As i write this post, the FM is rolling out the budget. it is out and out an pre-election budget.it is not too good ..not disappointing either.... The highlights: Small Cars are cheaper, as excise duty is 12% by 10 to 15000rs. two wheeler will be cheaper as excise duty is 10% Sixth central pay commission to submit report by March 31, 2008 The loan waiver scheme will benefit three crore small and medium farmers and cover loans totalling Rs 50,000 crore - this will be direct hit on the Public Sector Banks. Foreign investment of 3.5 to 8 billion dollars expected for exploration and development of new oil blocks.- Oil companies to benefit. A corpus fund to subsidise all women Self Helf Groups for LIC. Navodaya Vidyalayas to be opened in 20 districts with special focus on regions having SC/ST concentration. Three IITs to be set up in Andhra Pradesh, Bihar and Rajasthan. Rs 100 crore to be given to Information Technology Ministry to set up national knowledge centres.(positve for kpo's in the long run). Requirement of PAN extended to all financial transactions. PAN to be sole identification in securities markets. [FONT=Arial,Helvetica,sans-serif]Duty reduced on life saving drugs; exempt from excise [FONT=Arial,Helvetica,sans-serif]Refigeration components to become cheaper [/FONT][FONT=Arial,Helvetica,sans-serif] Excise duty slashed to 8% on water purification items Short term gains tax is at 15%Rant [/FONT][FONT=Arial,Helvetica,sans-serif]textiles industry gets some relief duty on naptha is waived. [/FONT][FONT=Arial,Helvetica,sans-serif]Science scholarships for young learners [/FONT][FONT=Arial,Helvetica,sans-serif]16 new Central Universities to be built securities transaction tax is a deductible expenditure [/FONT][/FONT] IT exemption: Standard education -1,50,000[FONT=Arial,Helvetica,sans-serif] from 1,10,00 women - 1,80,000 slab1 1.50lacs to 3 lacs- 10% slab2 3lacs to 5 lacs - 20 % slab3 5 lacs and above - 30% [/FONT]surcharge is unchanged.