Finance Minister P Chidambaram presented the Union Budget for 2007-08 in the Lok Sabha on Wednesday. He announced that 70 lakh households will be covered under a social welfare scheme with the Life Insurance Corporation and with support from state governments. Fifty per cent of the premium at Rs 200 per household to be given by the Centre for the scheme while Rs1,000 crore (Rs 10 billion) to be maintained by LIC.
Here are some of the other highlights of the Budget:
- 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.
- 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.
More details to follow ---