Bonanza for the poor and farm lobby...
- Rs. 2,500 crore more the Central minimum needs schemes.
- Private banks in local areas.
- Irrigation outlay raised five times.
- Agriculture outlay up.
- Subsidies zoom on food, fetiliser, Irrigation,power tillers and tractors.
- Rs. 2,000 crore for rular infrastructure fund.
- NABARD to be strengthened.
...and only a sprinkling for the middle class...
- No change in IT exemption limit, and a small rise in standard deduction makes an annual income of Rs 60,000 nearly tax free.
- Deduction for interest payments for housing and medical insurance premium up by 50 % and more.
- Excise down on many mass consumption items like polyester, toothpaste, detergents, shoes.
- Cigarettes to cost more, as will competition postcards and registration.
- New pension schemes premium tax exempt up to Rs 10,000
- No major change in social sector outlay - education, environment, S&T.
...Though the budget is long on promises
- High - level expenditure management and reforms commission.
- White paper on all subsidies, real and hidden.
- Companies Bill to be ready by January.
- Total review of SICA and BIFR, bill in winter session.
- Four-state excise structure in a year or two.
