Finance Minister P Chidambaram presented the Union Budget for 2007-08 in the Lok Sabha on Wednesday. Gross budgetary support in 2007-08 raised to Rs 2,05,100 crore (Rs 2,051 billion) from 1,72,728 crore (Rs 1727.28 billion) in 2006-07. Of this, budgetary support to the Central plan will go up to 1,54,939 crore (Rs 1549.39 billion) against 1,72,728 crore (Rs 1727.28 billion).

Inflation during 2006-07 is estimated at between 5.2 and 5.4 per cent against 4.4 per cent during the previous year. Stating that economy in a stronger position than ever before, the finance minister said he was confident of managing inflation.

Here are some of the other highlights:

• Manufacturing growth rate estimated at 11.3 per cent.
• 9.2 per cent GDP growth rate estimated in 2006-07.
• Average growth for last three years is 8.6 per cent.
• Saving rate of 32.4 per cent, investment rate of 33.8 per cent will continue.
• A number of proposals to perk up agriculture to be announced.
• Bank credit rate grew by 29 per cent during first 10 months of 2006-07.
• Two lakh more teachers to be employed and five lakh more classrooms to be constructed.

More details soon ---