarh Public Distribution Scheme to be strengthened Three schemes to be introduced for providing social security to unorganised sector workers. Govt to create Rs 5,000 cr fund in NABARD Foreign investment up to $8 bn expected for oil block exploration Rs 12,956 cr for National Health Development Programme PAN requirement extended to all securities transactions 17 lakh families of weavers under Health Insurance Allocation for NHDP programme enhanced Rs 275 cr approved for state data centres scheme 1 lakh broadband-enabled common service centres in villages National Housing Bank to have fund of Rs 1200 cr Banks to be encouraged to embrace total financial inclusion Ultra mega power project announces in Tilana Rs 8,000 cr for accelerated power development programmes Power cos to gain from national T&D funds Rs 800 cr allocated for power distribution Manufacturing growth rate to be doubled Urban infrastructure spending to rise to Rs 68.7 billion Government spending on national highways will be Rs 130 billion Rural Infrastructure Development Fund corpus to be hiked to Rs 14,000 cr Government will give special attention to coconut, cashew and pepper sectors Crop insurance scheme will be introduced. Weather-based crop insurance scheme to continue Total estimate of loans being waived is around Rs 60,000 cr Fertilizer subsidy to be continued Other farmers to get waiver on one time settlement of 75% Implementation of debt waiver scheme to end by June 30 Waiver amounts to 4% of total bank loans Farms of up to 2 hectares will have a complete waiver of loans Agricultural loans given up to March 31, 2007 and due for Dec 31, 2007 will be covered under waiver scheme Debt waiver & relief schemes announced for farmers Government to give 400 million rupees for special purpose tea fund Rs 1100 cr for national horticulture 24% increase in allocation for child development Rs 7,200 cr for Ministry of Woman and Child Development Target of Rs 2.80 lakh cr for agri-credit in 2008-09 Rs 2,80,000 cr for Rashtriya Krishi Vikas Yojana 53 minor irrigation programmes to be implemented Rs. 20, 000 cr allocated for irrigation sector Rs 6,865cr for Jawaharlal Nehru Urban Renewal Mission Mobilisation of additional resources of Rs 10,000 cr as planned capital expenditure under Plan-B Rs 500 cr for development of border areas Rs 200 crore for potable water in schools Rs 12,050 cr for strengthening rural health services Rs. 3966 cr schemes for SC, ST, OBSs Rs 3,966 cr for SC/STs schemes IT industry gets Rs 100 cr for connecting knowledge institutions 30 Lakh self help groups to get special attention Rs 500 crore for corpus fund to subsidise all women Self Helf Groups for LIC cover for permanent disability LIC to cover all women SEGs Sanitation programmes to get Rs 1200 cr Handicap Development Corporation to get Rs 9 cr National Minorities Development Corp gets Rs 75 cr ICDS allocation hiked to Rs 6,300 crore Rs 300 cr for desalination plant near Chennai Rs 75 cr for Rajiv Gandhi National Fellowship Programme 288 PSU bank branches in minority districts Minority Affairs Ministry fund doubled to Rs 1,000 cr Rs 540 cr for development plan for minority districts Minorities to be recruited to central paramilitary forces NE region to get Rs 1,350 cr for development NE region to continue getting special attention Rs. 16,000 cr for rural job scheme Rural job schemes to be rolled out in 596 sectors Rajiv Gandhi Drinking Water mission allocation hiked National Rural Health Mission allocation hiked by 15% Health allocation hiked by 15% Rs. 1042 crore for polio eradication Remuneration of Anganwadi helpers hiked to Rs 750 Secondary education Scheme Rs 4,554 crore Allocation of Rs 44 cr to 22 Sainik schools each Rs 85 crore sanctioned for scholarships to students pursuing science education Ministry of Science and tech gets Rs 100 cr for National Knowledge Network National Programme for the Elderly to be set up Hike in education budget from Rs 28,674 crore to Rs 34,400 crore Education and Health allocation up 20% Rs 30,000 health cover for every worker in unorganised sector Rs 13,100 cr for Sarva Shiksha Abhiyaan Bhopal, Trivandrum gets 3 IIScs AP, Bihar, Rajasthan to get IITs 6,000 model high schools to be set up Mid-day meal extended to upper primary classes Service Sector to grow at 10.7% Gross budgetary support to be raised to Rs 2,43,386 crore, an increase of more than Rs 38,000 crore from the current level Govt, RBI to jointly take steps to manage capital inflow Govt to monitor foreign fund inflow Check foreign inflow to stabilise Indian mkts Services sector expected to grow by 10.7% Manufacturing sector expected to grow by 9.4% Economy grew over 8% over 12 successive quarters since 2005 Edible oil import duties left unchanged Rice production estimated at 94.08 million tonnes, maize 16.78 mt, soyabean 9.45 mt and cotton 23.38 million bales Food subsidy bill likely to hit Rs 30,000 crore Agriculture dissappointing at average annual growth of 2.6% Total agriculture production to be 219.32 mn tonnes at all time high Capital inflows in excess of economic deficit Growth rate of agriculture estimated at 2.6% 2008-09 will be a year of consolidation Revenue deficit seen at 1 per cent of GDP in 2008/09 compared to 1.4% of GDP the previous year. Fiscal deficit in 2008/09 seen at 2.5% of GDP compared to 3.1% of GDP in the previous year. Total plan spending in 2008/09 seen at Rs 2.4 trillion Non-plan spending seen at Rs 5.07 trillion rupees FM Confident of maintaining 8% growth FM: 2007-08 has been a most challenging year Finance Minister P Chidambaram begins addressing Parliament