Union Budget By Mr. P Chidambaram at Lok Sabha (Main Highlights)
Chidambaram presented his seventh full budget - two when the United Front government was in power and the remaining five under the United Progressive Alliance government.
The Finance Minister presented the Budget against a backdrop of slowing expansion and creeping inflation which has hit the poor hardest.
Here are the major highlights:
- Debt waiver scheme and relief to small and marginal farmers
- Agri loans disbursed by rural banks, RRBs and Cooperative banks before March 2007 and overdue on Dec 2007 waived
- Overdue agri loans amount to Rs 50,000 cr under the waiver and 10,000 cr under the OTS
- Implementation of waiver to be completed by June 2008
- Farmers eligible for fresh agri loans post the waiver or one time settlement
- National Agri Insurance scheme get Rs 640 cr
- Tea Research association gets Rs 20 cr
- 500 soil testing labs to be set up in the 11th plan, govt to give 1 time budgetary assistance of Rs 75 cr to agri ministry for setting up mobile soil testing facilities
- National Horticulure Mission to get Rs 1,100 cr
- Govt sets up irrigation and water resource finance corp with an initial corpus of Rs 100 cr
- Schedule Commercial Banks farm credit 75%
- Micro irrigation scheme gets Rs 500 cr to cover 4,00,000 additional hectares
- Rs 12050 cr for strengthening rural health services
- 24 pct allocation hike for women, child development
- Inflation will be kept under check
- Jawaharlal Navoday Vidyalaya to be set in 20 new districts for SC/STs
- Healthcare allocation to be raised by 15%
- Bhopal and Tripura to get one IIScR each and 2 colleges of art
- 3 IITs to be set up in Bihar, AP, Rajasthan
- 288 public sector bank branches to be opened in areas with concentration of minorities
- Irrigation outlay increased
- National Minority Development and Finance Corp to get Rs 75 cr
- Special attention, more funds for North East
- 54 gender budgeting cells set up
- Agriculture share in total investment up from 10.2% in 2003-04 to 16% during the 11th Plan
- Agri credit target to be Rs 2,80,000 cr for 2008-09
- LIC to cover all woman SHGs linked to the bank
- Mobilisation of additional resources of Rs 10,000 cr as planned capital expenditure under Plan-B
- Allocation for ministry of minorities doubled to Rs 1,000 cr
- Schemes for woman to get Rs 1,460 cr this fiscal
- Child related schemes to get Rs 33,434 cr
- 54 departments to be set up gender budgeting divisions
- Rajiv Gandhi drinking water mission to get Rs 7,300 cr
- Rs 3,966 cr for SC/STs schemes
- Allocation of Rs 75 cr for 2008-09 for the Rajiv Gandhi felicitation programme
- Sanitation to get Rs1,200 cr
- Rs 200 cr for providing portable water system in each school in areas of water scarce regions
- IT industry gets Rs 100 cr for connecting knowledge institutions
- NREGS to be extended to 596 rural distt with an outlay of Rs 16,000cr
- The remuneration Angan Bari workers has been increased from Rs 1000 to Rs 1500 per month
- Women entitled to equal share and equal say
- Science scholarships for young learners
- 16 Central universities to be set up
- 6000 model high schools to be started
- Science scholarships for young learners
- Inflation will be kept under check
- More allocation for polio and AIDS
- Health covers of Rs 30000 for workers in unorganised sectors
- Education sector gets a boost
- Agri credit doubled in first two years
- Bharat Nirman allocation to go up to Rs 31,280 cr from Rs 24,603 cr
- Gross Budgetary support to be Rs 24,3386 cr about Rs 38,286 cr more than 2007-08
- Agriculture credit to touch 2,40,000 cr in 2008
- Focus on achievement of self-sufficiency in food grain
- Soyabean output to be 9.45 mn tonnes
- Maize production to be 16.78 mn tonnes
- Rice production to be 94.08 mn tonnes
- Total agri production to be 219.32 mn tonnes at all time high
- Agriculture disappointing at average annual growth of 2.6%
- Keeping inflation under check to be on focus
- Focus on management of supply side of food, market, capital inflows next year
- India has registered a growth of over 8%$ for 12 successive quarters till Dec 2007
- Agri loans disbursed by rural banks, RRBs and Cooperative banks before March 2007 and overdue on Dec 2007 waived
- Overdue agri loans amount to Rs 50,000 cr under the waiver and 10,000 cr under the OTS
- Implementation of waiver to be completed by June 2008
- Farmers eligible for fresh agri loans post the waiver or one time settlement
- National Agri Insurance scheme get Rs 640 cr
- Tea Research association gets Rs 20 cr
- 500 soil testing labs to be set up in the 11th plan, govt to give 1 time budgetary assistance of Rs 75 cr to agri ministry for setting up mobile soil testing facilities
- National Horticulure Mission to get Rs 1,100 cr
- Govt sets up irrigation and water resource finance corp with an initial corpus of Rs 100 cr
- Schedule Commercial Banks farm credit 75%
- Micro irrigation scheme gets Rs 500 cr to cover 4,00,000 additional hectares
- Rs 12050 cr for strengthening rural health services
- 24 pct allocation hike for women, child development
- Inflation will be kept under check
- Jawaharlal Navoday Vidyalaya to be set in 20 new districts for SC/STs
- Healthcare allocation to be raised by 15%
- Bhopal and Tripura to get one IIScR each and 2 colleges of art
- 3 IITs to be set up in Bihar, AP, Rajasthan
- 288 public sector bank branches to be opened in areas with concentration of minorities
- Irrigation outlay increased
- National Minority Development and Finance Corp to get Rs 75 cr
- Special attention, more funds for North East
- 54 gender budgeting cells set up
- Agriculture share in total investment up from 10.2% in 2003-04 to 16% during the 11th Plan
- Agri credit target to be Rs 2,80,000 cr for 2008-09
- LIC to cover all woman SHGs linked to the bank
- Mobilisation of additional resources of Rs 10,000 cr as planned capital expenditure under Plan-B
- Allocation for ministry of minorities doubled to Rs 1,000 cr
- Schemes for woman to get Rs 1,460 cr this fiscal
- Child related schemes to get Rs 33,434 cr
- 54 departments to be set up gender budgeting divisions
- Rajiv Gandhi drinking water mission to get Rs 7,300 cr
- Rs 3,966 cr for SC/STs schemes
- Allocation of Rs 75 cr for 2008-09 for the Rajiv Gandhi felicitation programme
- Sanitation to get Rs1,200 cr
- Rs 200 cr for providing portable water system in each school in areas of water scarce regions
- IT industry gets Rs 100 cr for connecting knowledge institutions
- NREGS to be extended to 596 rural distt with an outlay of Rs 16,000cr
- The remuneration Angan Bari workers has been increased from Rs 1000 to Rs 1500 per month
- Women entitled to equal share and equal say
- Science scholarships for young learners
- 16 Central universities to be set up
- 6000 model high schools to be started
- Science scholarships for young learners
- Inflation will be kept under check
- More allocation for polio and AIDS
- Health covers of Rs 30000 for workers in unorganised sectors
- Education sector gets a boost
- Agri credit doubled in first two years
- Bharat Nirman allocation to go up to Rs 31,280 cr from Rs 24,603 cr
- Gross Budgetary support to be Rs 24,3386 cr about Rs 38,286 cr more than 2007-08
- Agriculture credit to touch 2,40,000 cr in 2008
- Focus on achievement of self-sufficiency in food grain
- Soyabean output to be 9.45 mn tonnes
- Maize production to be 16.78 mn tonnes
- Rice production to be 94.08 mn tonnes
- Total agri production to be 219.32 mn tonnes at all time high
- Agriculture disappointing at average annual growth of 2.6%
- Keeping inflation under check to be on focus
- Focus on management of supply side of food, market, capital inflows next year
- India has registered a growth of over 8%$ for 12 successive quarters till Dec 2007
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