[11:03:17 AM] => The FM begins the budget speech
[11:04:11 AM] => Is sanguine about maintaining an average 8.7% GDP growth
[11:04:43 AM] => Is worried about international economic situation
[11:05:00 AM] => As well as performance of agriculture
[11:05:21 AM] => Cautions about the rising price spiral of commodities
[11:05:43 AM] => inflationary pressure is a key thing to watch out for
[11:06:16 AM] => Moderation of capital flows is a priority
[11:07:39 AM] => Rice production at 94.84 million tonnes, an all time record, same for maize, cotton etc
[11:08:27 AM] => New initiatives in agri sector to be tabled in this budget'
[11:08:58 AM] => Move to growth more inclusive
[11:09:21 AM] => 240,000 crore agri credit by March 2008
[11:10:44 AM] => Talks about achievements in Bharat Nirman
[11:12:29 AM] => GBS to 243,083 crore is the GBS
[11:12:48 AM] => 179,154 crore central plan - 16% increase
[11:13:25 AM] => 20% increase in education sector allowance
[11:13:43 AM] => Companies like educomp and everonn systems could indirectly benefit
[11:14:22 AM] => Model school - 6000 model schools to be established
[11:14:36 AM] => Navodaya vidyala in 20 districts
[11:14:43 AM] => 130 crore for this in this year
[11:16:04 AM] => 750 crore addition for the scholarship scheme
[11:16:57 AM] => 13.9 crore children to be covered under the mid day meal scheme
[11:17:44 AM] => one central university in uncovered states, 16 universities this year, IITs in Bihar, AP and Rajasthan
[11:18:54 AM] => Scholarships to encourage science students - 85 crore - 'INSPIRE' scheme
[11:19:28 AM] => Rs 100 crore to establish the national knowledge network
[11:19:36 AM] => 15% increase for health sector
[11:20:36 AM] => NRHM allocation is 12050 crore
[11:21:42 AM] => Health cover of Rs 30,000 of every worker under the unorganised sector
[11:22:21 AM] => for the elderly - outlay of Rs 400 crore - program startring in the coming year
[11:23:01 AM] => Rs 6300 crore for ICDS
[11:23:35 AM] => Anganwadi teacher remuneration to be increased to Rs 1500 per month from Rs 1000
[11:24:30 AM] => NREGS to be ruled out to all rural districts - Rs 16,000 crore initial allocation
[11:24:58 AM] => INNURM to Rs 6886 crore for this year
[11:25:17 AM] => INNURM allocation at Rs 6886 crore
[11:25:33 AM] => JNNURM not INNURM
[11:26:58 AM] => Desalination plant under PPP to get Rs 300 crore
[11:27:23 AM] => North Eastern Regions to go up to Rs 16464 crore
[11:27:35 AM] => from Rs 14,000 crore odd
[11:32:00 AM] => Many schemes for minorities which are under implementation - the allocation is going up - multi sectoral initiave in minority community districts
[11:32:35 AM] => Gender budgetting started
[11:33:21 AM] => Rs 11,460 crore for 100% women specific schemes, Rs 16,000 odd crore schemes as well where at least 30% is women specific
[11:33:54 AM] => 24% increase in allocation for ministry of women and child welfare
[11:34:34 AM] => LIC to cover all women SHGs linked to bank
[11:34:59 AM] => life and health cover to women
[11:35:29 AM] => Rs 8365 crore was given last year so far through supplementaries
[11:35:56 AM] => additional resource can be raised upto Rs 10,000 crore - linked to target achievements
[11:36:37 AM] => 75-79% accounted by scheduled commercial banks and rrbs
[11:36:47 AM] => this year target is 200080 crore
[11:37:07 AM] => agricultural credit
[11:37:33 AM] => focus on investment in agriculture
[11:37:54 AM] => 24 major and medium irrigation projects will be completed this year
[11:38:28 AM] => 20,000 crore outlay for irrigation - big jump!
[11:38:58 AM] => Cement companies and to some extent plastic pipe manufacturers could benefit
[11:39:27 AM] => Indirect benefit for fertiliser companies as well
[11:40:33 AM] => Irrigation and Water Resources Corporation to be established
[11:40:56 AM] => to finance major and minor irrigation projects - to be established as a company by March 2008 end
[11:41:27 AM] => many soil laboratories to be set up
[11:41:45 AM] => mobile soil test labs for 250 agri sectors
[11:42:21 AM] => rubber, cardamom and rubber to get funds similar to the tea development support fund
[11:42:59 AM] => Rs 20 crore for tea research solution
[11:43:25 AM] => no increase in tea support fund
[11:43:42 AM] => tea companies will not get additional benefit
[11:44:14 AM] => fertiliser subsidy to continue - examining nutrient based approach
[11:44:41 AM] => Prof Vaidyanathan committee report to be implemented to revive cooperative credit
[11:44:50 AM] => govt to allocate Rs 3000 crore fund
[11:46:07 AM] => FM mentions farmer debt relief program
[11:46:45 AM] => all agri loans disbursed by schedule banks, cop institutions and rrbs disbusred upto Dec 2007 to be covered under this scheme
[11:47:23 AM] => marginal farmers - upto one hectare, small - 1 to 2 hectare - complete waiver of all loans
[11:47:48 AM] => Looks quite unprecedented, the quantum written off to be seen
[11:48:08 AM] => PSU bank stocks can be hit
[11:48:18 AM] => scheme details to be seen
[11:50:01 AM] => Pandemonium in parliament
[11:51:47 AM] => other farmers - one time settlement scheme
[11:52:34 AM] => 25% rebate of outsanding loans for large farmers
[11:53:39 AM] => previous loans through 2004-2007 will also be eligible for this scheme
[11:54:09 AM] => June 30, 2008, implementation to be completed
[11:54:24 AM] => fresh agri loan eligibel after debt waiver
[11:55:01 AM] => 3crore samll and marginal farmers
[11:55:25 AM] => total due of waived loans is Rs 50,000 crore - one time scheme is Rs 10,000 crore
[11:55:43 AM] => Rs 60,000 crore waived off! will the FRBM targets hold?
[11:56:35 AM] => total Rs 60,000 crore loan waiver and settlement package for farmers
[11:57:55 AM] => SBI down 4%
[11:58:20 AM] => List more central public units in the stock market
[12:00:39 PM] => Fourth ultra mega power project to be awarded soon
[12:01:06 PM] => Rs 5500 crore for rural electrification, APDP to get Rs 800 crore
[12:01:26 PM] => national fund for T&D schemes
[12:02:03 PM] => Power Grid should benefit
[12:02:48 PM] => Coal regulator to benefit
[12:03:14 PM] => IT allocation increases by about 10% to Rs 1600 crore odd
[12:03:23 PM] => state wide area network and state data centres
[12:03:58 PM] => TCS which has a good domestic presence shopuld benefit along with its possible deals from railways
[12:04:33 PM] => TUF allocation for textiles to go up by Rs 100 crore odd
[12:05:01 PM] => five mega clusters for textiles and handicrafts
[12:06:07 PM] => SIDBI to reduce credit guarantee fund to micro enterprises
[12:07:06 PM] => Agriculture oriented companies should benefit - pumps, infrastructure mainly construction, pipes, etc
[12:08:15 PM] => ITC is up 10% , indirect effect on focus on the agri sector..eChoupals for example can get more consumers
[12:08:49 PM] => Focus on coperative credit institutions...NABARD to get funds
[12:09:03 PM] => NHB to get funds for refinancinag for rural housing
[12:10:04 PM] => measures to expand corporate bonds
[12:10:20 PM] => exchange traded currency futures
[12:10:40 PM] => credit derivatives to be traded
[12:10:59 PM] => Marginally beneficial to banks such as ICICI
[12:13:08 PM] => 15,000 crore from govt and public and private sector for a skill development non profit corporation
[12:14:25 PM] => Rs 32,667 crore for food subsidy in FY09
[12:14:55 PM] => Haryana and Chandigarh to introduce smart cards on a pilot basis to deliver food grains
[12:17:21 PM] => Rs 25,000 to Rs 35,000 increases in house construction subsidy for Indira awaz Yojana
[12:17:43 PM] => PSU banks to lend at 4% for building such houses
[12:17:56 PM] => Defence allocation up by 10%
[12:19:36 PM] => Clime change related institutional mechanism to be formed
[12:19:55 PM] => climate change related institutional mechanism
[12:20:37 PM] => Rs 100 crore awards to three education centres of excellence
[12:21:07 PM] => Maharashtra, Delhi and Karnataka get this
[12:21:37 PM] => Rs 150 crore grant for a special tiger protection force
[12:22:11 PM] => Central Plan Monitoring Scheme to be set up
[12:22:59 PM] => Rs 243,3086 crore plan expenditure
[12:23:04 PM] => 30% of total
[12:23:16 PM] => non plan expenditure is the rest
[12:23:27 PM] => revenue deficit at 1.4% against 1.5% budget estimate
[12:23:40 PM] => fiscal deficit at 3.1% for FY08 expected
[12:24:03 PM] => Rs 55,100 crore for FY09 - 1%
[12:24:32 PM] => fiscal deficit at 2.5% as FY09 target
[12:24:45 PM] => asking for one more year for zero revenue deficit
[12:25:20 PM] => deferring FRBM targets, expected after the focus on spending on the social sector and the loan waivers
[12:26:17 PM] => For FY2008, 12.5% is the tax to gdp ratio
[12:26:49 PM] => course to reach the target for indirect taxes and exceed the target for direct taxes for FY08
[12:27:25 PM] => No change in peak customs duty
[12:28:00 PM] => Higher defence outlay could benefit BEML, BEL etc
[12:28:32 PM] => Steel metal and aluminium scrap duty reduced to zero
[12:29:01 PM] => life savings drugs customs duty reduced to zero
[12:29:26 PM] => duty on convergence products reduced from 10% to 5%
[12:29:39 PM] => sports goods customs duty reduced
[12:30:03 PM] => small duty reductions for inputs for gems and jewelleary benefits
[12:30:22 PM] => customs duty on sulfur reduced to 2% from 5%
[12:30:49 PM] => duty exemption of naphtha withdrawn for polymer manufacture
[12:31:03 PM] => Could be negative for Reliance Industries!
[12:31:34 PM] => Cenvat reduced from 16% to 14%
[12:31:51 PM] => Overall positive for all sectors
[12:32:02 PM] => Pharma excise duty reduced
[12:32:14 PM] => cars excise duty on small cars reduced to 12%
[12:32:25 PM] => two wheelers reduced to 12% from 16%
[12:32:53 PM] => Good for pharma and Maruti, Telco, Two Wheeler companies
[12:33:49 PM] => Anti aids drug exempted from excise duty
[12:33:58 PM] => Looks to be positive for Cipla
[12:34:51 PM] => packaged software excise duty increased to 12% from 8%
[12:35:07 PM] => filter and non filter cigarettes to be taxed at par
[12:35:18 PM] => Marginally negative for ITC, it appaers
[12:36:36 PM] => asset management under ULIPs under service tax, stock exchanges, customised software to come under service tax
[12:37:11 PM] => could be negative for ICICI Pru, HDFC Standard Life etc as well as TCS - they should be able to pass it on though
[12:37:35 PM] => MCX could be affected through the new service tax exemption
[12:38:12 PM] => limit for exemption increased to Rs 150,000 from Rs 110,000
[12:38:21 PM] => Relief of min Rs 4000
[12:38:31 PM] => Rs 150,000 - nil
[12:38:39 PM] => upto Rs 3 l - 10%
[12:38:57 PM] => Rs 5 Lakh and above 30%
[12:39:22 PM] => For senior citizen Rs 225000 is the exemption limit
[12:39:51 PM] => Overall budget direction is towards increasing consumption through cut in taxes
[12:40:01 PM] => No cut in corporate tax
[12:40:08 PM] => no change in surcharge
[12:40:27 PM] => Rs 15,000 under 80 D for parents
[12:41:00 PM] => reverse mortgage will not amount to transfer and also income to senior citizens
[12:41:39 PM] => weghted deduction of 125% for R&D for companies
[12:42:04 PM] => TDS exempted for corporate debt in demat and traded
[12:42:22 PM] => minor FBT changes
[12:42:54 PM] => Dividend distribution tax - parent company can set off from subsidiary company
[12:43:10 PM] => Infra companies such as L&T, GMR can benefit
[12:43:27 PM] => New tax exemption for hospitals
[12:43:39 PM] => hospitals in hinterland
[12:43:52 PM] => Good for apollo and fortis hospitals
[12:44:32 PM] => Tax exemption scheme for hotels
[12:44:44 PM] => short term capital gains raised to 15%
[12:45:10 PM] => STT paid will be treated like a business expenses
[12:45:24 PM] => STT - no change,
[12:45:37 PM] => commodity transaction - STT
[12:45:48 PM] => MCX could be affected
[12:46:34 PM] => withdraw banking cash transaction tax
[12:46:42 PM] => direct tax - revenue neutral
[12:46:54 PM] => indirect tax - Rs 5,000 crore estimated loss
[12:48:15 PM] => Ovearll increase in short term capital gains negative for retail brokerages such as India Infoline, India Bulls, Geojit
[12:48:40 PM] => Central sales tax cut to 2% from 2%
[12:49:15 PM] => Tax exemption for new hotel investment marginally good for hotel industry
[12:49:26 PM] => Budget speech closes