The Lok Sabha completed the budgetary process with the passage of the Finance Bill 2007-08 containing the tax proposals for the current fiscal.

The fringe benefit value is defined as the FMV of the shares on the date of exercise of the option by the employee as reduced by the amount actually paid by or recovered from the employee in respect of such shares.

Providing rationale of shift in focus of the Budget '07-08 from his 'dream' Budget of '97-98, he said the task before him in his earlier stint was to pull India out from her cocoon.

India's gold drought in Olympics maybe a regular feature now, but would the situation change at the Beijing games if more fiscal sops are given to industrialists to promote sports?

Finance Minister P Chidambaram said the govt was not resorting to price control in the cement sector and invited industry players for talks on duty differential measures announced in the Budget 2007-08.

The Union Budget proposals of 2007-08 included the introduction of 'reverse mortgages' in Indian markets. The mortgage market in India is reasonably large.

Presenting the budget for the year 2007-08, the finance minister has proposed a change in section 115-O of the Income-Tax Act, 1961, raising the rate of tax on distribution of dividends from 12.5% to 15%.

In the backdrop of rising inflation there is a natural erosion of real income that takes place. The impact is rather direct on the salaried class. Rising interest rates are expected to further worsen the scenario. Therefore, the need to focus on investing and rationalise spending is much more now.

Claiming that the Budget hardly did anything to solve the “burning issue” of price rise, CPI(M) leader in the Lok Sabha Basudeb Acharya said the party would take all efforts to raise the issue in Parliament.

It is Budget time yet again and the main question for India is not the economic question but that of governance. The economy is on an autopilot.

The thrust given to the infrastructure sector in the Union Budget has made the Indian paint industry happy.

The Union Budget for 2007-08 is seen as a positive step for the Rs 16,300 crore Indian advertising industry.

While the hype over Budget 2008 is over, there are a number of big bang policy decisions that are in the works. Several key committees have either submitted or are in the process of submitting recommendations to the Government.

The finance minister's proposal to extend 100% tax exemptions only to sector specific venture capital funds or companies has left the venture capitalists unhappy.

A key challenge facing the government in the coming years will be its ability to balance the need for further fiscal consolidation with its pro-growth objectives.

Budget 2007-08 doled out gifts aimed at giving a major boost to the ailing farm sector but failed to lay the ground for rural renewal capable of tackling supply shortages and crippling debt.

Analysts say RBI will probably continue to tighten policy over the next few months, either through higher interest rates or quantitatively, to rein in rising prices in the economy.

Captains of industry, most of whom lambasted Budget 2007, were a meek reflection of their television persona when meeting finance minister P Chidambaram.

In what could prove a serious setback to the once successful export-oriented unit scheme, Budget 2007-08 proposes a 11.03% minimum alternate tax on the exports earnings of these units.

The overall strategy of the Union Budget is to address the structural impediments in the economy.

Adviser to finance minister Parthasarathy Shome told a post budget conference on Thursday, that the ministry could do a study on whether there could be a pass through status for the project related companies like special purpose vehicles.

The overall aim of Budget 2007-08 to control inflation seems to have backfired somewhat as cement, car and steel companies announced price hikes just one day after the finance minister’s speech.

Inclusion of lease rental income from commercial business in service tax net may have a marginal negative impact for companies in commercial segment as lease rental agreements have provisions for tax increases.

Tax authorities have given another incentive to pay your taxes on time. The department has decided to penalize those whose undisclosed income is found during searches, even if they own up and pay the tax.

The Indian Budget 2007-08 is reflective of the confidence of the finance minister of a speedily emerging economic power.

The Budget 2007-08 is pro-growth and pro-investment. The area of focus are Agriculture and Rural economy. More stress has been given on Rural Economy.

The thrust of the Budget is on all-round infrastructure development, including national highways, other roads, ports and electricity.

The past year had been quite exceptional for the Indian government - growth had exceeded targets and the fiscal deficit targets were met.

The power industry has asserted that the finance minister has missed an opportunity to assist the ailing power sector reeling under an average shortage of over 8% and peak power deficit of 13%.

Though the Budget did not have anything substantial for the real estate industry, there is one sector that has the developers buoyant - hospitality.

Steel makers have decided to align their pricing strategy in line with the global trend and most companies have hiked their prices between Rs 800 per tonne and Rs 1,200 per tonne.

Future managers at the Indian School of Business are grappling with the nuances of different segments in Budget 2007-08.

With the announcement of an increase in education cess from 2% to 3% in Budget 2007-08, durable manufacturers are looking at hiking the selling prices of goods manufactured domestically in the second quarter of 2007. This is despite the fact that finance minister P Chidambaram has also announced a reduction in peak customs duty from 12.5% to 10%.

Finance minister P Chidambaram on Wednesday said the government hopes to reach an agreement over the rate and timetable for the rollout of goods and services tax this fiscal.

Budget 2007-08 is in line with the broader agenda of the government's Common Minimum Programme of reforms, in the backdrop of the buoyant economic conditions.

The finance ministry has decided not to give any income tax exemptions to existing units that shift into new special economic zones.

Car prices are set to go up marginally from next fortnight with companies like Maruti, Hyundai and Tata Motors deciding to pass on the additional burden of the 1% hike in education cess to consumers.

Major airline operators are not happy with the finance minister's announcement to cut sales tax on aviation turbine fuel for only smaller aircraft with minimum takeoff mass of less than 40,000 kilograms operated by the scheduled airlines.

A robust demand has allowed cement companies in northern and western India to easily pass on the excise duty hike to consumers.

Giving fillip to the preparation of the upcoming 2010 Commonwealth Games, the finance minister has proposed a five year income tax holiday for construction of new two, three or four star hotels and convention centres in the NCR to meet the shortfall of 20,000 rooms.

Believe it or not, the Budget has actually defined India. Finance Bill 2007 has given a comprehensive definition of India that goes beyond the earlier definition of the Income Tax Act, which included just the states and all union terrritories.

In Budget 2007-08, education and agriculture have been given due importance but IT and telecom have been given the short shrift, feel management students at ISB.

Chairman of Hinduja group S P Hinduja said it would help achieve the ultimate objective of poverty alleviation and raise the income levels of rural households.

In a customary post-Budget interaction with the industry, Finance Minister P Chidambaram asked them to hold the price line to help the government contain rising inflation.

The Budget lays a roadmap through which India's economic growth can fructify. But it conveniently missed out the needs of the laptop 'n iPod generation.

Finance Minister P Chidambaram has done a very fine balance between growth and inflation in an innovative way. I see major long-term changes in this Budget presented for the financial year 2007-08.

The ministry of finance has taken a lead in curbing the volatility in the capital market by allowing institutional investors to sell short and announcing physical settlement in the derivatives.

Many say the Union Budget is fast becomng a non-event. But a quick look at how the 30-share Sensex of the Bombay Stock Exchange (BSE) behaved in the last five years shows a different picture.

In intra-day trades, the benchmark index swung 497.61 points to touch a low of 12,800.91 and a high of 13,298.52 points before ending the day with a loss of 540.74 points, or 4.01%.

Finance minister P Chidambaram tried his best to make the high 8.6% average growth achieved in last three years more inclusive by addressing the agriculture and social sectors in Budget 2007-08.

Already reeling under heavy rentals, office and mall space has just got dearer by 15-20%. And your home by a further 20%.

Budget 2007-08 came in as a big disappointment for the automobile industry with finance minister P Chidambaram ignoring the demand to bring down excise duty on utility vehicles, mid-size and large cars from 24% to the 16% as charged on small cars.

There is nothing great in this Budget -- the FM gets 5 out of 10 for this effort. There is nothing extremely positive or negative.

The time was right and circumstances opportune to fashion a trend-setting first year to the 11th Five Year Plan.

Yet another year has gone by when the entertainment industry has not generated any interest in the Budget.

The Union finance minister, P Chidambaram, in the Union Budget for 2007-08 has set a target of Rs 2,25,000 crore for farm credit for the banking sector for the next fiscal.

With union finance minster P chidambaram making budgetray provision of Rs 40,000 crore on a deficit neutral basis, the stage is set for transferring the 59.73% stake of the RBI in the SBI to the Centre.

This year’s Budget has come at a time when the economy has recorded 9% growth in two consecutive years.

However, one hopes that the finance minister is not putting money into a leaking bucket -- the Budget allocations should be effectively implemented and utilised.

Finance Minister P Chidambaram’s Budget proposals for 2007-08 are meant for ‘aam aadmi’ with adequate focus and emphasis on agriculture and its allied fields.

The textile industry is upbeat about the finance minister P Chidambaram's announcement of an increased provision for integrated textiles parks from Rs 189 crore to Rs 425 crore and the continuation of the technology upgradation fund scheme with a provision of Rs 911 crore.

Continuing with his agenda to reform the tax system, finance minister P Chidambaram on Wednesday announced a reduction in the central sales tax rate from the next fiscal and spelt out a monetary package for states to compensate them on this account.

In a move to encourage regional air-transport, the finance minister P Chidambaram extended the sales tax benefits on ATF for turboprop aircraft to all small aircraft, including the 30 and 70 seater aircraft with jet engines.

The Budget highlights the government's efforts at balancing a robust GDP growth with an acceptable level of inflation. It is reassuring that the government has recognised inflation as the key threat to a sustained growth momentum.

While outlining innovative measures for funding the infrastructure sector, finance minister P Chidamabaram has, however, withdrawn the tax incentives for venture capital funds investing in the sector.

With political constraints as the operating reality, the finance minister wasn’t expected to announce big bang reforms.

The knowledge economy sector had high expectations from the finance minister and it appears that he has not disappointed them.

In step with the government’s policy to spur vocational education and skill training, finance minister P Chidambaram announced an ambitious programme for upgrading Industrial Training Institutes and made an initial provision of Rs 50 crore to begin work.

It was the stamp of a Congress worried stiff about the damage to its aam aadmi plank, underscored on Tuesday by the party’s poll defeat in Punjab and Uttarakhand, that was reflected in Budget 2007-08 presented by finance minister P Chidambaram on Wednesday.

While making a provision of Rs 41,900 crore for some big-ticket deals aimed at modernising India’s military, the government has hiked the allocation for defence from Rs 89,000 crore to Rs 96,000 crore for 2007-2008.

In his Budget, finance minister P Chidambram squarely failed to address the agony of people as a result of steep price rise, which the country is currently witnessing.

To keep inflation at bay, a quick budgetary response was expected. And finance minister's Budget announcement to halt forward contracts in rice and wheat is a bold move - although not sweeping enough.

The Union Budget for 2007-08, including the Railway Budget, has failed miserably in providing the necessary impact for growth initiatives to the economy.

The IT and BPO sector, which had so long enjoyed the status of a sunrise industry, will now have to pull up its socks and prepare itself to dish out 11.22% of the adjusted book profits as minimum alternative tax.

The pharmaceutical industry may not have received the perfect antidote it was expecting from the finance minister, but is happy that the sector has been accorded some thrust as a growth segment.

Finance minister P Chidambaram’s Budget provided no immediate relief to the telecom companies by way of reduction in licence fees, as was being demanded.

The finance minister has presented the Budget that is marked by fiscal prudence, policy stability and a continuing commitment to reform. Overall, the measures proposed should support India’s economy on its high growth trajectory.

The FM’s decision to hike excise duty in the Union Budget 2007-08 has forced the cement manufacturers to hike prices by at least Rs 10 a 50 kg bag with immediate effect.

This is a completely "lacklustre Budget", which does not make any policy changes necessary to rein in rising inflation, acute unemployment, receding real wages of workers, the agrarian crises and the much promised collection of tax arrears.

The Union Budget sent shock waves among the investor community followed by across-the-board selling on the domestic equity bourses.

With economic growth firmly set in the 8% plus range and a targeted annual growth rate of about 10.0% for the 11th five-year plan period, the Union Budget for fiscal 2008 aims at sustaining the growth momentum while extending the benefits of the same to the larger masses.

Three has been a big focus on agriculture and infrastructure in the Budget. The government has continued its thrust on infrastructure.

The decision by the Forward Markets Commission to discontinue fresh futures contracts in wheat and rice, as announced by the finance minister in his Budget speech, is unlikely to trigger any volatility to the prices of these commodities in the domestic market.

The Budget, which was presented today by finance minister P Chidambram in the Lok Sabha, is totally bereft of positive direction and fails to provide any relief to the people who are suffering from steep price rise as a result of soaring inflation in the country.

Influential coalition partners besides some persuasive Cabinet colleagues of finance minister P Chidambaram ensured that their demands did not go unheeded in Budget 2007-08 even as the Left parties kicked up a protest saying their wishlist was ignored.

The positives are the emphasis sought to be put on agricultural and rural development as well as education, which will certainly give a long-term boost to the growth of the economy.

I am not giving the Budget thumbs down, but neither am I having any fireworks going. The finance minister has given a great deal of attention to the social sector and to the farm sector.

The Budget carries forward the task of creating conditions for a high level of sustainable long-term growth for the economy.

Vigorous growth with strong macroeconomic fundamentals have characterised developments in the economy in 2006-07, with a sharp rise in savings and investment rate.

The petroleum sector has finally managed to catch the attention of the finance minister P Chidambaram after being on the sidelines for the past two years.

This year's Budget has virtually left the demands of the consumer electronics sector untouched.

The budget is a status-quo Budget from which the labour class can derive no inspiration. The Budget has focused only on the agricultural and industrial sectors and has stayed away from the concerns of the general public.

By not increasing the income tax exemptions limit, the Finance Minister has dashed the aspirations of lakhs of salaried employees.

With the 5% hike in excise duty on cigarettes, the Union Budget 2007 has come as another disappointment for cigarette companies.

Imposition of export duty on iron ore is a major victory for steel manufacturers who have been demanding for long for a ban on exports.

The Union Budget 2007-08 ignores the wishlist of the automobile industry particular and the manufacturing sector in general. However, we appreciate the balances to reflect the spirit of growth and momentum.

The crisis-ridden Indian sugar industry has expressed strong disappointment as the finance minister has failed to address various issues raised by it.

With a view to rein in inflation of prices of essential commodities, The Union Budget exempted crude and refined vegetable oils from 4% additional countervailing duty.

India’s government has unveiled its annual budget, saying agriculture “must top the agenda of policy-makers”.

Despite inflation and subsequent attacks from all corners to hike spending on social sectors and subsidies, finance minister P Chidambaram has reasons to cheer.

The proposal by finance minister P Chidambaram to restrict the granting of pass-through status and limit tax benefits to venture funds investing in certain specific sectors will have ‘minimal impact’ on the venture capital businesses in India, industry experts said.

The government is definitely vacating space for the rest of the economy to access credit. Market borrowings for 2007-08 is pegged at Rs 1,09,579 crore, which is just Rs 2,000 crore more than the current fiscal.

The tourism industry would see only long term and limited benefits from the selective tax holiday and budget allocation for infrastructure, it said.

The Union Budget has good news for women, enhancing the income tax relief for them even as gender budgeting continued to be given importance with an outlay of Rs 8,795 crore made for 100 per cent women-specific schemes.

The impact of a tax proposed on Indian software exporters in the annual budget for the fiscal year beginning in April will be limited, a senior official at Infosys Technologies Ltd said.

Following is the full text of Finance Minister's speech.

Finance Minister P Chidambaram's Budget Speech as presented in the Parliament.

As the FM unveiled the Union Budget for 2007-2008, here's a list of products that will now be affordable. Also presenting things on which you might feel some real pinch.

The impact of a tax proposed on Indian software exporters in the annual budget for the fiscal year beginning in April will be limited, a senior official at Wipro Ltd said.

India's export-oriented enterprises such as in the thriving software outsourcing industry were brought back under the tax net in the annual Union budget.

PM Manmohan Singh said the govt was toying with the idea of utilising foreign exchange reserves for infrastructure development and discussions with the RBI are on in this regard.

Continuing its drive to modernise the armed forces, the government hiked the defence budget for 2007-08 to Rs 96,000 crore, an increase of 7.8 per cent over the current fiscal's outlay.

Promises, promises. And not all made by the FM in last Budget have been kept. Will the new fiscal year be any different or will the govt be busy in shedding the past burden?

FM P Chidambaram said the govt was raising spending on health and education in its annual budget and focusing on boosting the flagging agro economy to ensure growth for the poor.

A unified exchange-traded market for bonds and removal of area-based and small-scale sector excise tax exemptions could be on the Budget 2007-08 menu, to be offered by Finance Minister P Chidambaram on Wednesday.

Underlining that the country's telecom sector has been one of the biggest success stories of market-oriented reforms, the Economic Survey projects that by the end of 2012, 650 million phone connections will be in place.

SEZs may generate little fresh activities, as there may be relocation of industries to take advantage of tax concessions.

The Indian growth story is sustainable, claims the Economic Survey 2006-07. This is because it is investment that is driving growth instead of private final consumption expenditure.

The Economic Survey has cautioned the government of the implications resulting from artificially controlling consumer prices of petroleum products including petrol, diesel, LPG and kerosene.

Even with inflation rearing its ugly head, SEZs mired in controversy and election season about to begin, it is incomprehensible why the Economic Survey does not tom-tom either the growth boom or the burgeoning tax coffers.

Presenting the state Budget for 2007-08, Chhattisgarh chief minister Raman Singh said the priority of his government was social sector with special emphasis on food security, empowerment of farmers, women, the scheduled castes and the scheduled tribes.

Pension and insurance sector reforms and creation of a vibrant bond market are imperative for generating steady funds to finance roads and ports, says the Economic Survey.

The Economic Survey continues to elaborate on the growth story; with the high GDP and investment numbers being the leading indicators.

The market capitalisation of the National Stock Exchange rose to $834 billion, which was 91.5% of the Gross Domestic Product, as on January 12, 2007.

The consolidated effects of the sustained reforms process are now visible in the GDP growth rates of around 9% in two consecutive years.

For a durable solution to the current rising trend in prices, it suggested increasing productivity and production of pulses, wheat, rice and oilseeds.

As the Congress took a major drubbing in Assembly elections in Punjab and Uttrakhand, the government is readying itself with specific social sector plans, indicates the Economic Survey.

Even at the risk of being dubbed as a cynic, one cannot but repeat 'lies, damn lies, and statistics' while going through the Economic Survey 2006-07, presented by the finance minister in Parliament on Tuesday.

The country’s fiscal deficit could improve upon the 3.8% of the gross domestic product because of a record tax collection in the current fiscal.

A shortfall in power-generation capacity and the mounting losses of state utilities at Rs 26,000 crore in 2006-07 remain the impediments hampering growth in the sector.

The Economic Survey said the inflation pressure was likely to continue in the current fiscal due to firm international prices of commodities and a demand-supply mismatch for some primary articles.

The Economic Survey has said the monetary policy will continue to face the challenge of taming inflation while not hurting the gathering momentum of growth.

The buoyancy in the commodity markets is expected to continue in 2007-08, witnessing larger volume and value of commodities traded, according to the Economic Survey 2006-07 released on Tuesday.

Tax incentives like lowering of customs duty, bundled with ever-increasing demand for steel, helped the sector strengthen and get better returns on its produce.

The government should review the current policy on subsidies and substitute it with a more effective and targeted one, says the Economic Survey.

In the coming year, the external economic environment is likely to remain supportive of India’s growth momentum. Global output growth in 2007 has been projected at 4.% by WEO.

The Union Budget is expected to focus on rationalisation of spending and taxes. It'll also have to keep high growth on track and at the same time bring rising prices under control.

The nine public sector undertakings headed by the railways ministry have achieved a combined turnover of Rs 7,034 crore. They raked in a net profit of Rs 818 crore during 2005-06 and paid dividends worth Rs 274 crore.

The chambers in Kolkata have praised Union railway minister Lalu Prasad Yadav for offering discounts on passenger fares and leave freight rates largely unchanged.

West Bengal has reason to feel let down by the Railway budget for 2007-08 tabled in Parliament on Monday by 'dariya dil saudagar' Laloo Prasad Yadav, with at least half a dozen projects from the state not finding even a mention in the railway minister's 25-page statement.

The freedom given to wagon makers to supply wagons with their designs and technology and to go for high axle load wagons will improve realisations significantly.

Terming the Railway Budget 2007-08, presented by Union railway minister Lalu Prasad Yadav, as a people-centric railway budget, the Gujarat Chamber of Commerce and Industry, on Monday, lamented the fact that Gujarat was not been given adequate focus.

Of the 32 new trains announced in the railway budget for 2007-08, Tamil Nadu has got five new trains including the two inter-state services.

While the railway minister has sent share prices of heavy industry, steel, cement and coal sector companies flaring up, the aam admi should not interpret that to mean lower retail prices.

The Union Rail Budget announced on Monday was well received by the capital markets. Some of the proposals are likely to impact specific sectors like cement, steel, and oil and gas.

Railway minister Lalu Prasad silenced critics by putting the Railways firmly on the fast track with an estimated cash surplus of Rs 20,063 crore in the current fiscal, up 55% from the previous fiscal, and Rs 5,363 crore more than the Budget estimate.

With massive investments planned in infrastructure and aggressive marketing facilities unveiled, Railway Budget 2007-08 seems to be a continuation of Lalu Prasad’s policies so far.

The railways have set a slightly lower freight traffic growth for 2007-08, at 785 million tonne. This is an increase of only 8% over the previous rail Budget.

The nine public sector undertakings headed by the railways ministry have achieved a combined turnover of Rs 7,034 crore. They raked in a net profit of Rs 818 crore during 2005-06 and paid dividends worth Rs 274 crore.

The price war between the railways and airline companies has just got intense with railway minister Lalu Prasad introducing variable pricing for tickets in upper classes, where railways have seen a decline in the number of passengers.

In the 2007-08 railway Budget, Lalu Prasad has attempted to make the railways more passenger-friendly.

Railway minister Lalu Prasad has proposed to overhaul wagon procurement and increase productivity by allowing manufacturers to design wagons using cutting-edge technology.

Lalu Prasad has presented a record 32% higher Plan outlay for the railways at Rs 31,000 crore for 2007-08.

The introduction of dynamic pricing for passenger fares for the first time by railway minister Lalu Prasad may have been aimed at competing with low-cost airlines, but the carriers are in no mood to accept the challenge and bring down the prices further.

Were the Indian Railways a private sector corporation, Lalu Prasad would be feted as a chief executive officer who got the company back on track.

Ironically, the outstanding performer who always loves to be a draw and is a past master at manipulating crowds, could not capitalise on the opportunity which comes just once a year.

Lalu Prasad has announced 32 new passenger trains as well as eight new Garib Raths in the railway Budget.

The 5% reduction in transportation freight for petrol and diesel announced by railway minister Lalu Prasad on Monday will help oil companies save around Rs 100 crores annually.

The 6% reduction in freight for iron ore transportation has put the steel industry in a Catch-22 situation. Officially, the industry welcomed the move as it would lead to about Rs 40-a-tonne reduction in transportation cost.

The railways say the upgrade in their ratings has lowered the cost of borrowings from the domestic and overseas markets.

Coalition fraternity was adequately demonstrated as the railway budget on Monday saw UPA constituents cornering most of the newly introduced trains and projects in states where they have an influence.

After presenting the Budget for 2007-08 on Wednesday, finance minister P Chidambaram will reply to the debate on the finance Bill on March 15.

The accumulated deficit of the National Small Savings Fund at the end of 2006-07 will be Rs 22,000 crore.

At Budget time, questions are raised about what the Budget does for the ‘common man’. This is misleading for two reasons. First, the ‘common person’ of print and electronic media is rarely representative of India’s poor and is typically the beneficiary of urban-centric subsidies.

Railway minister Lalu Prasad is likely to roll out a passenger-friendly Railway Budget, fourth time in a row, on Monday. “People can hope for a good budget as the interests of all sections and safety and security issues have been kept in mind,” he told mediapersons on Sunday.

The tax break investments you can make under section 80C have been reduced from Rs 1 lakh to Rs 82,500. The reason is that a lakh of rupees isn't what it used to be.

As the printing of the finance minister’s Budget speech begins from today, it is worth considering if the economy’s growth impulse would slow down if those words fail to live up to expectations.

It is Budget time yet again and with inflation touching the peak, the FM will need to work hard to put forth ideas that will take the heat of arguments on essentials. Last two Budgets hinted to Banks to improve competitiveness through convergence and consolidation.

Like a recurrent nightmare, subsidies often seem inescapable in India. On-budget central government subsidies in 2006-07 were budgeted to be Rs 46,213 crore.

The 30-share Sensex of the Bombay Stock Exchange tanked 388.87 points, or 2.77%, on Friday to touch 13,632.5 after opening at 14,071.21—marking one of ten steepest falls registered in the past year.

Sharing concern over rising prices particularly food articles, President A P J Abdul Kalam said the Govt would also ensure job-oriented 9 per cent growth during 11th plan period.

After languishing in the shadow of foreign institutional investments, the rate of FDI flow into the country has gone up this year. The robust FDI inflow is an endorsement of the fast growth achieved by the economy.

The finance minster tried to put the fizz back into the economy to ensure the growth momentum continues and he also sticks to fiscal prudence.

In what could well be finance minister P Chidambaram’s boldest move in Budget 2007-08, a chunk of the government’s total off-Budget liabilities may be shown as real expenditure for the first time ever.

The Fiscal Responsibility and Budget Management Acts at the levels of both the centre and the states appear to be yielding results.

Collections from the Fringe Benefit Tax in the period April 1, 2006 to January 31, 2007 stood at Rs 3,984 crore, a tiny part of the Rs 1,56,429 crore collected as direct taxes during this period.

The buzz about fiscal deficit is just another way of saying that a higher borrowing by the government will force less borrowings by you and me.

The secrecy that surrounds the Budget is almost comparable to that of the Holy Grail. No one quite knows what it will be.

Ahead of the Budget, finance minister P Chidambaram came under the scanner at Monday night's meeting of the Congress Working Committee on the issue of price rise.

In a surprise move in Budget 2006-07, finance minister P Chidambaram had increased the MAT rate on book profits to 10% from 7.5%. While he increased the time span for claiming credit on the tax to seven years.

Are the poor becoming poorer? This is not an academic question for the current central government, because the UPA came to power aiming to make a substantial reduction in poverty.

A current account deficit indicates the economy is drawing upon the savings of other economies to fund its investment.

President A P J Abdul Kalam's address to the joint sitting of Parliament at the start of the three-month long Budget session beginning Feb 23 was approved by the Union Cabinet.

PM Manmohan Singh has promised to consider the demand of some coop banks for removal of the 33% income tax on their profits, a measure that was imposed in the '06 budget.

Infrastructure deficit haunts the citizen daily. Lack of a warehouse network cripples the income possibility of farmers, while lack of regular power has forced 70% of the industrial sector to develop back up private supplies.

Budget speeches are almost always long-winding, verbose and boring. Generally divided into two parts, there is very little that distinguishes one from the other.

By the end of the current fiscal, realisation from service tax would have touched 7.8% of India’s gross tax revenue. That may seem a big jump from 4.7% where it remained stuck for the past two fiscal.